Tyson Foods’ third-quarter net income attributable to the company rose to $343 million or $0.83 per share from $260 million or $0.73 per share in the year ago quarter. Analysts’ estimates typically exclude special items.
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The publicly traded meat processor also reported revenue up 4 percent to about $10.1 billion, amid strong performance from its Prepared Foods and Chicken segments. Of the 12 analysts who now rate it, 10 suggest a Buy, while two give out a Hold rating.
The company noted that the Prepared Foods and Chicken segments performed very well in the fiscal third quarter, partially offsetting soft results in the Beef and Pork segments. Chicken sales rose 2.9%, but beef and pork sales were off 3.9% and 4.8%, respectively, and global sales were down more than 25%.
Worldwide sales dropped 33%, because of the sale of its Brazil business and weak demand in China. The company now forecasts adjusted earnings of $3.10 to $3.20 per share, down from the prior range of $3.30 to $3.40 per share.
Further, the organization famous which typically concert acquire due to the agreement of Hillshire Brands was also going well it also had become on check to quickly attain similarities of usd300 huge number of in pecuniary 2015, off the preceding suspense for cash saved of usd250 huge number of. The company’s revenue was up 4.0% compared to the same quarter previous year. The company reported $0.75 EPS for the quarter, topping the Thomson Reuters consensus estimate of $0.72 by $0.03.
For fiscal 2016, Tyson Foods said it expects domestic protein production to increase about 3 percent from fiscal 2015 levels.
Supplies of fattened cattle remained squeezed, with improved rainfall, in improving pasture condition, and lower feed prices encouraging producers to rebuild the US herd from multi-decade lows rather than send animals for slaughter.
Tyson is highly dependent on both the cost of inputs like grain as well as the price of chicken, beef, and pork, and the third quarter exposed some negative trends.
TSN shut Friday’s transaction at usd44.35.
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Shares of Tyson fell 8% in premarket trading.
