Meat processor Tyson Foods Inc. on Sept. 3 cut its full year 2019 EPS outlook over short-term operational and market challenges.
The Springdale, Ark.-based company now expects adjusted EPS for fiscal 2019 in the range of $5.30 to $5.70. Tyson Foods had previously forecast it to be between $5.75 and $6.10.
The company said challenges including commodity market volatility, enhanced food safety initiatives, a beef processing plant fire and slower than expected operational improvements in the chicken segment are expected to negatively affect fourth quarter earnings.
However, the company's outlook for fiscal 2020 remains positive, President and CEO Noel White said.
"We believe some of the challenges we're experiencing are not expected to repeat, and we're expecting more favorable market conditions as well," White said in a statement.
The company's shares were down 6.37% in after-hours trading.
