NEW YORK - Tyson Foods , Inc. (NYSE:TSN) reported better-than-expected third quarter results on Monday, sending shares up 2.7% in premarket trading. The meat processing giant posted adjusted earnings per share of $0.87, surpassing analyst estimates of $0.67, while revenue came in at $13.35 billion, topping expectations of $13.21 billion.
The company's strong performance was driven by improvements across multiple segments. Tyson's chicken business saw a significant turnaround, with adjusted operating income of $307 million compared to a $63 million loss in the same quarter last year. The beef segment, while still posting a loss, showed signs of stabilization.
"Our disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business," said Donnie King, President & CEO of Tyson Foods. "In Q3, we delivered the highest adjusted operating income in the last seven quarters while also generating strong free cash flow."
Total sales for the quarter rose 1.6% year-over-year to $13.35 billion. The company's adjusted operating margin expanded to 3.7%, up from 1.4% in the prior year period.
Tyson maintained its full-year 2024 outlook, projecting total company adjusted operating income between $1.6 billion and $1.8 billion. The company expects sales to remain relatively flat compared to fiscal 2023.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.