On Friday, shares of food company Tyson Foods Inc TSN are soaring over 10.5% in late morning trading after they posted better than expected earnings for their first quarter of fiscal 2016, while also increasing their 2016 forecasts overall.
The company raised its full year earnings forecast to $3.85-$3.95 per share, up from $3.50-$3.65 per share.
Despite decreased sales of chicken-sales in this sector fell about 5%-Tyson Foods saw its operating margin rise to 13.6% from 12.6%. The company believes this is due to a $60 million drop in feed costs.
Tyson Foods' revenue, however, did not see the same increase as its earnings. Q1 revenue missed analyst estimates. The company has now reduced their sales outlook for the full year to $37 billion, down from $41 billion.
For more information on Tyson Foods' Q1 earnings, please read our article " Tyson Foods (TSN) Beats on Q1 Earnings, Misses Revenues ."
Since July 2015, TSN has risen over 20% and is currently trending upwards; it has outperformed the S&P 500 by more than 28%.