Tyson Foods Posts Higher Fiscal Q2 Earnings, Sales; Improves Fiscal 2021 Revenue Outlook
07:50 AM EDT, 05/10/2021 (MT Newswires) -- Tyson Foods (TSN) reported fiscal Q2 adjusted earnings Monday of $1.34 per share, up from $0.80 per share a year earlier.
Analysts polled by Capital IQ projected adjusted EPS of $1.13.
Sales were $11.3 billion for the quarter ended April 3, up from $10.89 billion a year ago. The Street forecast was $11.19 billion.
During the quarter, the company said it incurred direct incremental expenses of about $95 million associated with the impact of COVID-19, which primarily included costs related to COVID-19 testing, facility sanitization and personal protective equipment. The company said it expects to incur about $365 million of these direct incremental expenses in connection with the ongoing pandemic for fiscal 2021.
Meanwhile, revenue for fiscal 2021 is projected to be about $44 billion to $46 billion, compared with the previous outlook range of $42 billion to $44 billion. Analysts polled by Capital IQ projected revenue of $44.0 billion.
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