What's Going On With Food Giant Tyson Shares Today?
Portfolio Pulse from Lekha Gupta
Tyson Foods Inc (NYSE:TSN) shares rose after reporting Q4 FY23 results, despite a sales decline of 2.8% Y/Y to $13.35 billion, missing estimates. Beef and Pork volumes fell, while Chicken and Prepared Foods rose. Gross profit and operating income dropped significantly, but adjusted EPS of $0.37 beat expectations. The company increased its quarterly dividend and expects FY24 sales to be flat with adjusted operating income of $1.0 billion to $1.5 billion. TSN shares are up 1.65% at $47.70.
November 13, 2023 | 3:16 pm
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Tyson Foods reported mixed Q4 FY23 results with a sales decline but higher EPS than expected, increased its dividend, and provided a flat sales outlook for FY24. Shares are trading higher.
Despite the sales miss, the positive reaction in share price is likely due to the earnings beat and dividend increase. The flat sales outlook for FY24 may temper long-term expectations, but the short-term impact appears positive.
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IMPORTANCE 75
RELEVANCE 100