Global meat giant Tyson is ‘unsatisfied’ with its quarterly results, according to reports.
Executives from the company warned that ongoing trade disputes were threatening the company’s pork and chicken businesses, with countries including China importing less pork as a result of tariffs on American shipments.
The reduced imports have led to the US stockpiling its oversupply, as reducing domestic prices for pork and beef, leading to less demand for chicken.
Tyson’s operating income in the third quarter for chicken business dropped from $294 million a year earlier to $189 million. Pork dropped from $136 million to $67 million.
Tom Hayes, CEO of Tyson – the biggest meat processor in the States – said: “We are clearly not satisfied with our results, particularly in chicken. Our challenge really comes down to pork and chicken.”
Speaking during a conference call with analysts, Chief Financial Officer Stewart Glendinning added that the issues could continue, saying: “Tariffs and trade concerns could continue to impact product pricing.”