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Tyson Foods Inc. of Springdale (NYSE: TSN) reported Monday third-quarter income of $191 million for fiscal 2024, an improvement from a loss of $417 million in the same quarter a year ago.
The profit came on revenue of $13.35 billion, up 3.1% from $13.14 billion a year ago.
Earnings per share was 54 cents, up from a loss of $1.18. Adjusted earnings came to 87 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
“Our disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business,” Tyson Foods CEO Donnie King said. “In Q3, we delivered the highest adjusted operating income in the last seven quarters while also generating strong free cash flow. Looking ahead, we will continue to strive to be best-in-class operators, drive efficiencies, value-up our portfolio, win with customers and consumers, and be disciplined in our capital deployment.”
For the first nine months of 2024, Tyson Foods has reported revenue of $39.74 billion, up 0.6% from $39.5 billion, and income of $443 million, up from a loss of $198 million.
The beef segment reported sales of $5.24 billion, up 5.6% from $4.96 billion a year ago. Operating income was a loss of $69 million, down from $66 million.
The chicken segment reported sales of $4.07 billion, down 3.1% from $4.2 billion. Operating income was $244 million, up from a loss of $314 million a year ago.
The prepared foods segment reported sales of $2.4 billion, up from $2.38 billion. Operating income was $203 million, down from $206 million.
The pork segment reported sales of $1.46 billion, up 10.6% from $1.32 billion. Operating income was a loss of $62 million, an improvement from a loss of $74 million a year ago.
The international segment reported sales of $582 million, down 8.1% from $633 million. Operating income was $25 million, up from a loss of $234 million.
Shares of the company rose nearly 2% Monday morning to $62.28. Year to date, shares were up more than 12%.
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