Reuters: Hot Stocks: UPDATE 1-Tyson Foods profit soars as chicken, beef sales jump

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UPDATE 1-Tyson Foods profit soars as chicken, beef sales jump Aug 5th 2013, 12:31 Mon Aug 5, 2013 8:31am EDT * Third-quarter profit $0.69 vs est $0.60 * Revenue rises 7 pct to $8.73 bln vs est $8.65 bln * Shares rise 5 pct premarket (Adds analysts' estimates; updates share) Aug 5 (Reuters) - Tyson Foods Inc's third-quarter profit more than tripled, beating Wall Street expectations, as strong demand for chicken and beef more than made up for a drop in sales of pork, sending its shares up 5 percent before the bell. Tyson, the largest U.S. meat processor, forecast 2014 sales of about $36 billion, above average analyst estimate of $35.02 billion. Net income from continuing operations rose to $249 million, or 69 cents per share, from $79 million, or 22 cents per share, a year earlier. Analysts on average had expected earnings of 60 cents per share, according to Thomson Reuters I/B/E/S. Sales rose 6 percent to $8.73 billion, above Wall Street average forecast of $8.65 billion. Chicken sales rose nearly 11 percent to $3.16 billion, while beef sales rose about 7 percent to $3.72 billion. Pork sales fell 1.6 percent to $1.33 billion. Shares of Springdale, Arkansas-based Tyson were up at $29.64 in premarket trade. (Reporting by Lisa Baertlein in Los Angeles and Chris Peters in Bangalore) Link this Share this Digg this Email Reprints

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