5 Stocks that Just Delivered Impressive Quarterly Earnings

4. Tyson Foods (NYSE: TSN)

Number of Hedge Fund Holders: 28

Most restaurants around the world are now running at full capacity due to the ease of Covid-19 mobility restrictions. As a result, the demand for chicken, beef, and pork has increased sharply in recent months. Being a top meat supplier, Tyson Foods has benefitted from the elevated demand.

The company recently delivered a solid quarter. TSN reported earnings of $2.05 per share for the third quarter ended July 3, translating to a surge of 42 percent from the year-ago quarter. Excluding items, the adjusted earnings of $2.70 per share crushed the consensus forecast of $1.61 per share.

Revenue came in at $12.48 billion, higher than $10.02 billion in the comparable period last year. Analysts, on average, were expecting Tyson Foods to post revenue of $11.46 billion.

Commenting on the results, CEO Donnie King said:

“With trusted brands that met strong consumer demand, we have delivered 12 consecutive quarters of share gains in core business lines at retail. Our foodservice volume improved as the restaurant industry began to reopen and recover. Our beef business increased production to meet strong U.S. and international demand for higher-quality products.”

Tyson Foods also lifted its sales outlook for fiscal 2021. It expects revenue in the range of $46 billion to $47 billion for the full year. That’s higher than its previous forecast, between $44 billion and $46 billion.