Tyson Foods reports £337.66 million of net income in the first quarter.

Tyson Foods Inc. (NYSE: TSN) said on Thursday that its revenue fell shy of Wall Street estimates in the fiscal first quarter. The company’s adjusted per-share earnings, however, came in better than expected.

Tyson Foods shares were reported less than 1% down in premarket trading on Thursday. The stock is now trading at £50.25 per share versus £31.94 per share in March 2020. The price action should come in handy if you are interested in investing in the stock market online.

Tyson Foods’ Q1 financial results versus analysts’ estimates

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Tyson Foods said that its net income in the first quarter printed at £337.66 million that translates to 93 pence per share. In the comparable quarter of last year, its net income stood at a higher £368.03 million or £1.0 per share.

On an adjusted basis, the American multinational earned £1.40 per share in the quarter that concluded on 2^nd January. Tyson Foods valued its revenue in Q1 at £7.56 billion versus the year-ago figure of £7.82 billion.

According to FactSet, experts had forecast the company to post £7.85 billion of revenue in the recent quarter. Their estimate for adjusted per-share earnings stood at a lower £1.08.

The owner of prominent brands, including Hillshire Farm, Jimmy Dean, and Ball Park, attributed its better-than-expected adjusted EPS to beef, chicken, and prepared foods segments. In related news from the U.S. food industry, Kraft Heinz also reported its quarterly financial results on Thursday.

Tyson Foods’ forecast for the full financial year

For the full financial year, Tyson Foods now forecasts its revenue to record near £31.81 billion. Analysts are also calling for £31.67 billion of revenue for the food company in the ongoing fiscal year. In the prior quarter (Q4), the U.S. company had reported £524.77 million of net income.

Tyson Foods said that it met with additional costs in recent months due to the ongoing Coronavirus pandemic that has so far infected more than 27 million people in the United States and caused a little under half a million deaths. The costs were related to implementing health and safety measures (PPE, testing, sanitisation) that it put in place to protect its workers.

Tyson Foods performed largely downbeat in the stock market last year with an annual decline of close to 30%. At the time of writing, it is valued at £14.76 billion and has a price to earnings ratio of 11.78.