Top 100 Food and Beverage Company Highlights: #5 Tyson
Lowered sales forecasts led to the closure of some chicken processing facilities, but the company is compensating by making investments elsewhere.
Tyson Foods’ shares plunged 16% to the lowest in three years in the meat giant’s Q2 report, resulting in the company cutting its full-year revenue forecast amid slowing consumer demand. It lowered its forecast for full-year sales to between $53 billion and $54 billion from $55 billion to $57 billion.
The meat giant made headlines in early November after its chief financial officer John R Tyson was arrested for public intoxication and criminal trespassing in Fayetteville, Ark. Shares of the meat company by sales were down 1.3% the following week.