Tyson Foods Inc (NYSE:TSN) is trading higher Monday morning after the company announced better-than-expected fiscal first-quarter financial results.
Tyson reported quarterly revenue of $12.93 billion, which beat the estimate of $12.18 billion. The company reported quarterly earnings of $2.87 per share, which beat the $1.90 estimate.
"We’re pleased with the results of the first quarter and of the steps that we are taking to improve productivity," said Donnie King, president and CEO of Tyson Foods. "Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace."
For fiscal 2022, Tyson said the United States Department of Agriculture indicates domestic protein production should be relatively flat year-over-year.
Tyson Foods is the largest U.S. producer of processed chicken and beef.
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TSN Price Action: Tyson has traded as low as $63.22 and as high as $94.08 over a 52-week period.
The stock was up 7.54% at $94.95 at time of publication.
Photo: theimpulsivebuy from Flickr.
