US: Tyson Foods posts Q1 earnings jump
Tyson's posts positive Q4 results.
Shares in Tyson Foods jumped today (31 January) after the US meat giant posted a 47% earnings increase for the first quarter of its financial year.
For the period ended 28 December, Tyson reported income of US$254m, up $173m a year ago.Operating income increased 36% to $412m. Sales were up 4.7% to $8.76 billion.
"I'm very pleased with our strong first quarter results, and I'm confident in my expectations for the full year," said president and CEO Donnie Smith. "We're growing sales and earnings and executing our strategy - including making our third prepared foods acquisition in less than a year - while reinvesting in our existing businesses and buying back shares.
Sales over fiscal 2013/2014 are expected to reach around $36bn.
"We're in a position any company wants to be in, which is being able to make deliberate, long-term decisions to create shareholder value," Smith said. "But we're maintaining our sense of urgency, our flexibility and our opportunistic mindset. We're generating momentum that will take us into 2015, 2016 and beyond," added Smith.
Shares in Tyson were up 7.77% at $37.17 at 11:31 ET.
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