Tyson Foods (TSN 74.44, +0.30) has added 0.4%, climbing near its record high from last year, after beating quarterly expectations.
The food company reported above-consensus fourth quarter earnings of $1.43 per share on a 10.8% year-over-year increase in revenue to $10.14 billion, which also exceeded expectations. In addition to beating estimates, Tyson raised its annualized dividend by 33.0% to $1.20 per share.
Looking at the segment breakdown, Beef sales grew 9.5% year-over-year to $3.81 billion with volume growing 3.3% and average prices increasing 6.0%. Segment operating margin improved to 8.2% from 4.0% one year ago.
Chicken sales grew 8.0% to $3.04 billion as volume increased 4.1% and average sales prices rose 3.7%. Segment operating margin increased to 10.6% from 7.8% one year ago.
Pork sales increased 10.3% to $1.36 billion thanks to an 11.7% year-over-year increase in average prices, which offset a 1.2% decline in volume. Segment operating margin improved to 9.1% from 8.7%.
Prepared Foods sales climbed 23.2% to $2.26 billion as average prices rose 12.5% and volume grew 9.5%. Segment operating margin declined to 6.7% from 7.2%.
Other sales declined 4.2% to $92 million as volume declined 2.7% and average prices fell 1.7%.
Looking ahead, the company expects that earnings for the full year will be between $5.70 and $5.85 per share on revenue of roughly $41 billion. Tyson's guidance encompasses current market expectations.