What's Going On With Food Giant Tyson Shares Today?

Tyson Foods Inc (NYSE:TSN) shares are trading higher after the company reported Q4 FY23 results.

Sales declined 2.8% Y/Y to $13.35 billion, missing the analyst consensus of $13.71 billion.

Sales volume of Beef fell 6.7% Y/Y, Pork declined 0.2%, Chicken climbed 1.7%, and Prepared Foods up 1.0%.

Gross profit decreased to $459 million from $1.31 billion a year ago, with the margin contracting to 3.4% from 9.5% the prior year.

The company reported an operating loss of $(463) million compared to an income of $766 million last year.

Adjusted EPS of $0.37 beat the analyst consensus of $0.29.

The company held $573 million in cash and cash equivalents as of September 30, 2023.

Dividend: Effective November 10, 2023, the Board of Directors increased the quarterly dividend per share to $0.49 on Class A common stock and $0.441 on Class B common stock. The increased dividend is payable on December 15, 2023, to shareholders of record as of December 1, 2023. 

The company also declared a quarterly dividend per share of $0.49 on Class A common stock and $0.441 per share on Class B common stock, payable on March 15, 2024, to shareholders of record as of March 1, 2024. 

Outlook: Tyson Foods expects FY24 sales to be relatively flat Y/Y, adjusted operating income of $1.0 billion to $1.5 billion and capital expenditures of $1.0 billion-$1.5 billion.

Also Read: Tyson Foods Likely To Report Lower Q4 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Price Action: TSN shares are trading higher by 1.65% at $47.70 on the last check Monday.