Tyson Foods Inc. (TSN) reported third-quarter fiscal 2013 results before markets opened this morning. The food processing company posted adjusted earnings per share (EPS) of $0.69 on revenues of $8.73 billion. In the same period a year ago, the company reported EPS of $0.51 on revenues of $8.26 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.60 and $8.65 billion in revenues.
The company said that it expects to post sales of $34.5 billion in its 2013 fiscal year and sales are forecast to rise to $36 billion in the 2014 fiscal year. The consensus analysts’ estimates call for sales of $34.21 billion this year and $35.02 billion next year.
For the first nine months of the current fiscal year, Tyson’s revenues totaled $25.48 billion. A little math shows that the company expects sales of more than $9 billion for the fourth quarter, well above the consensus estimate of $8.75 billion.
The company’s CEO said:
As expected, we are delivering robust results in the second half of our fiscal year. ... Our Chicken segment achieved record operating income, and our Beef segment rebounded to generate solid returns. ... We see a tremendous amount of opportunity in our business.
The consensus estimate calls for full-year EPS of $2.12, of which Tyson already has posted $1.52. The company did not provide EPS guidance, but based on its sales estimate, full-year EPS could be $0.10 a share or more above the analysts’ call.
Shares are up about 3.5% in premarket trading at $29.49, well above the top of stock’s 52-week range of $14.07 to $28.58. Thomson Reuters had a consensus analyst price target of around $30.40 before today’s report.