Tyson Foods profit misses but revenue rises above expectations, as higher pricing offset volume decline

Shares of Tyson Foods Inc. /zigman2/quotes/201117502/composite TSN -1.47% fell 0.9% in premarket trading Monday, after the meats and processed foods company reported fiscal third-quarter profit that missed expectations while revenue beat, as higher pricing helped offset volume declines. Net income for the quarter to July 2 rose to $750 million, or $2.07 a share, from $749 million, or $2.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to $1.94 from $2.70, below the FactSet consensus of $1.97. Sales grew 8.2% to $13.50 billion, above the FactSet consensus of $13.31 billion, as total volume fell 1.9% while the average price change increased 8.1%. Beef volume increased 1.3% and sales rose 1.0% to $4.96 billion, while chicken volume fell 2.1% but sales increased 25.6% to $4.37 billion. For fiscal 2022, the company said the U.S. Department of Agriculture (USDA) indicates domestic production of protein (beef, chicken, pork and turkey) should be flat to fiscal 2021. Tyson's stock has slipped 3.7% over the past three months through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has gained 0.5%.