US meat group Tyson Foods has booked an increase in profits and sales for the first nine months of its financial year.
In a regulatory filing released today (5 August), Tyson said net earnings rose to US$517m in the period to 29 June, up from $398m in the comparable period of last year. The bottom line benefited from lower losses from discontinued operations compared to last year.
Operating profit increased to $959m, up from $932m in the first nine months of 2012. The company said its operating result was lifted by a “record” result from the group’s chicken business and a rebound in profitability at Tyson’s beef unit.
Sales were also up, climbing 2.9% to $25.48bn from $24.74bn last year.
“We are delivering robust results in the second half of our fiscal year,” said president and CEO Donnie Smith. “We see a tremendous amount of opportunity in our business.”