Shares in Tyson Foods fell by almost 10% yesterday (5 May) after a surge in earnings failed to meet analyst expectations.
Sales in the period rose to US$9.03bn, up from $8.38bn last year and operating income increased to $361m, compared to $236m in the year-ago period. The meat giant said that net earnings in the three months more than doubled to $210m, up from $106m last year.
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However, the market was disappointed with Tyson’s bottom line. EPS totalled $0.60 compared to consensus expectations of $0.62 and shares closed down 9.87% in New York yesterday.
Prior to yesterday’s drop, Tyson’s year-to-date market capitalisation had increased by around one-quarter.
Click here for our On the money analysis of Tyson’s results and potential M&A ambitions.
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