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Tyson Foods Inc TSN reported first-quarter FY22 sales growth of 23.6% year-on-year, to $12.93 billion, beating the analyst consensus of $12.18 billion.
- Sales volume of Beef fell 6.2% Y/Y, Pork rose 0.2%, Chicken climbed 3.6%, and Prepared Foods decreased 2.6%.
- Gross profit increased 71.2% Y/Y to $2 billion, with a profit margin of 15.5%.
- The operating margin was 11.3%, and operating income for the quarter more than doubled to $1.45 billion.
- Adjusted EPS of $2.87 beat the analyst consensus of $1.90.
- The company held $2.9 billion in cash and equivalents as of January 1, 2021. Cash provided by operating activities for the three months amounted to $1.4 billion.
- "Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace," said CEO Donnie King.
- Outlook: Tyson Foods expects FY22 sales to be in the upper end of $49 billion - $51 billion, versus the consensus of $50.35 billion.
- Price Action: TSN shares are trading higher by 7.54% at $94.95 in premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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