Tyson Foods cuts profit forecast as tight US cattle supplies squeeze beef business
Aug 3 (Reuters) - Tyson Foods lowered its annual profit forecast on Monday, warning that losses in its beef business would widen as tight U.S. cattle supplies keep livestock costs elevated.
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Aug 3 (Reuters) - Tyson Foods lowered its annual profit forecast on Monday, warning that losses in its beef business would widen as tight U.S. cattle supplies keep livestock costs elevated. meatpackers have bled money in their beef businesses because increased costs for cattle have outpaced gains from soaring selling prices for steaks and hamburger meat. The cut to Tyson’s forecast signals more financial pain for the sector after the company this year closed a massive beef plant in Nebraska and slashed operations at a facility in Texas, laying off thousands of workers.
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- Aug 3 (Reuters) - Tyson Foods lowered its annual profit forecast on Monday, warning that losses in its beef business would widen as tight U.S. cattle supplies keep livestock costs elevated.
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- 1 outlet, average source rating 6.0/10.
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Tyson Foods cuts profit forecast as tight US cattle supplies squeeze beef business
Sources1TypeCoverageInvesting.com · Stock Market