10:58 AM EDT, 08/05/2024 (MT Newswires) -- Tyson Foods ( TSN ) fiscal third-quarter results rose more than expected year over year, buoyed by price and volume gains in beef and pork as the meat producer reiterated its full-year sales outlook.

Per-share adjusted earnings came in at $0.87 for the three months through June 29, up from $0.15 a year earlier and surpassing the Capital IQ-polled consensus of $0.67. Sales increased 1.6% year over year to $13.35 billion, topping the Street's view for $13.21 billion. The stock was up 1.8% in Monday's trading session.

"Our disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business," Chief Executive Donnie King said in a statement. "In (the third quarter) we delivered the highest adjusted operating income in the last seven quarters while also generating strong free cash flow."

Beef revenue increased to $5.24 billion from $4.96 billion in the prior-year quarter, aided by an average price gain of 1.4% and volume growth of 4.4%. Pork sales rose to $1.46 billion from $1.32 billion last year, boosted by a 13% jump in prices and a 1.2% increase in volume.

Chicken sales slipped to $4.08 billion from $4.21 billion amid a 3.7% decrease in average price. Prepared foods edged higher to $2.43 billion from $2.38 billion last year.

Tyson continues to expect sales to be "relatively flat" in fiscal 2024 versus the prior year, while the Street is looking for $53.31 billion in revenue. The guidance takes into account the US Department of Agriculture's indication that domestic production of beef, pork, chicken and turkey should "increase slightly" versus fiscal 2023 levels, according to the company.

The company now anticipates full-year adjusted operating income to be in a range of $1.6 billion to $1.8 billion, compared with its previous forecast range of $1.4 billion to $1.8 billion. "Our multi-protein multichannel strategy is enabling us to raise the midpoint of our full-year (adjusted operating income) guidance," interim Chief Financial Officer Curt Calaway said on an earnings call, according to a Capital IQ transcript.

Capital expenditures are pegged at $1.2 billion to $1.3 billion for the ongoing fiscal year, compared with prior expectations for $1.2 billion to $1.4 billion.

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