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Tyson Foods Inc.’s stock
TSN,
rose 3.8% early Monday, after the parent of food brands Tyson, Hillshire Farm, Jimmy Dean and Ball Park beat profit estimates for its fiscal first quarter. The Springdale, Ark.-based company posted net income of $107 million, or 30 cents a share, for the quarter to Dec. 30, down from $316 million, or 88 cents a share, in the year-earlier period. Adjusted per-share earnings came to 69 cents, ahead of the 41 cent FactSet consensus. Sales rose to $13.319 billion from $13.260 billion a year ago, just below the $13.338 billion FactSet consensus. Beef sales rose to $5.023 billion from $4.723 billion as average prices rose 10.5%. Pork sales fell to $1.517 billion from $1.529 billion as average prices fell 8.5%. Chicken sales fell to $4.033 billion from $4.263 billion as average prices fell 3.9%. Prepared foods sales rose to $2.453 billion from $2.538 billion as average prices fell 2.3%. The company said it expects sales to be “relatively flat” in fiscal 2024 versus the year earlier and expects to spend $1.0 billion to $1.5 billion on capex. The stock has fallen 12% in the last 12 months, while the S&P 500
SPX,
has gained 19.9%.
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