Tyson Foods Matches Q1 Earnings Forecast, Misses on Revenues

Tyson Foods, the world's second-largest food processor, said improved international market access will support 2020 earnings, but cautioned on near-term "challenges and volatility".
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Tyson Foods Inc. (TSN) - Get Report posted first quarter earnings that were largely in-line with Wall Street forecasts Thursday, while cautioning that near-term challenges will impact second quarter growth.  

Tyson Foods said earnings for the three months ending in December, the company's fiscal first quarter, came in at $1.66 per share, up 8 cents from the same period last year and matching the Street consensus forecast. Group revenues, Tyson said, were also flat to last year at $10.185 billion, but fell just shy of analysts' estimate of an $11.04 billion tally.

“Our overall results in the first quarter of fiscal 2020 were in line with expectations,” said CEO Noel White. “With improved access to global markets resulting from recent trade developments, there are reasons to be optimistic about fiscal 2020 and beyond and we are well-positioned to capitalize on opportunities in the global marketplace." 

"Although we anticipate the challenges and volatility typical in our second fiscal quarter, our long-term outlook remains positive,” he added.

Tyson Foods shares were marked 5.1% lower in early Thursday trading immediately following the earnings release to change hands at $79.73 each.