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Tyson Ups Estimates and Trims Fat After Hillshire Buy

Whalen MacHale
7/28/14 1:02 PM EDT
Tyson Foods shares are higher on Monday after reporting quarterly results which missed forecasts but said it was selling assets which would bring in nearly $600 million. Although earnings of 73 cents a share were six cents below expectations, Tyson's raised its fiscal 2015 earnings guidance and that sent the stock higher. On the top line, sales of $9.7 billion dollars were better than Wall Street estimates and were an 11% increase from the sales during the same quarter last year. Tyson also announced it is selling its Brazil and Mexico operations for $570 million. The proceeds from the sale will go towards paying off the debt Tyson took on when it bought Hillshire Brands. That deal should be finalized by the fourth quarter. Tyson shares are up 23% over the past year. TheStreet's Whalen MacHale reports from New York.
Stock quotes in this video: TSN

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