Tyson Foods Inc. (NYSE: TSN) reported third-quarter fiscal 2013 results before markets opened this morning. The food processing company posted adjusted earnings per share (EPS) of $0.69 on revenues of $8.73 billion. In the same period a year ago, the company reported EPS of $0.51 on revenues of $8.26 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.60 and $8.65 billion in revenues.
The company said that it expects to post sales of $34.5 billion in its 2013 fiscal year and sales are forecast to rise to $36 billion in the 2014 fiscal year. The consensus analysts’ estimates call for sales of $34.21 billion this year and $35.02 billion next year.
For the first nine months of the current fiscal year, Tyson’s revenues totaled $25.48 billion. A little math shows that the company expects sales of more than $9 billion for the fourth quarter, well above the consensus estimate of $8.75 billion.
The company’s CEO said:
As expected, we are delivering robust results in the second half of our fiscal year. … Our Chicken segment achieved record operating income, and our Beef segment rebounded to generate solid returns. … We see a tremendous amount of opportunity in our business.
The consensus estimate calls for full-year EPS of $2.12, of which Tyson already has posted $1.52. The company did not provide EPS guidance, but based on its sales estimate, full-year EPS could be $0.10 a share or more above the analysts’ call.
Shares are up about 3.5% in premarket trading at $29.49, well above the top of stock’s 52-week range of $14.07 to $28.58. Thomson Reuters had a consensus analyst price target of around $30.40 before today’s report.