Tyson Foods (NYSE:TSN) earnings for the third quarter of fiscal year 2020 have TSN stock gaining ground on Monday morning. This is despite reporting revenue of $10.02 billion, which is below Wall Street’s estimate of $10.56 billion. However, the company also reported adjusted earnings per share (EPS) of $1.40 while analysts were expecting EPS of 94 cents for the quarter.
Additionally, the company reported GAAP EPS of $1.44 during the period.
Now let’s see what else is worth mentioning from the most recent Tyson Foods earnings report.
- Adjusted EPS was down 4.8% from $1.47 during Q3 2019.
- Revenue for the quarter comes in 8% lower compared to $10.89 billion during the same time last year.
- Operating income of $775 million is less than 1% worse year-over-year than $781 million
- Tyson Foods earnings also includes a net income of $527 million.
- That is 22.6% lower than $681 million from the third quarter of 2019.
Noel White, chief executive officer of Tyson Foods, said this about the TSN stock earnings report:
“Within each of our segments, we absorbed higher-than-normal operating costs related to COVID-19. Nonetheless, Tyson delivered strong results during the third quarter led by strength in our Beef and Pork segments. Despite short-term challenges, we’re maintaining a clear focus on the long term. Our fourth quarter is off to a solid start, and while COVID-19 has been disruptive, we have a strong long-term outlook for Tyson Foods.”
The company mentions some FY2020 guidance related to production and other financial measures. This includes the company expecting capital expenditures to be around $1.2 billion, “with a similar amount expected in fiscal 2021.”
Meanwhile, Wall Street is calling for EPS of $4.57 on revenue of $43.64 billion for FY2020.
TSN stock was up 2.5% as of Monday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.