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Miller added that the company remains “fully committed” to the $8 billion pipeline, which would carry crude from Alberta to Steele City, Nebraska, where it would connect to refineries in the U.S. Midwest and Gulf Coast, as well as export terminals. The project, in the works for a decade, was dealt a blow earlier this month when a U.S. judge in Montana blocked construction pending further environmental review tiffany cufflinks replica uk sale. TransCanada is still expecting a separate ruling from a Nebraska court on routing. The company had expected to start construction on the 1,180 mile (1,900 km) pipeline in 2019..
(Reuters) – Tyson Foods Inc (TSN.N) reported quarterly sales on Tuesday that missed Wall Street estimates, as the top U.S. meat processor was hit by lower demand for chicken, sending shares down nearly 7 percent. Shares of the Ball Park hotdogs and Jimmy Dean sausages maker fell $4.11, or 6.7 percent, to $57.50 in late morning trading. Demand for chicken has eased in the United States as President Donald Trump’s trade wars resulted in lower exports of U.S tiffany cufflinks replica uk sale. beef and pork to China and Mexico, boosting the domestic supply of the competing meats..
The U.S.-China trade war has all but halted shipments of many American agricultural goods to China, including meat and soybeans. “We are not currently shipping product to China – beef, pork or poultry,” said new Chief Executive Noel White. “So if there is any change, that would provide upside export potential for us.”. Tyson also said in a filing that the various trade disputes have affected chicken and pork prices tiffany cufflinks replica uk sale. It said the company will counter increased costs through pricing..
Sales in the company’s chicken business rose 2.6 percent, but that was primarily due to acquisitions, including of Tecumseh Poultry and its Smart Chicken brand. Operating income from chicken fell nearly 34 percent from a year earlier. Beef operating income was up about 14 percent. White, who was named Tyson CEO on Sept tiffany cufflinks replica uk sale. 17 after Tom Hayes stepped down for personal reasons, said chicken sales suffered as restaurants promoted beef instead. He added that Tyson could benefit in 2019 if the food service industry more heavily promotes chicken..
Higher freight costs and some poultry production issues, including a fire at one of the companies facilities, also hit Tyson’s chicken business, White said. Overall, sales fell 1.4 percent to $10 billion tiffany cufflinks replica uk sale. Analysts on average had expected revenue of $10.26 billion, according to IBES data from Refinitiv. Excluding items, the company earned $1.58 per share, easily beating analysts’ expectations of $1.35. Net income attributable to the company rose to $537 million, or $1.47 per share, in the fourth quarter ended Sept. 29, from $394 million, or $1.07 per share, a year earlier..