TYSON Foods, the largest US meat processor, yesterday reported a better-than-expected quarterly profit.
Sales increased 13.6 per cent to $10.10bn (£6.45bn) in the fourth quarter ended 27 September, Tyson said. But net income attributable to Tyson nearly halved to $137m, , down from $261m in the same period last year.
“Operating income decreased for the fourth quarter of fiscal 2014 due to higher fed cattle costs and periods of reduced consumption of beef products, which made it difficult to pass along increased input costs, as well as lower sales volumes and increased operating costs,” the company noted in the earnings report.
Analysts on average had expected a profit of $10.16bn, according to Thomson Reuters I/B/E/S.
The company said it expected an adjusted profit of $3.30-3.40 per share and sales of $42bn for the year ending September 2015. Analysts were expecting sales of $42.50bn.