Cargo Business Newswire

Thursday, August 6, 2015

Tyson cuts annual profit projections on W.C. port disruptions

Tyson Foods, the biggest U.S. meat processor, cut its full-year profit forecast after posting its slowest sales growth in nine quarters as customers overseas refused to accept shipments delayed by West Coast port disruptions.

During the disruptions, Asian buyers were importing meat from other countries and became overwhelmed with supply after the port issues ended in February, Tyson Chief Executive Donnie Smith said on a call
on Monday.

Tyson was forced to cut prices and take a hit to margins in the third quarter to clear "significant" inventory, said Smith, adding that conditions had not improved much so far in the current quarter.

The company's shares, which have been trading at record highs over the past month, fell nearly 11 percent.

For more of the Reuters story: www.reuters.com