Tyson Foods Inc.'s fiscal third-quarter adjusted EPS met analyst expectations Aug. 5 as its reported that net income beat the consensus estimate and the company kept its 2019 guidance.
Adjusted net income per share of $1.47 matched the S&P Global Market Intelligence consensus estimate for normalized EPS. Net income attributable to Tyson of $676 million surpassed the Market Intelligence mean consensus estimate for GAAP net income of $515.3 million with five analysts reporting.
The maker of Ball Park hot dogs and Jimmy Dean breakfast sandwiches maintained its 2019 outlook for full-year adjusted EPS of between $5.75 and $6.10 as well as sales of $43 billion. For fiscal 2020 it expects sales to grow 6% to 7% to about $45 billion to $46 billion.
President and CEO Noel White said in a statement that African swine fever in China has yet to increase demand for its products, adding that the disease "is likely to be a multiyear event" for global protein supplies.
Sales across the Springdale, Ark.-based company rose to $10.89 billion from the $10.05 billion it reported for the same quarter one year earlier. Higher sales of beef, pork and chicken drove the increase, while revenue from prepared foods fell.
Shares of Tyson rose 0.7% to $80.35 in premarket trading Aug. 5. The company reported results before U.S. markets opened.