Tyson Foods beats on profit and revenue

Tyson Foods Inc.
TSN,
-0.09%
shares rose 2.6% in Monday premarket trading after it reported fiscal second-quarter profit and revenue that beat Street expectations. The meat company posted net income of $829 million, or $2.28 per share, up from $476 million, or $1.30 per share, last year. Adjusted EPS of $2.29 blew past the FactSet consensus for $1.89. Sales of $13.117 billion were up from $11.300 billion and also ahead of the FactSet consensus for $12.844 billion. “Although we continue to see inflationary pressures across the supply chain, we are working to drive costs down by continuing to increase our efficiency, productivity, and bringing more capacity on line,” said Donnie King, chief executive of Tyson, in a statement. King recently appeared before Congress to defend the company’s pricing. Tyson brands include the namesake, Jimmy Dean and Hillshire Farm. Tyson is guiding for fiscal 2022 revenue of $52 billion to $54 billion. The FactSet consensus is for revenue of $51.852 billion. Tyson stock is up 4.2% for the year to date.