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On Monday, shares of chicken industry giant Tyson Foods Inc. (TSN - Free Report) are slumping, down over 15% in morning trading after the company reported disappointing fourth quarter fiscal 2016 financial results.

Tyson reported adjusted earnings per share of 96 cents, lagging behind the Zacks Consensus Estimate of $1.24 (this number excludes 7 cents from non-recurring items). Revenues came in at $9.16 billion, also missing our consensus estimate of $9.31 billion and decreasing 12.8% year-over-year.

Operating income grew 31% to more than $568 million, while adjusted operating income increased 3% from the year ago period.

In fiscal 2016, Tyson posted record company operating margin of 7.7%. Pork segment operating margin came in at 10.8%, Prepared Foods segment operating margin came in at 10%, and Chicken segment operating margin “remain strong” at 11.9%.

The company announced that its Chief Executive, Donnie Smith, is leaving, and being replaced by current President Tom Hayes. Mr. Hayes, who will also keep the role of president, previously oversaw all of Tyson’s North American sales as chief commercial officer.

“Tom Hayes is a proven leader who has played an important role in creating today’s Tyson Foods and driving growth across our company,” said John Tyson, Chairman of the Board of Directors. “The Board’s decision to name Tom CEO at this time was based on both his track record and how his skills align with the company’s strategic direction and continuing evolution.”

Looking ahead, Tyson expects fiscal 2017 earnings per share in the range of $4.70 to $4.85, well below the analyst estimate of $4.98 per share. GAAP EPS is forecasted to grow 4-7%, while adjusted EPS should see growth of 7-10%.

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