The company TSN, -7.65% had a net loss of $417 million, or $1.18 a share, for the quarter to July 1, after earnings of $750 million, or $2.07 a share, in the year-ago period. Excluding one-time items, the company’s adjusted per-share earnings came to 15 cents, below the 26-cent FactSet consensus.
Sales fell 3% to $13.140 billion from $13.495 billion a year ago, also below the $13.627 billion FactSet consensus.
The company announced the closure of four chicken facilities in the quarter in North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri; and Noel, Missouri, in an effort to reduce costs and improve capacity utilization. It expects to cease operations in the first two quarters of fiscal 2024. The company is still assessing the financial impact but expects to take total charges of $300 million to $400 million through the planned closure dates.
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