Tyson Foods, Inc. (NYSE: TSN) shares began Monday’s session sharply higher. The Springdale, Ark.-based company is one of the world’s largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair.
Tyson reported fourth-quarter sales of $13,860 million, up 2.2% from prior year; Sales up 4.8% excluding impact of $355 million increase in legal contingency accruals, which was recognized as a reduction to sales
GAAP operating income of $158 million, down 70% from prior year. Adjusted operating income of $608 million, up 19% from prior year. GAAP EPS of $0.13, down 87% from prior year. Adjusted EPS was $1.15, up 25% from prior year.
Said CEO Donnie King, "We delivered year-over-year growth in sales, adjusted operating income and adjusted earnings per share, reflecting the strength of our multi-protein, multi-channel portfolio.
“This fiscal year's progress demonstrates our commitment to operational excellence while meeting the evolving needs of our customers and consumers. As a world-class food company and recognized leader in protein, we remain focused on continuously improving the controllable aspects of our business and delivering shareholder value."
TSN shares picked up 76 cents, or 1.5%, Monday to $53.44.
