: Tyson Foods’ stock slides 6% premarket after company swings to Q3 loss and books impairment charges

Tyson Foods Inc.’s stock TSN fell 6% premarket Monday, after the meat company swung to a loss for its fiscal third quarter, weighed down by impairment charges . The company had a net loss of $417 million, or $1.18 a share, for the quarter to July 1, after earnings of $750 million, or $2.07 a share, in the year-earlier period. Excluding one-time items, the company’s adjusted per-share earnings came to 15 cents, below the 26 cent FactSet consensus. Sales fell 3?% to $13,140 billion from $13.495 billion a year ago, also below the $13.627 billion FactSet consensus. The company closed four chicken facilities in the quarter to reduce costs and improve capacity utilization. It booked a goodwill impairment charge of $210 million in its chicken segment and $238 million in international/other. “While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement,” Chief Executive Donnie King said in a statement. The company is now expecting full-year sales to range from $53 billion to $54 billion, while FactSet is expecting $53.7 billion. The stock has fallen 9.3% in the year to date, while the S&P 500 SPX has gained 17%.

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