Shares of Tyson Foods declined Monday after the meat processor reported mixed quarterly results, with sales coming in well below Wall Street estimates as beef prices increased dramatically.

The company posted adjusted earnings of 99 cents a share in the fiscal third quarter, up from 91 cents a year ago and just above Wall Street's expectation of 98 cents. Sales were flat at $13.87 billion, missing the analyst consensus call for $14.07 billion, according to FactSet.

Beef sales declined 3.9%, with a 16% decline in volumes as the average price soared 12% from a year ago. Looking ahead, Tyson Foods said it expects an adjusted operating loss of $500 million to $650 million for its beef business in the fiscal year.

The company sees total adjusted operating income of $2.1 billion to $2.3 billion for fiscal 2026, down from its previous view of $2.2 billion to $2.4 billion. Tyson Foods narrowed its fiscal year sales outlook, expecting growth between 2.5% and 3.5% from its prior 2% to 4% view.

Tyson Foods stock fell 3.6% to $55.90 in premarket trading on Monday. Wall Street had relatively low expectations for the quarter, with the U.S. cattle supply remaining an issue and beef prices pressuring consumers.

Shares have declined 1% this year but have gained 11% over the past 12 months.