In This Article:
Yahoo Finance Live anchors discuss Tyson earnings and how inflation is impacting meat demand.
Video Transcript
JULIE HYMAN: Away from tech.
BRIAN SOZZI: Yes.
JULIE HYMAN: There's also some pain, right? It's not limited to what we're seeing in technology. Tyson Foods. That company reported as well third quarter earnings, but the shares are down about 5 and 1/2%. Slight beat on revenue, but the company failed to meet earnings per share estimates and saw a decline in overall sales.
What's happening here is everything's more expensive. Protein's more expensive. And therefore people are not buying as much protein, right? That bottom line seems to be what's going on here. Meat sales are slowing down for this company. And, obviously, that's problematic.
BRIAN SOZZI: Yeah, investors really getting their feathers pulled out on this one. But, look, to your point, you see volume--
JULIE HYMAN: Oh, no.
BRIAN SOZZI: Volume under pressure in beef. Volume under pressure in pork. Volume under pressure in chicken. Volume under pressure in prepared foods. So, again, to your point, like we've heard from a lot of food companies, they have started to push through massive price increases.
And, finally, this second quarter was the first time you saw consumers perhaps pull back or look for cheaper alternatives. Now you don't even want to get me started on Ball Park hot dogs. We had the discussion on our--
[INTERPOSING VOICES]
BRIAN SOZZI: We'll take that offline because they're not good.
BRAD SMITH: If you're grilling Ball Park hot dogs, you need to switch to--
BRIAN SOZZI: My mom used to boil them. Now she's watching.
BRAD SMITH: No.
BRIAN SOZZI: I'm sorry I didn't like your ball dogs, mom. I mean, they were bad. They were bad. I know you're going to text me, but they were really bad. They were bad.
BRAD SMITH: I'm glad you said getting feathers pulled so that my putting chicken nuggets on ice sounds just a tinge better. But at the end of the day, I mean, look, Jimmy Dean-- I used to have a Jimmy Dean every morning, by the way.
BRIAN SOZZI: Those were OK.
BRAD SMITH: I don't know. That-- yes, those were--
BRIAN SOZZI: Boil some Ball Park hot dogs and get back to me.
BRAD SMITH: No, I'm good.
JULIE HYMAN: You had dirty water dogs at home.
BRIAN SOZZI: They were all-- the water was clean. The water-- it was bad. We can't. I can go on for 20 minutes on this.
BRAD SMITH: Well, Jimmy Dean was a hot spot. How about that? The sausage maker sales increased to-- that was up to $13.5 billion in the third quarter. That was at about $12 and 1/2 billion a year earlier. So more people like me perhaps looking to just toss them in there.