Stock Alert: Tyson Foods Down 6% As Q2 Results Miss Street

(RTTNews) - Shares of Tyson Foods Inc. (TSN) tanked 6% on Monday morning trade after the meat products maker reported a second-quarter profit and sales that missed Wall Street estimates.

TSN is currently trading at $56.25, down $3.76 or 6.27%, on the NYSE. The stock had lost nearly 40% in the year-to-date period.

Tyson Foods reported second-quarter profit of $364 million or $1.00 per share, down from $426 million or $1.17 per share last year. Revenue grew 4.3% to $10.89 billion from $10.44 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $1.04 per share. Analysts' estimates typically exclude special items.

The company said it expects global demand for its meat and prepared foods to grow throughout the COVID-19 outbreak.

"Operationally, we have and expect to continue to face slowdowns and temporary idling of production facilities from team member shortages or choices we make to ensure operational safety," the company said. "The lower levels of productivity and higher costs of production we have experienced will likely continue in the short term until the effects of COVID-19 diminish."