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Tyson Foods (TSN) Stock Down Despite Y/Y Rise in Q2 Earnings

Tyson Foods, Inc. TSNposted second-quarter fiscal 2018 results, with earnings and sales improving year over year. Performance in the quarter under review continued to benefit from steady growth in the Beef, Chicken and Prepared Foods segments.

However, both the top and the bottom line missed the Zacks Consensus Estimate.

This along with weak gross margin dampened investors’ optimism, evident from the 3.4% decline during pre-market trading hours. Nevertheless, Tyson Foods’ shares have moved up 12.5% in the past year, compared with the industry’s gain of 5.7%, courtesy of steadily rising demand for protein-rich products.

Coming back to the company’s quarterly results, adjusted earnings for the period came in at $1.27 per share that missed the Zacks Consensus Estimate of $1.32. Adjusted earnings depicted a growth of 25.7% year over year. Performance during the quarter were driven by higher sales, cost savings of $65 million from Financial Fitness Program and 17 cents positive impact from lower tax rates.

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