Tyson Foods (NYSE:TSN) shares are on the rise Monday after the company's latest quarterly earnings beat the analyst consensus estimate.
The food company reported Q1 earnings of $0.69 per share, $0.28 better than the analyst estimate of $0.41 per share. Revenue for the quarter came in at $13.32 billion, up 04% year-on-year but below the consensus estimate of $13.36 billion.
"Our team executed well in the quarter and delivered tangible results, including our third sequential quarter of adjusted operating income growth," said Donnie King, president and CEO of Tyson Foods. "We saw the benefits of our diverse protein portfolio and realization of operational efficiencies from the strategic decisions we made in the past year."
Looking ahead, the company noted that for fiscal 2024, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) should increase slightly compared to fiscal 2023 levels.
TSN anticipates improved results from its foreign operations in fiscal 2024 on an adjusted basis. Fiscal 2024 company adjusted operating income is seen from $1.0 billion to $1.5 billion. The company expects sales to be "relatively flat" in fiscal 2024 compared to fiscal 2023.
TSN shares are up 4.9% at $59.13 per share in premarket trading.