Tyson stock down 1.8% after company falls short on revenue
Shares of Tyson Foods, Inc. fell 1.8% in premarket trade Thursday after the company announced first-quarter results that beat earnings estimates but fell short on revenue. Profit for the latest quarter was $552 million, or $1.50 per share, compared to $1.632 billion, or $4.40 per share, in the year-earlier quarter. Adjusted EPS was $1.58, beating the FactSet consensus of $1.56. Revenue was $10.193 billion, falling short of the FactSet consensus of $10.361 billion and down from $10.229 billion a year ago. Revenue from the company's beef segment was $3.926 billion, while pork brought in $1.179 billion. Tyson's chicken business brought in $3.115 billion and prepared foods brought in $2.149 billion. The company expects fiscal year 2019 sales of about $43 billion, higher than the FactSet consensus of $41.6 billion, and EPS between $5.75 and $6.10 for fiscal 2019. The FactSet consensus for 2019 EPS is $5.93. Shares of Tyson have gained 14% in the year to date, while the S&P 500 has gained 9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.