NEW YORK (AP) — Tyson Foods said Friday its net income climbed 47 percent in its fiscal first quarter as meat sales improved and costs fell for its chicken business.
The largest U.S. meat company said revenue from its pork, chicken, beef, and prepared products divisions all improved. Net income for the chicken business doubled as sales picked up, feed ingredient costs decreased, and the company benefited from operational improvements.
Shares of Tyson Foods Inc. rose $1.69, or 4.9 percent, to $36.18 in morning trading after rising as high as $36.40 earlier in the session. That is an all-time high, according to FactSet.
Tyson Foods said its net income rose to $254 million, or 72 cents per share, from $173 million, or 49 cents per share. Revenue increased 5 percent, to $8.76 billion from $8.37 billion.
Analysts expected earnings of 72 cents per share and $8.76 billion in revenue, according to FactSet. The company's fiscal first quarter ended on Dec. 28.
Pork revenue rose 7 percent to $3.73 billion even though sales volumes and hog supplies were down, which led to lower income from that business.
The Springdale, Ark., company said it still expects to report about $36 billion in sales in the current fiscal year. Analysts are forecasting $35.74 billion on average.