U.S. stock market indexes were trading in positive territory on Monday morning.Â
Shares of Tyson Foods Inc. (TSN, Financial) rose on Monday morning after the company posted third-quarter earnings. The company recorded earnings per share of $1.50 on revenue of $10.05 billion. The company beat earnings estimates by four cents, but fell $220 million short of revenue expectations.
“In this challenging environment, we delivered a solid quarter overall, growing earnings, operating income and margins," President and CEO Tom Hayes said. "Our diverse portfolio continues to be a key advantage for us. Our Beef and Prepared Foods segments had a strong quarter, helping to balance the results in our Chicken and Pork segments, which faced stiff headwinds”.
GAAP operating income was $802 million, up 15% from last year. Tyson also posted record adjusted operating income of $816 million, up 8% from last year. The total company GAAP operating margin was 8.0% and the adjusted operating margin was 8.1%
The company now expects adjusted earnings per share for fiscal 2018 in the range of $5.70 to $6.
Gainers
- DISH Network Corp. (DISH, Financial)
- Jacobs Engineering Group Inc. (JEC, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Chipotle Mexican Grill Inc. (CMG, Financial)
Losers
- Newell Brands Inc. (NWL, Financial)
- Coty Inc. (COTY, Financial)
- Electronic Arts Inc. (EA, Financial)
- DaVita Inc. (DVA, Financial)
Global markets
The main European stock markets traded mostly in the red. While the U.K.'s FTSE 100 advanced 0.06%, France's CAC 40 lost 0.03%, Germany's Dax slid 0.14% and Spain's Ibex 35 retreated 0.18%.
In Asia, markets closed mixed. Japan's Nikkei 225 fell 0.08%, India’s BSE Sensex jumped 0.36%, Hong Kong's Hang Seng gained 0.52% and China's Shanghai Composite retreated 1.29%.
Disclosure: The author holds no positions in any stocks mentioned.
