Tyson Foods (NYSE: TSN ) admitted that its current quarter has been "more challenging than anticipated," the company wrote in a press release. According to Chief Operating Officer James Lochner, the problem is a growing disparity between prices for beef and those of its source. "Margins have been compressed throughout the past month as the value of beef has fallen more than the price of cattle," he said.
Tyson Foods didn't provide specific financial projections for the quarter in the release.
The company did sound an optimistic note about its prospects for the full year, on the back of introductions of new, relatively high-margin products, and improved sales of chicken and prepared foods.