Tyson Foods Swings To Profit In Q3; Backs FY24 Sales Outlook

(RTTNews) - Tyson Foods, Inc. (TSN) reported Monday net income attributable to the company for the third quarter of $191 million or $0.54 per share, compared to a net loss of $417 million or $1.18 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.87 per share, compared to $0.15 per share in the year-ago quarter.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter increased 1.6 percent to $13.35 billion from $13.14 billion in the same quarter last year. Analysts expected revenue of $13.24 billion for the quarter.

Looking ahead to fiscal 2024, the company continues to project sales to be relatively flat with fiscal 2023 sales of $53.88 billion. The Street is looking for revenues of $53.03 billion for the year.

The company also expects capital expenditures between $1.2 billion and $1.3 billion for fiscal 2024.

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