Profit Falls, Revenue Climbs at Tyson Foods

The company's third-quarter earnings are better than analysts expected.
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Tyson Foods

(TSN) - Get Report

reported a drop in third-quarter earnings even though revenue rose 7%, partially on the strength in the company's beef unit.

The company earned $79 million, or 23 cents a share, including certain items, down from $107 million, or 30 cents a share, in the prior-year period.

Analysts polled by Thomson First Call were expecting a profit of 21 cents a share.

Operating income was $201 million, below last year's $247 million, the Springdale, Ark., company said.

Third-quarter sales totaled $6.3 billion, up from $5.9 billion last year. Sales at the company's beef segment increased to $3.2 billion, up 16.4% from last year's $2.7 billion. Average selling prices jumped 17.8%. Pork segment sales climbed 14.4% to $631 million.

Shares of Tyson were recently down 9 cents at $11.46 on the

New York Stock Exchange