Why Food Giant Tyson Shares Are Surging Today Why Food Giant Tyson (TSN) Shares Are Surging Today - Tyson Foods (NYSE:TSN)

Tyson Foods Inc TSN shares are trading higher after the company reported first-quarter FY24 results.

Sales were up 0.4% Y/Y to $13.32 billion, above the analyst consensus of $13.27 billion.

Sales volume of Beef fell 4.1% Y/Y, Pork rose 7.7%, Chicken declined 1.5%, and Prepared Foods grew 2.5%.

Gross profit decreased to $823 million from $968 million a year ago, with the margin contracting to 6.2% from 7.3% the prior year.

Adjusted operating income declined 9% Y/Y to $411 million, with a margin of 3.1% vs. 3.4% a year ago.

Adjusted EPS of $0.69 beat the analyst consensus of $0.41.

The company held $1.48 billion in cash and cash equivalents as of December 30, 2023.

Outlook Reaffirmed: Tyson Foods expects FY24 sales to be relatively flat Y/Y, adjusted operating income of $1.0 billion to $1.5 billion and capital expenditures of $1.0 billion-$1.5 billion.

For FY24, the United States Department of Agriculture (USDA) expects domestic protein production (beef, pork, chicken, and turkey) to increase slightly Y/Y, with the production of beef to decrease by around 2% Y/Y, pork to increase by about 2% and Chicken be flat Y/Y.

Price Action: TSN shares are up 7.2% at $60.43 on the last check Monday.



Image and article originally from www.benzinga.com. Read the original article here.