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Tyson Foods announces bonuses due to federal tax overhaul
Arkansas-based Tyson Foods Inc. says more than 100,000 employees will receive bonuses as a result of company savings due to the overhaul of federal tax laws.
Tyson Foods profit tops estimates, shares rise 5 pct
Tyson Foods Inc(TSN), the largest U.S. meat processor, reported better-than-expected revenue and profit on Thursday on stronger sales of beef products and higher-margin prepared foods. Shares of the maker of Ball Park hotdogs and Jimmy Dean sausages rose 5 percent to $77.14 in premarket trading.
Tyson Foods shares jump 4.9% premarket as earnings blow past estimates
Tyson Foods Inc. shares jumped 4.9% premarket Thursday, after the company blew past estimates for its fiscal first quarter. The owner of Jimmy Dean, Hillshire Farm and Ball Park food brands said it had net income of $1.631 billion, or $4.40 a share, in the quarter to Dec. 30, up from $594 million, or $1.59 a share, in the year-earlier period. The number was boosted by 21 cents a share by the tax overhaul signed into law in December. Adjusted per-share earnings came to $1.81, ahead of the FactSet consensus of $1.49. Sales rose to $10.2 billion from $9.2 billion, also ahead of the FactSet consensus of $9.9 billion. The company said it expects fiscal 2018 earnings to be boosted by about 85 cents a share thanks to the tax bill, It expects to generate more than $300 million in cash which it will invest in its frontline team members. The company is planning to make more than $100 million in one-time cash bonuses in the second quarter. The company is expecting adjusted EPS of $6.55 to $6.70 for fiscal 2018, up 23% to 26% from fiscal 2017. Shares have gained 13% in the last 12 months, while the S&P 500 has gained 17%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
2 more lawsuits accuse chicken producers of fixing prices
Two major food distributors have filed their own federal lawsuits accusing Tyson Foods and other major chicken producers of improperly fixing prices, but the industry denies any wrongdoing
U.S. food distributors allege Tyson Foods, rivals fixed chicken prices
Top U.S. food distributors Sysco Corp and U.S. Foods Inc have sued the country's biggest chicken processors for allegedly conspiring to inflate prices. The distributors sued companies including Tyson Foods Inc, Pilgrim's Pride Corp, Sanderson Farms and Perdue Farms in separate complaints filed in federal court on Tuesday.
BRIEF-Tyson Foods Invests In Memphis Meats
Tyson Foods Inc(TSN): * SAYS TERMS WERE NOT DISCLOSED. * SAYS CO'S INVESTMENT REPRESENTS MINORITY STAKE IN MEMPHIS MEATS BUSINESS. * SAYS TYSON VENTURES HAS INVESTED IN FOOD TECH STARTUP MEMPHIS MEATS Source text for Eikon: Further company coverage:
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