11:14 AM EDT, 05/06/2024 (MT Newswires) -- Tyson Foods ( TSN ) swung to a fiscal second-quarter profit year over year despite a surprise decline in revenue on Monday while the meat processor reiterated its outlook for flat sales in 2024.

The company that operates brands such as Tyson, Jimmy Dean and Ball Park returned to an adjusted earnings per share profit of $0.62 for the three months ended March 30 from a loss of $0.04 last year. The average analyst estimate on Capital IQ was for EPS of $0.40.

"The strategies we have implemented are delivering tangible results, as evidenced by our return to year-over-year bottom line growth," Chief Executive Donnie King said in a statement.

Revenue dipped to $13.07 billion from $13.13 billion versus the $13.16 billion average analyst estimate. Shares of Tyson tumbled 7.8% in Monday trade.

By segment, chicken sales dropped to $4.07 billion in the second quarter from $4.43 billion in the same period of 2023 on a 6.1% decline in volume. In its beef division, sales rose to $4.95 billion from $4.62 billion amid volume and price gains. Pork volumes increased 2.9% while prepared foods' edged up 0.7%.

For 2024, Tyson reiterated its guidance from February that it expects revenue to be relatively flat from 2023's sales of $52.88 billion. For beef, it now forecasts an adjusted operating loss between $100 million and $400 million, lowering the upper-end of the prior range from breakeven. For pork, it now expects adjusted operating income between $50 million and $150 million, up from breakeven to $100 million previously.

Tyson raised its full-year chicken-segment adjusted operating income forecast to a range of $700 million to $900 million, compared with $500 million to $700 million before. It narrowed its prepared foods guidance to between $850 million and $950 million, compared with a prior view of $800 million to $1 billion.

"Looking to the back half of the year, we will continue to focus on executing the fundamentals and leveraging our multi-protein portfolio," King said.

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