Tyson Foods Inc. (NYSE:TSN) announced its earnings and revenue for the first quarter that beat consensus forecast amid lower livestock costs and strong beef and pork exports.
The biggest U.S. meat processor reported net income of $593 million, or $1.59 per share for the three-month period ended Dec. 31, as compared to $461 million, or $1.15 per share in the same period, a year earlier.
Revenue for the quarter came in at $9.18 billion, up 0.3 percent versus last year. Analysts surveyed by Thomson Reuters I/B/E/S were looking for a profit of $1.26 per share on $9.05 billion in revenue.
Looking forward, Tyson Foods is now anticipating earnings in a range of $4.90 per share to $5.05 per share for the quarter. The forecast is higher than its previous earnings projection in between $4.70 per share and $4.85 per share.
Tyson Foods also revealed that it a got a subpoena from SEC regarding an investigation that was based on a class action lawsuit, which alleged the company colluded with others in the broiler chicken business to cut production since 2008.
The company’s shares were up in the pre-market on Monday but fell more than 1 percent after it disclosed the receipt of the subpoena.