Tyson Foods managed to beat earnings estimate, while substantially falling short of revenue expectations.
The meat processing company’s adjusted earnings for fiscal first quarter was $1.58 a share, compared to analysts’ estimate of $1.57 a share. The adjusted earnings-per-share for the quarter was -12% lower from the year-ago period. Tyson’s beef sales grew to $3.93 billion, and its chicken sales increased to $3.12 billion.
However, The firm’s revenue declined -0.3% from a year earlier to $10.19 billion – lower than analysts’ expectations of $10.37 billion.
The company experienced strong adjusted operating margin at 12.5% for the quarter.
Tyson completed its acquisition of packaged foods firm Keystone Foods in the fiscal first quarter, and expects the merger to boost growth and global market expansion. The company forecasts adjusted earnings for full-year 2019 to range between $5.75 and $6.10 a share.