Tyson Foods Inc. stock TSN slid 5.9% in premarket trade Monday, after the meat supplier missed consensus estimates for its fiscal first quarter by a wide margin. “We faced some challenges in the first quarter,” Chief Executive Donnie King said in a statement. “Market dynamics and some operational inefficiencies impacted our profitability. We expect to improve our performance through the back half of fiscal 2023 and into the future, as we strive to execute with excellence and work to become best in class in our industry.” The company posted net income of $316 million, or 88 cents a share, for the quarter to dec. 31, down from $1.121 billion, or $3.07 a share, in the year-earlier period. Adjusted per-share earnings came to 85 cents, well below the $1.31 FactSet consensus. Sales rose to $13.260 billion from $12.933 billion, also below the $13.515 billion FactSet consensus. Tyson is now expecting fiscal 2023 sales of $55 billion to $57 billion, while FactSet is expecting $55.2 billion. The stock has fallen 27% in the last 12 months, while the S&P 500 SPX has fallen 8%.
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