Tyson Foods Q1 Results Beat View; Reiterates 2015 Outlook

(RTTNews) - Meat products maker Tyson Foods, Inc. (TSN) reported that first-quarter net income attributable to the company rose to $309 million or $0.74 per share from $254 million or $0.72 per share in the year ago quarter.

Adjusted earnings per share for the quarter were $0.77, compared to $0.72 per share in the prior-year period. On average, eleven analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter increased 23 percent to $10.82 billion from $8.76 billion in the previous-year quarter. Wall Street analysts had a consensus revenue estimate of $10.35 billion.

Looking ahead to fiscal 2015, Tyson reiterated its outlook for adjusted earnings in a range of $3.30 to $3.40 per share. The company expects sales for the year to approximate $42 billion, as it integrates Hillshire Brands and continue to accelerate growth in domestic value-added chicken sales and Prepared Food sale.

Street expects the company to earn $3.40 per share on revenues of $42.29 billion.

Further, the company reaffirmed its full-year outlook for overall domestic protein production (chicken, beef, pork and turkey) to increase about 1 percent from fiscal 2014 levels.

The company also said it was confident of exceeding the $225 million synergy target for the year.