Profit Doubles at Tyson Foods

Led by strong growth in its chicken division, Tyson Foods (TSN) doubled its third-quarter income, beating analysts' consensus estimates.

The Springdale, Ark.-based company said earnings rose to $161 million, or 45 cents a share, from $79 million, or 23 cents a share, in the same period last year.

Sales were up 4.8% to $6.6 billion from $6.33 billion, led by strength in poultry sales, high prices and overall domestic growth.

Analysts had forecast earnings per share of 36 cents on revenue of $6.44 billion, according to Thomson First Call.

"We generated record sales and net income in spite of higher grains, raw material costs and limited access to export markets," said Chairman and CEO John Tyson.

The company noted that beef segment sales decreased by 1.4% domestically, and by 43.5% internationally.

For the full year, Tyson said it expected to earn $1.20 to $1.30 a share, but it wasn't immediately clear how the forecast compared to First Call's consensus of $1.41 a share.

Shares of Tyson Foods were recently unchanged at $19.95.

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