Tyson Foods (NYSE:TSN) stock is heading higher on Monday following the release of the packaged food company’s earnings report for its fiscal second quarter of 2022.
Starting off the Tyson Foods earnings report is adjusted earnings per share of $2.29. That’s well above the $1.91 per share that Wall Street was looking for. It’s also an impressive 71% increase compared to the $1.34 per share reported during the same time last year.
Another positive for TSN stock comes from the company’s revenue of $13.12 billion. Yet again, that’s better than the $12.85 billion in revenue that analysts were expecting. It’s also a solid jump from the $11.3 billion reported in the fiscal second quarter of 2021.
So what fueled the strong earnings report from Tyson Foods? The company saw an increase in the average sale price of its goods as meat prices increased. That includes its beef, pork and chicken products.
Tyson Foods also includes guidance for its fiscal full year of 2022 in its most recent earnings report. This has the company expecting revenue between $52 billion to $54 billion for the year. For comparison, Wall Street is looking for TSN to report revenue of $51.79 billion during the period.
TSN stock is seeing a decent amount of trading on Monday following its most recent earnings report. This has some 1 million shares on the move as of this writing. For the record, the company’s daily average trading volume is 2.5 million shares.
TSN stock is up 1.5% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.