SPRINGDALE, Ark. — Tyson Foods surprised market watchers Monday (Feb. 7) with net income of $1.21 billion, up 140% from a year ago. The company blew past the consensus earnings per share estimate of $1.90 with adjusted earnings per share of $2.87. Revenue was $12.9 billion, up 24% from the year-ago period, and better than the $12.18 billion consensus estimate.
Despite an overall 18% price in cost of goods, Tyson was able to raise prices across to recoup the inflationary impact across the business.
“Our performance reflects the resilience of our multi-protein portfolio even with the continued volatility in the marketplace. We are committed to winning with excellence,” CEO Donnie King said in a statement.
King said he sees a bright future as the company works to mitigate its biggest challenges of labor constraints and rising costs for hogs, cattle, freight, labor and grain.
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