Tyson Foods Posts Upbeat Q1 Earnings, But Sales Miss Views

reported stronger-than-expected earnings for the fiscal second quarter, but the company's sales misses analysts' estimates. The Springdale, Arkansas-based company posted a quarterly net profit of $310 million, or $0.75 per share, versus a year-ago profit of $213 million, or $0.60 per share. Its adjusted earnings came in at $0.75 per share. Its revenue rose to $9.98 billion from $9.03 billion. However, analysts were expecting earnings of $0.72 per share on revenue of $10.1 billion. The average estimate among 12 Estimize users was for earnings of $0.75 per share and revenue of $10.12 billion. Adjusted operating income rose 53 percent to $553 million in the quarter. "This was another great quarter and better than we initially expected," said Donnie Smith, president and chief executive officer of Tyson Foods. "Our fiscal second quarter is seasonally challenging, but we came in above our projections due to strong performances by our Prepared Foods and Chicken segments." Tyson reaffirmed its adjusted earnings forecast of $3.30 to $3.40 per share for the full year. Tyson shares gained 1.26 percent to $41.00 in pre-market trading.