Tyson Foods up 6% on Strong Q1 Earnings
Tyson Foods (NYSE: TSN) is trading higher on the session following its Q1 earnings announcement. The company reported EPS of $0.42 vs $0.34 estimate and revenues of $8.33 billion vs $8.30 billion estimate.
Donnie Smith, Tyson's president and CEO said: "Even with higher feed ingredient costs, our Chicken segment returned to profitability in the fiscal first quarter on improved pricing and execution. Prepared Foods had a strong performance, and the Pork segment continued to produce outstanding results. Our Beef segment is experiencing a rough patch as a result of challenging market fundamentals. Although we are still outperforming industry indexes, if current conditions continue, our Beef results will be pressured in our second quarter."
Tyson Foods is currently trading at $19.74, a gain of $1.12 or 6.02%.
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