Tyson Foods Q1 Profit Rises, Tops Estimates; Backs 2014 Sales Outlook

(RTTNews) - Meat products provider Tyson Foods Inc. (TSN) said that its first-quarter net income attributable increased to $254 million or $0.72 per share, from $173 million or $0.48 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter rose to $8.76 billion from $8.37 billion in the prior year quarter. Nine analysts had consensus revenue estimate of $8.75 billion for the quarter.

In fiscal 2014, the company expects overall domestic protein production (chicken, beef, pork and turkey) to increase approximately 1% from fiscal 2013 levels. Grain supplies are expected to increase in fiscal 2014, which should result in lower input costs.

The company still expects fiscal 2014 sales to approximate $36 billion as it continues to execute its strategy of accelerating growth in domestic value-added chicken sales, prepared food sales and international chicken production. Eleven analysts estimated revenues of $35.75 billion for fiscal 2014.

The firm expects to continue repurchasing shares under its share repurchase program. As of December 28, 2013, 9.6 million shares remained authorized for repurchases. On January 30, 2014, the company's Board of Directors approved an increase of 25 million shares authorized for repurchase under our share repurchase program.