Tyson Foods, Inc. (NYSE: TSN) on Monday reported an increase in fourth-quarter earnings aided by strong sales performance, despite the pandemic related disruption. The company’s stock made sharp gains during the pre-market session as the results topped the Street view.
Adjusted earnings moved up to $1.81 per share from $1.21 per share in the fourth quarter of 2019 and came in above analysts’ forecast. Net income was $692 million or $1.90 per share, compared to $369 million or $1.01 per share in the year-ago period.
Driving the bottom-line growth, fourth-quarter net sales rose to $11.46 billion from $10.88 billion in the corresponding period of last year. Analysts were looking for a smaller top-line number.
Tyson Foods’ shares gained about 3% early Monday, soon after the earnings announcement, after closing the previous session higher.
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The restaurant and food service industry is struggling to regain momentum after being hit hard by the pandemic. Restauranteurs are currently busy adapting to the changed operating conditions, shifting focus