Tyson Foods, Inc. (TSN) Stock Tanks on Sales and Earnings Misses

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Tyson Foods, Inc. (NYSE:TSN) stock was hit hard on Monday following the release of its earnings report for its fiscal fourth quarter of 2016.

Tyson Foods, Inc., TSN stockTyson Foods, Inc. reported earnings per share of 96 cents for its fiscal fourth quarter of 2016. This is up from the earnings per share of 59 cents reported during the same time last year. However, it didn’t have earnings per share for the fiscal fourth quarter of 2016 meeting Wall Street’s estimate of $1.17.

Revenue reported by Tyson Foods, Inc. in its fiscal fourth quarter of 2016 was $9.16 billion. The food company reported revenue of $10.51 billion in its fiscal fourth quarter of 2015. Analysts were expecting TSN to report revenue of $9.38 billion for its fiscal fourth quarter of the year.

Tyson Foods, Inc. reported net income of $392 million during its fiscal fourth quarter of 2016. It reported net income of $259 million during its fiscal fourth quarter from the previous year.

Tyson Foods, Inc. also announced today that current CEO Donnie Smith will be stepping down from the role at the end of the year. Tom Hayes, President of TSN, will be taking over the role from Smith.

Donnie Smith has been the CEO of Tyson Foods, Inc. since November of 2009. He will continue to be available for consultation with TSN for three years after his departure. His successor will bring 29 years of experience in the consumer products industry with him when he takes over as CEO of TSN.

TSN stock was down 14% as of Noon Monday, but is up 8% year-to-date.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/11/tyson-foods-inc-tsn-stock/.

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