Shares of Tyson Foods Inc. tumbled 6.5% in premarket trade Monday, after the processed and prepared foods company reported fiscal fourth-quarter profit and sales that missed expectations, and provided a downbeat outlook. Earnings for the quarter to Oct. 1 rose to $391 million, or 96 cents a share, from $258 million, or 83 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 96 cents, missing the FactSet consensus of $1.16. Revenue fell to $9.16 billion from $10.51 billion, below the FactSet consensus of $9.40 billion. The revenue miss was a result of less-than-expected beef, pork and prepared foods sales, which offset better-than-expected chicken sales. For fiscal 2017, the company expects adjusted EPS growth of 7% to 10%, while the FactSet consensus of $4.99 implies 14% growth from 2016 adj. EPS of $4.39. The stock has soared 26% year to date through Friday, while the S&P 500 has gained 6.8%.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.