Tyson Foods quarterly sales miss estimates

[November 13, 2018]  (Reuters) - Tyson Foods Inc <TSN.N> reported quarterly sales on Tuesday that missed Wall Street estimates, as the top U.S. meat processor was hit by lower demand for chicken.

Tyson Foods brand frozen chicken wings are pictured in a grocery store freezer in the Manhattan borough of New York City, U.S. May 11, 2017. REUTERS/Carlo Allegri/File Photo

Shares of the maker of Ball Park hotdogs and Jimmy Dean sausages fell 3.4 percent to $59.50 in premarket trading.

Demand for chicken has taken a hit in the United States as President Donald Trump's trade wars have resulted in lower export of U.S. beef and pork exports to China and Mexico, boosting domestic supply.

Sales in the company's chicken business rose 2.6 percent, due to new acquisitions, but operating income fell nearly 34 percent from a year earlier.

Net income attributable to the company rose to $537 million, or $1.47 per share, in the fourth quarter ended Sept. 29 from $394 million, or $1.07 per share, a year earlier.

Sales fell 1.4 percent to $10 billion. Analysts on average had expected revenue of $10.26 billion, according to IBES data from Refinitiv.

Excluding items, the company earned $1.58 per share, beating analysts' expectations of $1.35 per share.

(Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva)

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