Tyson Profit Surges on Price Rise, Acquisition
Tyson Foods Inc., the world’s largest meat processor, said its fiscal third-quarter profit jumped almost sixfold on higher chicken prices and the acquisition of IBP Inc. last year.
Net income rose to $109 million, or 30 cents a share, in the three months ended June 29 from $19 million, or 9 cents, a year earlier, Tyson said. Revenue tripled to $5.9 billion.
Tyson said it expected profit of 24 cents to 28 cents a share during its fiscal fourth quarter and full-year profit of $1.08 to $1.12 a share. Analysts had estimated fourth-quarter profit at 34 cents a share, according to Thomson First Call. Tyson earned 22 cents a share in last year’s fourth quarter.
Shares of Springdale, Ark.-based Tyson fell 43 cents to $12.77 on the NYSE.
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