Food Processing Top 100© list mainstay, Tyson Foods, made news yesterday when it revealed it would be revising its adjusting earnings for fiscal year 2018 to approximate $5.70-6.00 per share. According to a release on its website, Tyson Foods had expected adjusted earnings per share of $6.55-6.70.
“The combination of changing global trade policies here and abroad, and the uncertainty of any resolution, have created a challenging market environment of increased volatility, lower prices and oversupply of protein, said Tom Hayes, Tyson Foods president and chief executive officer. "We will continue to watch these conditions carefully."
Hayes went on to say that the company is working to stabilize the impact of freight and ingredient costs.
Tyson, a processor of chicken, pork, and beef as well as manufacturer of prepared foods, has been impacted not only by Chinese steel and aluminum tariffs, but also by Mexico's 10% tariff on chilled and frozen pork muscle cuts.
As we've reported on Food Processing, several countries are doubling down on President Trump's taxation and are retaliating by adding their own tariffs to numerous U.S. Agricultural products.
Learn more about how the trade worries prompted shares to fall via this article on CNBC