Tyson Profit Jumps 65% as Prices Improve
From Bloomberg News
Tyson Foods Inc., the world’s largest meat processor, said fiscal second-quarter profit surged 65% as prices improved for its chicken and pork.
Net income rose to $119 million, or 33 cents a share, in the three months ended March 27, from $72 million, or 20 cents, a year earlier, Springdale, Ark.-based Tyson said.
Sales rose 5.3% to $6.15 billion.
Tyson benefited from higher prices as demand for chicken and pork improved, partly because of the popularity of high protein, low-carbohydrate diets.
The company’s beef business had a $2-million loss, hurt by a drop in exports after a U.S. case of mad cow disease.
Tyson shares fell 46 cents to $18.64 on the NYSE.
