Tyson Foods Inc., the world's largest meat processor, said fiscal fourth-quarter profit rose 75% because of increased demand and higher prices for U.S. beef. Shares of Tyson had their biggest gain in six weeks.
Net income for the quarter ended Sept. 27 rose to $147 million, or 42 cents a share, from $84 million, or 24 cents, a year earlier, Springdale, Ark.-based Tyson said. Revenue rose 14% to $6.57 billion.
Beef sales rose 24% to $3.28 billion, or half of total revenue.
Shares of Tyson rose 24 cents to $14.47 on the NYSE.
From Bloomberg News