Tyson Foods Q3 earnings drop on lower sales, but beat estimates

Tyson Foods, Inc. (NYSE: TSN) reported better-than-expected earnings for the third quarter. Meanwhile, revenues missed the Street view.

The packaged food company posted adjusted earnings of $1.40 per share for the third quarter, down from $1.47 per share reported a year earlier. Unadjusted profit declined to $527 million or $1.44 per share from $676 million or $1.84 per share in the third quarter of 2019. Analysts had forecast a lower number for the most recent quarter.

Revenues dropped to $10.02 billion from $10.89 billion in the year-ago period and missed Wall Street’s forecast.

Looking forward to reading management/analysts’ comments on Q3 results? Stay tuned here for Tyson Foods’ Q3 2020 earnings call transcript 

Tyson Foods’ shares closed the last trading session lower but gained early Monday soon after the earnings announcement.