Tyson Shares Jump After Raised Outlook

By Tonya GarciaMarketsMarketWatch Pulse

Tyson Foods Inc. shares are up 4.9% in Monday premarket trading after the food company reported third-quarter earnings that beat expectations. Tyson, whose brands include Hillshire Farm, Sara Lee, and Ball Park, had net income of $484 million, or $1.25 per share, up from $343 million, or 83 cents per share, for the same period last year. Adjusted earnings per share were $1.21, beating the $1.06 FactSet consensus. Revenue for the quarter was $9.40 billion, down from $10.07 billion, but beating the $9.33 billion FactSet consensus. Tyson raised its full-year fiscal 2016 outlook, and now sees adjusted EPS guidance between $4.40 and $4.50, up from between $4.20 and $4.30. The company sees sales of about $37 billion. Tyson shares are up 76% for the past year while the S&P 500 Index is up 5.1% for the same period.

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