Tyson Foods shares rise after earnings beat, 2021 dividend announced

/ / News

Tyson Foods Inc. stock rose 3% in Monday premarket trading after the meat manufacturer reported fiscal fourth-quarter earnings that beat expectations and declared a dividend for fiscal 2021. Net income totaled $692.0 million, or $1.90 per share, up from $369.0 million, or $1.01 per share, last year. Adjusted EPS of $1.81 rose 50% from last year and blew past the FactSet consensus for $1.19. Sales of $11.46 billion were up from $10.88 billion last year and also beat the $11.01 billion FactSet consensus. Tyson saw volumes increase across beef, pork, chicken and prepared foods. Tyson incurred $200 million in COVID-19-related expenses for the quarter, and $540 million in expenses for the fiscal year. Those expenses include production facility downtime and personal protection equipment (PPE). For fiscal 2021, Tyson expects revenue of $42.00 billion to $44.00 billion with a 1% increase in domestic protein production. The FactSet consensus is for Tyson revenue of $44.12 billion. On Nov. 13, Tyson raised its quarterly dividend to $0.445 per share on Class A common stock and $0.4005 per share on Class B common stock, payable on Dec. 15 to shareholders of record as of Dec. 1. The company also declared a dividend at those same values payable on March 15, 2021 to shareholders of record as of March 1, 2021. The company anticipates paying a quarterly dividend at those rates for the remaining quarters of fiscal 2021. Tyson stock has fallen 31.5% for the year to date while the S&P 500 index is up 11% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.