Tyson Foods Shares Rise After Earnings Beat Estimates, Outlook Raised
Tyson Foods Inc. shares are up 4.1% in Monday premarket trading after second-quarter earnings beat estimates and the company raised its full-year outlook. The meat producer reported net income of $432.0 million, or $1.10 per share, up from $310.0 million, or 75 cents per share, for the same period last year. Adusted earnings were $1.07 per share, beating the FactSet consensus of 95 cents per share. Revenue for the quarter totaled $9.2 billion, down from $10 billion last year, but beating the FactSet consensus of $9.0 billion. Tyson raised its full-year adjusted earnings guidance to $4.20 to $4.30 from 3.85 to 3.95. Sales are expected to total $37 billion, down from $41.4 billion last year due to declines in beef, pork and chicken prices. Tyson shares are up 63% for the past year while the S&P 500 is down 2.8% for the same period.
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