Tyson Foods Inc. TSN, -0.32% said Thursday it had net income of $467 million, or $1.28 a share, in its fiscal first quarter to Jan. 2, down from $509 million, or $1.38 a share, in the year-earlier period. Adjusted per-share earnings came to $1.94, well ahead of the $1.49 FactSet consensus. Sales edged down to $10.460 billion from $10.815 billion, and were below the FactSet consensus of $10.863 billion. The owner of food brands including Jimmy Dean, Hillshire Farm and Ball Park, said earnings were boosted by prepared foods, and the beef and chicken segments. The company incurred extra costs due to the impact of COVID-19, mostly due to team member costs associated with worker healthy, PPE, testing and sanitization. The company is expecting the pandemic to continue to lift costs in the near term, but expects its full-year revenue to come in near the upper end of its $42 billion to $44 billion range. The FactSet consensus is for sales of $43.8 billion. Shares were not active premarket, but have fallen 14% in the last 12 months, while the S&P 500 SPX, -0.03% has gained 17%.
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