Q3 results exceed expectations, Tyson Foods (TSN.US) rose more than 2.3% against the market

Monday, Tyson Foods (TSN.US) rose against the market, up more than 2.3% at the time of writing, at $62.65. The meat processor reported better-than-expected third-quarter earnings. Net sales rose 1.6% to $13.35bn in the quarter, beating analyst estimates of $13.24bn. The company expects full-year revenue to be flat year-on-year. Adjusted earnings per share came in at 87 cents, beating the 65-cent consensus estimate, helped by lower food and raw material costs.

The company’s largest business, beef, saw a 4.4% increase in sales in the quarter, following a 2.8% increase in the previous quarter, driven by an increase in average weight of carcase. Prices also rose 1.4%, despite still limited beef supply. Meanwhile, Tyson’s chicken business, which had a disappointing performance in 2023 due to oversupply, saw sales fall 3.2% in the quarter and prices fall 3.7%. Tyson had previously reduced production to match supply with consumer demand.