Tyson Foods Stock Soars 7% Following Strong Earnings Report

Shares of Tyson Foods soared 7% in premarket trade Monday after the company reported stronger-than-expected first-quarter earnings and sales and raised its annual outlook, citing strong beef and pork sales. The company reported net income of $593 million, or $1.59 a share, compared with $461 million, or $1.15, in the year-earlier period. Revenue for the three-month period increased to $9.18 billion compared with $9.15 billion in the year-earlier period. Analysts surveyed by FactSet had been calling for earnings of $1.27 on sales of $9.03 billion. The meat producer raised its full-year outlook to a range of $4.90 to $5.05 a share, compared with the consensus estimate of $4.89. As of Friday's close, the company's shares had been down 2.5% in the past three months, compared with a 10% increase for the S&P 500 .