Reported 2 months ago
Tyson Foods Inc. shares rose unexpectedly as the company reported quarterly earnings that exceeded analyst estimates, driven by a significant rebound in chicken profits. The company announced earnings of 87 cents per share for the three months ending in June, which is nearly six times higher than the previous year. Tyson's poultry segment achieved $307 million in operating profits, the highest for a fiscal third quarter since 2016, leading to a positive outlook adjustment for 2024. Despite challenges in its beef business, Tyson's overall performance reflects a recovery in the chicken industry aided by declining feed costs and increased consumer demand.
Source: YAHOO