Tyson Foods (NYSE:TSN) Inc believes it is moving in the right direction despite ending the financial year with a drop in sales and earnings.
The Springfield, Arkansas-based chicken, beef, and pork producer said in the fourth quarter ended September 30, sales fell 2.8% to $13.39 billion from $13.74 billion the year before.
Adjusted operating income came in at $236 million, slipping 71% compared to $823 million a year ago, while adjusted net income per share of $0.37 was down 77% from $1.63.
“While economic headwinds persist, we are moving in the right direction and managing what we can control," said Donnie King, president & chief executive.
"The decisions we have taken have made us more operationally efficient and aided a second quarter of sequential improvement in adjusted operating income.”
Looking ahead, the firm forecast adjusted operating income of $1.0 billion to $1.5 billion for the new financial year and expects sales to be relatively flat.
Shares in Tyson Foods (NYSE:TSN) fell 3.0% in pre-market trading to $45.56.