Tyson Foods Q3 profit up 21 percent
Staff Writer | August 6, 2018
Tyson Foods reported a 21 percent increase in profit for the third quarter from last year on higher sales.
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Looking ahead, Tyson Foods affirmed its earnings outlook for fiscal 2018. The company's shares are rising more than 2 percent in pre-market trade.
The company's Beef and Prepared Foods segments had a strong third quarter, helping to balance the results in its Chicken and Pork segments, which faced stiff headwinds.
"We continued to grow our business in Q3, even with the headwinds we faced related to oversupply and pricing. In this challenging environment, we delivered a solid quarter overall, growing earnings, operating income and margins," said Tom Hayes, Tyson Foods president and chief executive officer.
Third-quarter net income attributable to the company rose to $541 million or $1.47 per share from $447 million or $1.21 per share in the year-ago period.
Adjusted earnings per share for the quarter were $1.50, compared to $1.28 per share in the prior year.
The company noted that lower enacted tax rates positively impacted the quarter's adjusted earnings per share by $0.20.
Sales for the quarter grew 2 percent to $10.05 billion from $9.85 billion in the prior year. Analysts expected revenue of $10.27 billion for the quarter.
Operating income increased 15 percent from the year-ago period to $802 million.
Looking ahead to fiscal 2018, Tyson Foods affirmed its outlook for adjusted earnings of $5.70 to 6.00 per share, including the benefit of lower enacted tax rates of $0.77 per share.
The company expects fiscal 2018 sales to grow about 6 percent to between $40 billion and $41 billion. ■ What to read next
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