Tyson Foods Q1 Profit Spikes, Tops Estimates

Tyson Foods, Inc. (TSN) Monday reported an increase in first-quarter net profit attributable to $476 million, compared to $376 million in the prior year. On a per share basis, earnings were $1.30 from $1.03 last year. On an adjusted basis, earnings were $1.34 per share.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $1.12 per share. Analysts estimates usually exclude special items.

Net sales for the quarter increased to $11.300 billion from $10.89 billion a year ago. Analysts expected $11.19 billion.

Looking ahead to fiscal 2021, on an adjusted basis, Tyson anticipates Prepared Foods results in fiscal 2021 to be similar to fiscal 2020, and Pork results will likely be lower in fiscal 2021 as compared to fiscal 2020. Chicken results will likely be lower in fiscal 2021 as compared to fiscal 2020 and expect Beef to deliver improved fiscal 2021 results as compared to fiscal 2020.

Further, the company expects sales to be around $44 billion to $46 billion for fiscal 2021, reflecting the pass-through of rising costs and continued strength in beef markets. Analysts are looking for 43.88 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group's Woodfield Mall, on November 14. Sears' parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and Amazon said over 1 million people have applied for a job at the tech major as part of its Career Day 2021. Job seekers from more than 170 countries have participated in the virtual event. In addition, more than 2,000 Amazon recruiters offered 30,000 individual career coaching sessions with participants in a single day.
Follow RTT