Tyson Foods posts 1Q profit |
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Mon, 29 Jan 2007 14:46
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SPRINGDALE, Ark. (AFX) - Meat producer Tyson Foods Inc. reported on Monday its profit rose 46 percent in the first quarter on higher chicken sales and lower costs. It broke a series of three quarterly losses.The world's largest chicken producer and meat processor said net income grew to $57 million, or 16 cents per share, in the three months ended Dec. 30 from $39 million, or 11 cents per share, during the year-ago period.Revenue edged up 2 percent to $6.56 billion from $6.45 billion a year earlier.The results beat analysts' expectations for profit of 6 cents on revenue of $6.38 billion, according to a Thomson Financial poll.The company said its chicken operations were profitable, and its pork and prepared foods segments had margins in 'normalized ranges.' Beef was not profitable but showed improvement, Tyson said.Selling, general and administrative expenses decreased $44 million, due to the company's cost-cutting efforts.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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