Tyson Foods, Inc. (TSN) Stock Jumps, Then Falls After Q1 Earnings Beat

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Tyson Foods, Inc. (NYSE:TSN) stock was rising and falling on Monday following the releases of its earnings report for the first quarter of 2017.

Tyson Foods, Inc., TSN stockTyson Foods, Inc. reported earnings per share of $1.59 for the first quarter of the year. This is an increase over the company’s earnings per share of $1.15 for the first quarter of 2016. It also came in above Wall Street’s earnings per share estimate of $1.26 for the quarter.

Revenue reported by Tyson Foods, Inc. in the first quarter of 2017 was $9.18 billion. The company reported revenue of $9.15 billion during the same time last year. Analysts were expecting TSN to report revenue of $9.05 billion in the first quarter of the year.

During the first quarter of 2017, Tyson Foods, Inc. reported operating income of $982 million. This is up from the operating income of $776 million in the same period of the year prior. Net income for the quarter was $594 million, which is an increase over the $461 million reported in the first quarter of 2016.

Tyson Foods, Inc. also updated its guidance for the full year of 2017 in its most recent earnings report. The company is expecting earnings per share for the year to range from $4.90 to $5.05. Wall Street is expecting the food company to report earnings per share of $4.97 during 2017.

“Due to our outstanding performance in Beef and Pork and strong market conditions in the first quarter, we are raising our annual earnings guidance to $4.90-5.05 per share,” Tom Hayes, President and CEO of Tyson Foods, Inc., said in a statement.

Tyson Foods, Inc. also announced today that it has received a subpoena from U.S. authorities. The company says this is likely connected to claims that it worked with rivals for years to fix the price of chicken. TSN was included in a list of companies sued by poultry buyers last year on such allegations, reports Reuters.

TSN stock was down 3% as of Noon Monday.


Article printed from InvestorPlace Media, https://investorplace.com/2017/02/tyson-foods-inc-q1-tsn-stock/.

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