September 4, 2019 / 1:43 PM / a month ago

Tyson Foods CEO says poultry business contributed half of forecast cut

Sept 4 (Reuters) - Meat processor Tyson Foods Inc Chief Executive Officer Noel White said on Wednesday the poultry business contributed to about half of its 2019 earnings forecast cut.

The company on Tuesday lowered its 2019 adjusted earnings between $5.30 and $5.70 per share, from a prior forecast of $5.75 to $6.10 per share, citing a range of reasons including a recent fire at its Holcomb slaughterhouse and volatility in the commodity market.

“It was extremely unusual to have that number of events within one quarter,” White said on a Barclays conference call.

Shares of the company were trading down more than 5% at $88.50 in morning trading. (Reporting by Vibhuti Sharma and Neha Malara in Bengaluru; Editing by Shinjini Ganguli)

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