Tyson Foods Q1 Profit Spikes, Tops Estimates

(RTTNews) - 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.