Tyson Foods cites 'positive turnaround' as it beats analyst estimates for profit and revenue
By Steve Gelsi
Tyson's adjusted Q3 profit of 87 cents a share beat analyst estimates by 20 cents
Tyson Foods Inc.'s stock was a rare positive amid a stock-market swoon Monday after the meat-production giant beat analyst estimates for its third-quarter profit and revenue and reversed a year-ago loss.
Chief Executive Donnie King said the company's "disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business."
Tyson (TSN) rose 1.9%, even as the S&P 500 SPX moved lower by about 2.9%. The stock had moved lower earlier in the session but reversed course and rose.
Tyson swung to third-quarter net income of $191 million, or 54 cents a share, from a loss of $417 million, or $1.18 a share, in the year-ago quarter.
Adjusted profit of 87 cents a share in the latest quarter beat the FactSet consensus estimate of 67 cents a share.
Revenue climbed to $13.36 billion from $13.14 billion in the year-ago period, coming in ahead of the analyst estimate of $13.21 billion.
Looking ahead, Tyson boosted the low end of its adjusted operating income (AOI) estimate for fiscal 20224 to $1.6 billion from $1.4 billion and kept the upper end at $1.8 billion.
It reiterated its forecast for relatively flat sales for the year.
Analysts expect Tyson to report 2024 revenue of $53.05 billion, up from $52.88 billion in fiscal 2023.
-Steve Gelsi
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08-05-24 1113ET
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