Tyson Shutters 4 Additional Chicken Plants Amidst Net Losses

Declining chicken and pork prices have hurt revenue for U.S. chicken giant Tyson Foods. The company missed Wall Street’s third-quarter projections and announced its closing four additional U.S. chicken plants to reduce costs. Tyson reports shares are down almost 6% premarket.

The announcement of additional closures comes after Tyson already cut corporate jobs and hiked prices last year, further squeezing consumers already battling inflation. Predicting demand for chicken has been a challenge, with net losses of $417 million or $1.18 per share. Tyson is also facing reduced profit margins in the beef sector, as a diminished U.S. cattle herd forces packers to pay higher livestock prices.

Read more on chicken and beef prices and Tyson’s challenges here.