SPRINGDALE, Ark. (AP) — Tyson Foods is reporting a 21 percent drop in earnings for its third quarter, but the results beat expectations on higher pork profits.
Expensive grain has wiped out profit margins for meat companies. But pork prices have risen high enough to boost profit margins in Tyson's swine division to 8.8 percent, compared to 1 percent for chicken.
The largest U.S. meat company says its net income fell to $196 million, or 51 cents per share, in the three months ended July 2. That's down from $248 million, or 65 cents per share, a year earlier.
Tyson Foods Inc.'s revenue rose 11 percent to $8.25 billion.
The earnings beat the average forecast from analysts surveyed by FactSet of 40 cents per share on $8.27 billion in revenue.