SPRINGDALE, Ark. (AP) _ Tyson Foods Inc. (TSN) reported fiscal first-quarter net income of $551 million. On a per-share basis, the Springdale, Arkansas-based company said it had profit of $1.50. Earnings, adjusted for non-recurring costs and restructuring costs, came to $1.58 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share. The meat producer posted revenue of $10.19 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $10.36 billion.
Tyson expects full-year earnings in the range of $5.75 to $6.10 per share. Tyson shares have increased 14 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nine percent. The stock has declined 18 percent in the last 12 months.
