The weaker-than-expected results indicate that cash-strapped consumers are cutting back on meat spending in a high-inflation environment while a shrinking cattle herd forces Tyson to pay more for livestock, eroding margins.
"Clearly the macro environment is not in favor of protein processors right now," said CFRA Research analyst Arun Sundaram. Meatpackers increased prices of their products last year to offset spiraling costs of animal feed, labor, freight and commodity prices, aggravated by a lingering U.S. drought and supply chain issues.
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