Tyson Foods, also known as TSN, announced a second quarter net income of $145 million, rebounding from a loss of $97 million from the previous year. The company reported a net income per share of $0.41, a marked improvement from last year's loss of $0.28 per share. Furthermore, its adjusted operating income reached $406 million, up a staggering 525% from the prior year. The adjusted net income per share for Tyson was $0.62, an upturn from the previous year's loss of $0.04. In a poll conducted with nine analysts by Thomson Reuters, the general expectation was for the company to report a profit per share of $0.39 quarter.
However, Tyson Foods reported sales of $13.07 billion, a slight decrease of 0.5% from the previous year and falling below the average analysts' estimates of $13.16 billion.
On their forecast for fiscal 2024, Tyson Foods predicts a total company adjusted operating income in the range of $1.4 billion to $1.8 billion. Furthermore, the company expects sales for the fiscal year 2024 to remain relatively consistent with those of fiscal year 2023.
In pre-market trading on Monday, Tyson Foods' shares reported a 1% increase.
