Tyson Foods Swings to Q2 Profit, Beating View (TSN)

Filed in Gold, shares by on May 10, 2010 0 Comments

Meat producer Tyson Foods, Inc. ( TSN ) said Monday that it reversed a year-ago loss in the second quarter, as shorter supply of meat helped propel its prices higher. The Springdale, AK-based company reported fiscal second quarter net income of $159 million, or 42 cents per share, compared with a net loss of $119 million, or 32 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 46 cents per share. On average, Wall Street analysts expected a much smaller profit of 34 cents per share. The company said that revenue climbed more than 9% from last year, driven by shorter supplies of meat, which in turn drove prices higher. Tyson shares rose 88 cents, or +4.7%, in premarket trading Monday. The Bottom Line Shares of TSN have a dividend yield of .86%, based on last night’s closing stock price of $18.62. The stock has technical support in the $16.50-$17 price area. If the shares can firm up, we see overhead resistance around the $20-$21 price levels. We would remain on the sidelines for now. Tyson Foods, Inc. ( TSN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Tyson Foods Swings to Q2 Profit, Beating View (TSN)

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