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Author: Alan LittleDate: 2022-05-10

Tyson Foods (TSN) +1.4% on Q2 beats, raised full-year outlook

The world’s biggest food producer, Tyson Foods (TSN), made share gains on Monday after it posted top and bottom-line beats and raised its full-year outlook.

Meat processor Tyson Foods (TSN) traded 1.4% up on Monday after it posted Q2 earnings and revenue beats and raised its full-year outlook amid “strong” demand from consumers.

In what is expected to be a slower week, with just 20 S&P 500 companies set to disclose reports by Friday, Tyson Foods started on a high as its $2.29 earnings per share and $13.11bn revenue comfortably surpassed the $1.88 and $12.85bn forecast.

Earnings jumped an impressive 71% from a year ago, while revenue eased 16% higher as Tyson Foods benefited from solid demand for its brands and products globally.

That trend was enough to offset other headwinds, including rising inflation, and is likely to power the Arkansas-based business to a better performance than it previously anticipated in Q3 and Q4.

Earlier in the year, Tyson Foods guided for in excess of $49bn for the 2022 financial year, but it now expects to bring in between $52bn and $54bn.

CEO Donnie King said that its latest beats were a testament to its “improving operation execution”.

He noted that “inflationary pressures” are still being felt across the supply chain but that it won’t have to pass on more costs to consumers yet due to its increased efficiency and productivity.

Food prices are already outpacing production costs, with the former having surged 16.2% in March compared to the latter’s more modest 2.4% increase.

Tyson Foods is the biggest food producer in the world and employs around 139,000 people to this end.

The solid report and optimistic outlook sent shares higher on Monday as Tyson Foods rose 1.4% to $92.00, which increases its gains for the year to 5.6%.

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