Why Tyson Foods Stock Is Sliding Today

Tyson Foods Inc TSN shares are trading lower Monday after the company reported mixed financial results.

Tyson Foods reported third-quarter revenue of $13.49 billion, which beat the estimate of $13.24 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $1.94 per share, which missed the estimate of $1.97 per share.

Tyson said beef sales were up during the quarter, but chicken and pork sales fell. 

"We delivered solid results during the third quarter, focusing on operational excellence and aggressive cost management," said Donnie King, president and CEO of Tyson Foods.

As a result of Tyson's new productivity program, the company said it's targeting $1 billion in productivity savings by the end of fiscal 2024 and more than $400 million in fiscal 2022, relative to a fiscal 2021 cost baseline. 

Tyson affirmed full-year revenue guidance between $52 billion and $54 billion.

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TSN Price Action: Tyson has a 52-week high of $100.72 and a 52-week low of $80.88.

The stock was down 3.38% at $84.49 at time of publication.

Photo: Central Texas Food Bank from Flickr.