Tyson Foods' quarterly profit beats expectations
Tyson Foods Inc, the largest meat company in the USA, has announced higher quarterly profits than expected, helped by growth in its cattle and poultry businesses, and it has forecast that revenue for the year will be slightly above analysts' expectations.
The company, a competitor of Brazil's JBS, said it expects revenue of US$ 35 billion in 2013, as it raises prices in line with the lower supply and higher cost of meat. Analysts, on average, expected sales of US$ 34.65 billion, according to Reuters.
Tyson said profit rose to US$ 173 million, or US$ 0.48 per share, in the quarter ending on December 29, compared with US$ 156 million, or US$ 0.42 per share, a year earlier.
Meanwhile, sales rose to US$ 8.4 billion, up from US$ 8.33 billion a year earlier. Analysts had expected profit of US$ 0.42 per share on revenue of US$ 8.60 billion.
Information provided by O Estado de S. Paulo and Reuters