Tyson Foods (TSN) Tops Q3 EPS by 15c; Raises Outlook
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Tyson Foods (NYSE: TSN) reported Q3 EPS of $1.21, $0.15 better than the analyst estimate of $1.06. Revenue for the quarter came in at $9.4 billion versus the consensus estimate of $9.33 billion.
“We again demonstrated our ability to deliver higher, more stable earnings through our differentiated business model that emphasizes growth in prepared foods and value-added chicken,” Donnie Smith, chief executive officer of Tyson Foods, said. “We produced record third quarter earnings per share, operating income and return on sales. All operating segment results were in or above their normalized operating margin ranges, with the Chicken segment delivering a record 13.9% return on sales.
“At retail, our products are growing in sales volume, sales dollars and category share according to IRI, and Tyson is a leader in volume sales growth among the top 10 branded food companies.
“From the strong cash flows generated by our operations, we used $425 million to repurchase 6.6 million shares during the third quarter. We’re continuing our share repurchases and have bought back an additional $380 million worth of shares to date in the fiscal fourth quarter.
“We expect our high-level performance to continue and are raising full year fiscal 2016 earnings guidance. Following record earnings this year, we intend to build on our momentum to generate more growth in fiscal 2017.”
Tyson Foods sees FY2016 EPS of $4.47-$4.57, versus prior guidance of $4.40-$4.50 and the consensus of $4.36.
For earnings history and earnings-related data on Tyson Foods (TSN) click here.
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