Tyson FoodsDanny Johnston
Meat producer Tyson Foods Inc. reported a much larger quarterly profit due to higher beef and pork prices and better operating margins.
Springdale, Ark.-based Tyson said it had earned $248-million, or 65 cents per share, in the third quarter ended July 3, compared with $131-million, or 35 cents a share, a year earlier.
Wall Street expected 58 cents a share, according to Thomson Reuters I/B/E/S.
Revenue rose to $7.44-billion from $6.66-billion.
Tyson produces beef, pork and chicken. The operating profit on beef more than doubled, while pork's quadrupled. Profit from chicken operations increased, helped by lower feed grain costs.