Dive Brief:
- Tate & Lyle said pre-tax profit in the first half of the year fell a full 40% as the the global sweetener giant struggles with supply chain problems.
- The sugar, sweeteners, and ingredients company also cited weaker performance for its Splenda brand of sucralose, noting the global market for the sweetener had become "extremely competitive."
- Tate & Lyle said its U.S. operations were hurt badly as extreme weather in the Midwest created a logistics nightmare at its corn processing operations.
Dive Insight:
Well, no one should say they were blindsided by Tate & Lyle's poor performance. The U.K.-based company has issued three profit warnings this year, the most-recent of which came in September.
