SPRINGDALE, Ark. (KNWA/KFTA) — Tyson Foods Inc., one of the world’s largest food companies, has reported a multi-million dollar loss in its third quarter report.
Tyson’s report shows an income loss of $417 million, $1.07 per share, for July 2023. This time last year, the company reported an income gain of $750 million or $2.07 per share.
The company will close four chicken processing plants in North Little Rock, Dexter, Mo., Noel, Mo., and Corydon, Ind.
“The difficult decision to close four chicken facilities in North Little Rock, Arkansas, Corydon, Indiana, Dexter, Missouri and Noel, Missouri, demonstrates our commitment to bold action and operational excellence as we drive performance, including lower costs and improving capacity utilization, and build on our strategy of making Tyson Foods stronger in the long-term,” said President and CEO Donnie King.
“While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement,” King said.“I’m encouraged by the improvements we made this quarter, including our Tyson Core Business lines that continue to outpace our peers in volume growth.”
Tyson Foods stock fell 6% premarket Monday.