Tyson Foods was rising Monday after the protein producer surpassed earnings expectations and provided a fiscal-year revenue outlook that was in line with estimates.
Tyson (ticker: TSN) reported fiscal first-quarter adjusted earnings of $2.87 a share on revenue of $12.9 billion. Analysts surveyed by FactSet expected earnings of $1.93 a share in the quarter on revenue of $12.17 billion. A year earlier, Tyson earned $1.94 a share on revenue of $10.46 billion.
Shares of the Arkansas-based meat giant were up 5% to $92.46 in premarket trading Monday.
“Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace,” said Donnie King, president and chief executive officer of Tyson Foods, in a statement.
Tyson said the average price of beef rose by nearly 32% in the quarter, leading to $5 billion in sales for the quarter. Chicken prices rose 20% and pork prices gained 13%.
Beef sales volume fell 6.2% in the quarter, the company said. Chicken volumes rose 3.6%, and pork volumes rose 0.2%.
For fiscal 2022, Tyson expects sales to be at the upper end of $49 billion to $51 billion. Analysts expect $50.53 billion in revenue.
Write to Karishma Vanjani at [email protected]
