Investors Cheer Tyson Foods' Q3 Numbers
Investors of Tyson Foods, Inc. (NYSE: TSN) have applauded the company for delivering better-than- expected earnings and revenue for the third quarter. Following the news, the stock traded in the green in pre-market trading Monday morning.
The company reported net income of $485 million for the three-month period April — June, sharply higher than $343 million in the preceding year period. Similarly, EPS also surged from $0.83 to $1.25, while adjusted EPS climbed from $0.80 to $1.21 in the third quarter. The Street estimate was $1.06 a share.
Related Link: CLSA Anticipates Beat And Raise From Tyson On Robust Chicken Margins
However, sales revenue dipped from $10.07 billion to $9.4 billion in the same quarter last year. But, it was better than the analysts' predictions of $9.33 billion.
Tyson's CEO Donnie Smith commented, "We produced record third quarter earnings per share, operating income and return on sales. All operating segment results were in or above their normalized operating margin ranges, with the Chicken segment delivering a record 13.9 percent return on sales."
Moving ahead, the company expects to achieve adjusted EPS of $4.40–$4.50, while analysts are looking for an EPS of $4.46.
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