Tyson Foods Down 9%; Reports Nearly Flat Earnings For Q3

(RTTNews) - Shares of Tyson Foods, Inc. (TSN) are falling more than 9% Monday morning after reporting relatively flat earnings in the third quarter compared with last year due to higher costs.

Net income was $750 million or $2.07 per share in the second quarter compared with $749 million or $2.05 per share a year ago.

Excluding one-time items, earnings were $1.94 per share, lower than 2.70 per share in the previous year.

Sales for the quarter increased to $13.495 billion from $12.478 billion last year, helped primarily by higher chicken prices.

Looking forward, the company expects full-year sales to be in the range of $52 billion to $54 billion, higher than $47.049 billion in 2021.

TSN, currently at $79.37, has traded in the range of $74.00 - $100.72 in the past 52 weeks.