Tyson Foods 2nd quarter down
Tyson Foods reports a drop in second quarter earnings of 36% over the same period a year ago.
Tyson CEO Noel White says closures and slowdowns of some of its meat packing plants have had an impact but says they’re putting worker safety first and have safeguards in place “that meet or exceed CDC or OSHA guidelines.”
Sales volumes of beef and pork in Tyson’s second quarter increased but chicken decreased.
White says Tyson has been forced to adjust, like other foods companies, as restaurant consumption has shifted to retail and they expect to face continued slowdowns and temporary idling of production facilities.
White he says they don’t know how long the COVID-19 pandemic will last but Tyson Foods’ diversity and scale gives him confidence in the long-term outlook.