Tyson Foods Inc. (NYS:TSN) stock rose 2.3% in Monday premarket trading after the meat manufacturer reported fiscal third quarter earnings and sales that beat expectations. Net income totaled $749 million, or $2.05 per share, up from $526 million, or $1.44 per share, last year. Adjusted EPS of $2.70 far exceeded the FactSet consensus for $1.61. Sales of $12.48 billion were up from $10.02 billion and also beat the FactSet consensus for $11.46 billion. Foodservice demand increased, giving the prepared food category a boost to sales of $2.32 billion. And demand for beef was up with volume growth of 24%, reaching sales of $4.95 billion. Tyson announced last week that it will require that all workers are vaccinated. Expenses tied to COVID-19 were $55 million in the third quarter. Tyson stock has gained 10.4% for the year to date while the S&P 500 index (S&P:SPX) has gained 18.1% for the period.
Aug. 9, 2021, 8:00 a.m. EDT