By Amanda Brodhagen, Farms.com
Tyson Foods Inc., the largest U.S. meat processor, reported on its third-quarter profit earnings.
The company reported better than expected quarterly earnings – with net income of $248-million, or 69-cents per share, from 79-million, or 22-cents per share last year in the same quarter. Tyson attributes strong chicken sales for its rise in profits. “Our chicken segment achieved record operating income, and our beef segment rebounded to generate solid returns,” explains Donnie Smith, Tyson’s CEO.
Chicken sales increased 10.6 percent to $3.16-billion, in addition to Tyson’s chicken segment of the business, beef sales were also strong, reporting 6.8% increase to $3.72-billion, while pork saw a slight decline in sales.