Tyson Foods Earnings Beat Estimates

Tyson Foods Inc. reported third-quarter net income of $447.0 million, or $1.21 per share, down from $484.0 million, or $1.25 per share, for the same period last year. Adjusted EPS was $1.28, beating the $1.19 FactSet consensus. Revenue was $9.85 billion, up from $9.40 billion last year and beating the $9.46 billion FactSet consensus. Strong performance in the beef and pork segments are driving investment in the company's "value-added" chicken and prepared food business, said Tom Hayes, Tyson's chief executive. The company's latest acquisition, AdvancePierre, contributed about $100 million in the third quarter and it is expected to contribute $350 million in the fourth quarter. AdvancePierre's brands include Barber Foods, and the company provides chicken, beef and other products for foodservice purposes. Tyson expects full-year adjusted EPS of $4.95 to $5.05. The FactSet consensus is $5.01. Tyson shares are unchanged in Monday premarket trading, but up 2.6% for the year so far. The S&P 500 index is up 10.6% for 2017 to date.