Shares of Tyson Foods, Inc. (NYSE: TSN) are up over 6% on Tuesday, even after the meat producer reported fourth quarter earnings and sales that fell short of estimates.
Tyson said net sales increased 8.8% to USD 10.88 Billion. Analysts, however, expected the maker of Jimmy Dean breakfast sandwiches and Hillshire Farm deli meat to post sales of USD 11.10 Billion.
Adjusted earnings fell 23% to USD 1.21 per share for the three months ended September, short of Wall Street’s call for USD 1.23 per share.
Tyson delivered revenue increases across three of its four major business segments during the fourth quarter. Pork, Chicken and Prepared Foods sales jumped 10.9%, 10.6% and 2.7%, respectively. Beef sales, however, fell 1.3% to USD 3.86 Billion.
For the full year, Tyson generated USD 42.4 Billion in sales, up 5.5% from the year prior. Adjusted EPS fell 11% year-over-year to USD 5.46.
“Fiscal 2019 was highlighted by significant progress in our strategy to grow our business through differentiated capabilities, deliver service and value to our customers, and sustain our company and our world for future generations,” said Noel White, Tyson Foods’ President and CEO. “We expanded our global footprint, launched innovation in our iconic brands and our new alternative protein brand, and prepared for future growth by investing in technology and infrastructure.”
Looking into 2020, Tyson said it expects to meet or exceed its long-term target of high single digit adjusted earnings per share growth.
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