Tyson Foods suffered a surprise loss in the second quarter, something not since 2009, and it’s cutting its sales forecast due to the cost of plant closures and layoffs.
Shares slid more than 15% Monday.
Tyson has been trying to cut costs over the last six months.
It closed its corporate offices in Chicago and South Dakota late last year and consolidated its workforce in Arkansas.
In March it announced the closure of two plants in Arkansas and Virginia in order to better use available capacity at other facilities.
Tyson laid off 15% of its senior leadership and 10% of its corporate workers last month as it faces steep inflation on labor, grain and other inputs.