Tyson Foods Inc. (NYSE: TSN) reported third-quarter fiscal 2020 results before markets opened Monday. The meat processing company posted adjusted earnings per share (EPS) of $1.40 on revenues of $10.0 billion. In the same period a year ago, the company reported EPS of $1.47 on revenues of $10.9 billion. Third-quarter results also compare to consensus estimates for EPS of $0.94 and $10.6 billion in revenues.

EPS on a GAAP basis totaled $1.44, including a one-time benefit of $0.03 per share related to insurance proceeds from a 2019 fire at its beef slaughterhouse in Holcomb, Kansas, and a $0.01 per share benefit from a gain in pension plan terminations.

The company also announced this morning that CEO Noel White will step down in favor of company president Dean Banks, who will assume the chief executive role on October 3. White, who has been with Tyson for 37 years, will become executive vice-chair of the company’s board. Before joining Tyson in 2017 as a director and being named company president last year, Banks was a project lead at Alphabet Inc. (NASDAQ: GOOGL) moonshot Google [x] (now X Development).

Tyson attributed third-quarter direct expenses of $340 million due to COVID-19, including costs for “worker health and availability” and production facility downtime. The company also paid $114 million in “thank you” bonuses to workers, a cost partially offset by CARES Act credits.

In its outlook statement, Tyson said operating costs are expected to increase in the remainder of the 2020 fiscal year and into fiscal 2021. Production volumes are expected to decline throughout the period, as well as a result of “capacity utilization slowdowns.”

Tyson did not provide financial guidance, but analysts expect fourth-quarter EPS of $1.14 on sales of $11.5 billion. For the full 2020 fiscal year, analysts are looking for EPS of $4.57 and revenue of $43.64 billion.

Shares traded down about 2.4% early Monday, at $62.90 in a 52-week range of $42.57 to $94.24. The 12-month consensus price target on the stock is $72.49 and the dividend yield is 2.73%.

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