Why Tyson Foods Stock Fell 8% on Monday
Shares of Tyson Foods (NYSE: TSN) headed lower on Monday, after the company reported earnings for the second quarter of fiscal 2020. While sales remained strong, the company offered a glimpse into the ongoing ramifications of the COVID-19 pandemic for its business. Shares fell 8% during the session as a result.
Tyson's overall quarterly sales grew 4% year over year, while earnings according to generally accepted accounting principles (GAAP) fell 15% to $1.00 per share. GAAP results often provide a more realistic pulse of the business, but in this case, they included a one-time gain that distorted results. Adjusted earnings per share fell 36%. Falling profitability is partly the result of lost productivity due to the coronavirus.
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Source Fool.com
