In Thursday trading, shares of Tyson Foods Inc. (TSN, Financial) were higher after reporting first-quarter 2018 earnings of $1.81 per share on $10.23 billion in revenue. The company beat earnings estimates by 31 cents and revenue expectations by $360 million.
President and CEO Tom Hayes said they are building a modern food company with a focus on protein.
“Building on our momentum from a record year in fiscal 2017, we’re off to a strong start in fiscal 2018," he said. "We delivered record adjusted EPS and our second-strongest quarter of operating income in first quarter, with operating cash flows of more than $1.1 billion."
He also highlighted the strength and diversity of the product portfolio, reporting solid results in various segments like beef, pork, chicken and prepared foods.
“We grew topline sales, with our retail and food service sales both outpacing the industry," Hayes said. "We’re encouraged by the position we’re in today”.
Further, Hayes is confident in the company's ability to continue growing in a world with higher demand for protein everyday.
Shares of Fiserv Inc. (FISV, Financial), which provides financial services technology, jumped on the back of the company posting its financial results for the fourth quarter of 2017. For the quarter, the company reported annual net sales growth of 6.3% to $1.52 billion, while its earnings advanced to $1.41 per share. Moreover, the results beat analysts’ earnings estimates by three cents and revenue expectations by $10 million.
The company's GAAP operating margin was 28.1% for the quarter and 26.9% for full-year 2017, increasing from the prior year.Ă‚
President and CEO Jeffery Yabuki was pleased the company achieved double-digit adjusted EPS growth for the 32nd consecutive year.
"Our strong performance in closing the year provides momentum as we enter 2018," he said.
Looking ahead, the company expects adjusted earnings in a range of $6.05 to $6.30 per share, which represents growth of 22% to 27% over 2017 as adjusted for the Lending Transaction, which is expected to close in the first quarter of 2018.
Disclosure: The author holds no positions in any stocks mentioned.
