Tyson Foods Shares Slide After Earnings Miss

Tyson Foods Inc. shares are down nearly 2% in Monday premarket trading after the company reported second-quarter earnings that missed expectations. Net income was $340.0 million, or 92 cents per share, down from $432.0 million, or $1.10 per share, for the same period last year. Adjusted EPS was $1.01, below the $1.02 FactSet consensus. Sales for the quarter totaled $9.08 billion, down from $9.17 billion last year, but ahead of the $9.07 billion FactSet consensus. The beef and pork segments generated "tremendous" operating income, the company said in a statement. But the prepared foods segment was hurt by ongoing challenges with the pizza toppings and ingredients meats business. Tyson expects full-year adjusted EPS of $4.90 to $5.05. The FactSet consensus is $5.00. Tyson shares are down nearly 6% for the past year while the S&P 500 index is up 16.6% for the period.