HUTCHINSON, Kan. — Tyson missed its earnings expectations but still turned in solid numbers as it released its third quarter earnings on Monday.
Adjusted earnings per share were $1.94 per share for the quarter, missing estimates of $1.98. Sales totaled $13.4 billion, up from $12.4 billion in 2021. The lower than expected numbers drove shares of Tyson down on Monday.
Sales in the prepared foods division totaled $2.4 billion and operating income increased 7.6% to $186 million. Sales volume decreased in the third quarter and first nine months of fiscal 2022 due to the impacts of increased pricing, and the uneven recovery in the foodservice industry. Operating income increased in the third quarter of fiscal 2022 due to higher average sales prices, partially offset by the impacts of inflationary market conditions.
The two Tyson prepared food plants in Hutchinson and South Hutchinson employ about 575 workers.
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