Feb 6 Reuters Tyson Foods Inc widely missed Wall Street estimates for quarterly profit on Monday and cut its expectations for operating margins this year in the face of falling beef prices and easing demand for pork.

The results sent the U.S. meatpacker39;s shares down more than 5 in premarket trade.

A year earlier Tyson39;s profits had climbed due to soaring meat prices and strong demand.

Facing high inflation, some consumers have since reduced their spending and switched to cheaper types of meat, such as buying hamburger instead of steaks.

Chief Executive Donnie King said challenging market dynamics and some operational inefficiencies hurt profitability.

Sales rose 2.5 to 13.26 billion in the three months ended Dec. 31, missing analysts39; average estimate of 13.52 billion, according to IBES data from Refinitiv. Adjusted earnings of 85 cents per share were much lower than expectations of 1.34 per share.

Results were bad all around, Credit Suisse said in a note.

In Tyson39;s beef business, its largest segment, operating margins shrank to 3.5 from 19.1 a year earlier. Average beef prices fell by 8.5, compared to a surge of nearly 32 a year earlier, according to the company.

Tyson39;s average pork prices rose 1.4 in the latest quarter, while sales volumes declined 7.4. The company cut its outlook for adjusted operating margins in pork to 0 to 2 for fiscal 2023 from a previous forecast of 2 to 4.

Tyson lowered its outlook for operating margins in its chicken…