Tyson Foods Inc (NYSE:TSN) gained on Monday morning after unveiling expectation-beating revenue and profit for the third quarter.
Net sales climbed by 1.6% to $13.35 billion over the third quarter, the meat distributor said in results, beating analysts' estimates of $13.24 billion.
Adjusted earnings also surpassed estimates, increasing almost six-fold to $0.87 per share and against expectations for $0.65 cents.
“Our disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business,” chief executive Donnie King commented.
“In the third quarter, we delivered the highest adjusted operating income in the last seven quarters while also generating strong free cash flow.”
Improved profitability comes after Tyson has sold and shut sites recently, alongside cutting jobs.
Tyson’s beef wing saw sales climb 4.4% over the quarter, driven by higher product weights and prices, while chicken sales dropped over the period after the firm had struggled with excess supply last year.
Shares climbed 2.6% on Monday morning.