Tyson Foods Inc., the largest U.S. meat processor, reported fiscal fourth-quarter profit that beat analysts’ estimates as pork sales gained.
Net income of $213 million, or 57 cents a share, for the three months ended Oct. 2 compared with a net loss of $457 million, or $1.23, a year earlier, Springdale, Arkansas-based Tyson said today in a statement.
Earnings excluding goodwill impairment charges were 64 cents a share. That exceeded the 59-cent average of 10 analysts’ estimates in a Bloomberg survey. Sales rose 3.1 percent to $7.44 billion from $7.21 billion.
Tyson, led by Chief Executive Officer Donnie Smith, is benefitting from tight pork supplies amid rising demand. Sales in the pork unit, the company’s third-largest by revenue, rose 30 percent to $1.26 billion. Beef, Tyson biggest segment, gained 1 percent, and chicken sales fell 1.1 percent.
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