Tyson Foods Beats Quarterly Income Estimates, Year-To-Date Sales Up 4.8%
SPRINGDALE (TB&P) — Tyson Foods outperformed Wall Street expectations for its fiscal third quarter with net income of $676 million, or $1.84 per share, up from $541 million, or $1.47 per share, in the year-ago period.
On an adjusted basis, the company’s net income per share was $1.47, still better than analysts’ consensus of $1.41 per share.
Revenue came in at $10.9 billion, up 8.3% year-over-year, but slightly below what analysts expected at $11.05 billion.
Despite the revenue miss, Wall Street cheered the overall results and the prospects for the rest of the year, sending Tyson Foods shares to a new 52-week high of $87.29 in the morning session.
Shares of Springdale-based Tyson Foods (NYSE: TSN) rose more than 8.5%, trading well above $86 per share with heavy volume in the morning session.
For the previous 52 weeks, the share price has ranged from $49.77 to $87.29, which was reached Monday morning following the earnings announcement.
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