Poultry producer Tyson Foods, Inc. (TSN) on Friday posted mixed fiscal first quarter earnings results, as profit beat Wall Street’s view but revenue fell short of expectations.
The Springdale, AR-based company reported fiscal first quarter net income of $173 million, or 48 cents per share, compared with $156 million, or 42 cents per share, in the year-ago period.
Revenue rose less than 1% from last year to $8.40 billion.
On average, Wall Street analysts expected a smaller profit of 42 cents per share, albeit on higher revenue of $8.60 billion.
CEO Donnie Smith commented, “We knew we’d face headwinds, and that has certainly been the case; however, we’re not simply holding our own. We’re producing solid results while preparing for growth.”
Accordingly, TSN forecast full-year fiscal 2013 revenue to hit $35 billion, which is in-line with analysts’ outlook of $34.65 billion.
Tyson Foods shares rose 58 cents, or +2.6%, in premarket trading Friday. The stock has gained over 17% in the past year.
The Bottom Line
Shares of TSN currently offer a 0.9% dividend yield, based on Thursday’s closing price of $22.12 and the company’s annualized dividend payout of 20 cents per share.
Tyson Foods, Inc. (TSN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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