Tyson Foods boosts Q3 2022 results

Tyson Foods Inc. lifted its sales and maintained earnings for Q3 2022 against the prior quarter, according to an earnings release. Highlights include:

• Sales rose from $12.48 billion in Q3 2021 to $13.5 billion in the quarter ending July 2, 2022.
• Net income remained flat at $753 million.
• Net income per diluted share rose from $2.05 to $2.07.
• Adjusted net income per share fell from $2.70 to $1.94.
• Beef sales increased driven by a strong global demand partially offset by a challenging labor environment and continued supply chain constraints.
• Pork sales decreased due to reduced global demand.
• Chicken sales decreased primarily due to a reduction in volumes related to a fire at a production facility in the fourth quarter of fiscal 2021 and a reduction in outside meat purchases.
• Prepared foods sales decreased due to the impacts of increased pricing.

Shares traded today at $79.05 against a 52-week range of $74-$100.72.

The $13.5 billion in quarterly revenue beat analyst expectations by $250 million, while the non-GAAP EPS of $1.94 missed expectations by 3 cents, according to Seeking Alpha.

"We maintained double-digit sales and earnings growth year to date as well as progressing toward our goal of delivering more than $1 billion in recurring productivity savings by the end of fiscal 2024," Donnie King, president and CEO, said in the press release.

The company expects sales to be $52 billion to $54 billion in fiscal 2022.