Tyson Foods Slips Over 7% In Pre-market After Q3 Loss

(RTTNews) - Shares of Tyson Foods, Inc. (TSN) were trading down in the early Monday morning trading after the company registered a loss for the third-quarter, mainly due to a decline in sales, higher costs, and a good will impairment.

TSN was trading down by 7.19 percent at $52.40 per share in the pre-market trading on the New York Stock Exchange.

For three-month period, the meat processor posted a net loss of $417 million or $1.18 per share, compared with a profit of $750 million or $2.07 per share in the same period last year.

Cost of sales moved up to $12.463 billion from previous year's $11.884 billion. Selling, general, and administrative expenses were at $579 million, higher than $578 million a year ago.

Goodwill Impairment was at $448 million, compared with $0 good will impairment of previous year.

Sales declined to $13.140 billion from $13.495 billion of 2022.

Looking ahead, for full year 2023, Tyson Foods expects its sales to be in the range of $53 billion - $54 billion. On average, 10 analysts polled by Thomson Reuters project the firm to record sales of $53.63 billion, for the year. Analysts' estimates typically exclude special items.