Tyson Foods Inc. stock rose 1% in Monday premarket trading after the protein manufacturer reported fiscal second-quarter earnings and sales that beat expectations. Net income totaled $476 million, or $1.30 per share, up from $376 million, or $1.03 per share, last year. Adjusted EPS of $1.34 was up from 80 cents last year and ahead of the FactSet consensus for $1.15. Sales of $11.30 billion were up from $10.89 billion last year and also beat the FactSet consensus for $11.19 billion. “We’re seeing substantial inflation across our supply chain, which will likely create margin pressure during the back half of the year,” said Dean Banks, Tyson’s chief executive in a statement. COVID-19-related expenses for the second quarter totaled $95 million. Costs include personal protective equipment for workers and COVID testing. Tyson has faced lawsuits over pandemic-related deaths among its workers, and fired seven after allegations that managers were betting on which workers would get COVID-19. Tyson stock has gained 22.3% for the year to date while the S&P 500 index is up 12.7% for the period.
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