US meat giant Tyson posted an 86% net income increase for its third quarter on the back of strong beef and pork sales.
The company posted US$248m net income for the quarter ended 3 July 2010.
Sales reached $7.44bn against $6.66bn in the same quarter of 2009, while operating profit reached $507m compared to $276m.
“This was a fantastic quarter for Tyson Foods, with record earnings, sales and operating margin,” said Donnie Smith, Tyson’s president and CEO. “The beef and pork segments posted phenomenal results with record return on sales. Chicken continued to improve and performed within its normalised range. Prepared Foods struggled with rapidly rising input costs, but still managed a decent return.”
Click here for the full earnings statement from Tyson; check back later for coverage of the company’s call with analysts.