July 30, 2018 / 11:51 AM / 21 days ago

Meat processor Tyson Foods cuts profit forecast on mounting tariff pressures

July 30 (Reuters) - Tyson Foods Inc cut its full year earnings outlook on Monday and said the revision was due to the uncertainty in trade policies and increased tariffs, which has negatively impacted domestic and export prices especially for chicken and pork.

The No. 1 U.S. meat processor said it now expects to earn adjusted earnings per share of about $5.70-$6.00 for fiscal 2018, down from its earlier estimate of $6.55-$6.70.

Tyson Foods' move comes as China implemented a 25 percent duty on most U.S. pork items on April 2 in response to U.S. tariffs on Chinese steel and aluminum products. (Reporting by Aishwarya Venugopal in Bengaluru)

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