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Tyson Foods noted that sales spiked 24% during the first quarter of the fiscal year 2022 compared to the first quarter of 2021.
Tyson Foods Inc (NYSE: TSN) ), one of the world’s largest food companies, saw its stock market rally on Monday. Tyson stock closed the day trading at $99.09, up 12.23% from the day’s opening price. The gains have been attributed to the latest quarterly report, first quarter 2022, which indicates the company recorded double-digit sales and earnings growth in the quarter.
Tyson Foods Q1 2022 Results
Tyson Foods noted that sales spiked 24% during the first quarter of the fiscal year 2022 compared to the first quarter of 2021. Additionally, the company indicated that its adjusted operating income rose by 40 percent during the first quarter of 2022 compared to 1Q21. Above all, its adjusted earnings per share during the first quarter of 2022 spiked by 48% compared to the same time last year.
Following an impressive performance in the past few quarters, TSN stock has recorded gains of approximately $45.83, 13.69%, and 21.78% in the past year, YTD, and three months respectively. The company has a market capitalization of approximately $31.44 billion and 293.97 million shares outstanding according to market data provided by MarketWatch.
According to a survey conducted by MarketWatch, the TSN stock market received an average recommendation of Overweight and an average target price of $94 from 15 ratings.
The company has attributed its success to increased demand for its protein products. “Customer demand continues to outpace our ability to supply products,” Chief Executive Donnie King said.
In a statement through the quarterly report, King noted the company has a bright future despite the market volatility.
“We’re pleased with the results of the first quarter and of the steps that we are taking to improve productivity,” said Donnie King, President, and CEO of Tyson Foods. “Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace. We remain committed to winning with our team members, winning with our customers and consumers, and winning with excellence. We have the right team who are taking the right actions and as a result, we believe our future is bright.”
The company further outlined its forward-looking statements that indicate more focus on customers and also the shareholders.
“Beginning in fiscal 2022, we launched a new productivity program, which is designed to drive a better, faster, and more agile organization that is supported by a culture of continuous improvement and faster decision making. We are targeting $1 billion in productivity savings by the end of fiscal 2024 and $300 million to $400 million in fiscal 2022, relative to a fiscal 2021 cost baseline. We are currently on track to achieve our planned productivity savings for fiscal 2022,” the company noted.
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