Market watchers estimate 36% gain in quarterly net income… | Stephens

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Institutional Equities and Research

Market watchers estimate 36% gain in quarterly net income for Tyson Foods | Talk Business & Politics

May 5, 2022

Analysts with Stephens Inc. predict earnings for Tyson that are “well-positioned to outperform in the current market backdrop.” Ben Bienvenu, an analyst with Stephens, recently said Tyson shares are under-valued. He also raised his second-quarter earnings estimate to $2.01 per share, largely reflecting an increase in beef operating income and improving income in the chicken segment. He also predicts cost pressures to weigh on margins for Tyson’s prepared foods segment. Bienvenu is more bullish than the average consensus, maintains his overweight rating, and expects shares could rise on better-than-expected net income. (Stephens conducts investment banking services for Tyson Foods and is compensated accordingly for those duties.)

Bienvenu said Tyson’s beef business was strong in the second quarter with rising cutout values relative to cattle prices. U.S. consumer demand also is strong with robust exports despite rising prices. He expects Tyson’s beef segment to report gross net income of $631 million for the quarter, up from $445 million in the year-ago period.

Bienvenu said production is less than capacity because of some flock issues and supply chain disruptions. He said demand is strong ahead of the summer grilling season.

We think the current environment sets up Tyson to deliver meaningful higher margins this year. We feel confident that this strong chicken industry backdrop could persist into 2023.
Ben Bienvenu
Managing Director, Stephens

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