Tyson Foods Earnings: Shares Climb on Double-Digit Profit Growth
Tyson Foods Inc. (NYSE:TSN) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. Shares are up 3.07%.
Tyson Foods Inc. Earnings Cheat Sheet
Results: Net income increased 10.9% to $173 million (48 cents per diluted share) in the quarter versus a net gain of $156 million in the year-earlier quarter.
Revenue: Rose 0.85% to $8.4 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tyson Foods Inc. reported adjusted net income of 48 cents per share. By that measure, the company beat the mean analyst estimate of $0.42. It missed the average revenue estimate of $8.6 billion.
Quoting Management: “Fiscal 2013 is off to a good start,” said Donnie Smith, president and chief executive officer of Tyson Foods. “With earnings of $0.48 per share in the first quarter, we are on our way to producing earnings this year better than fiscal 2012. We knew we’d face headwinds, and that has certainly been the case; however, we’re not simply holding our own. We’re producing solid results while preparing for growth…