Tyson Third-Quarter Net Income Up 89 Percent
According to the Associated Press, Tyson Foods posted an 89-percent jump in third-quarter net income, helped by higher beef and pork prices and a chicken business that''s recovering. The company has been working through an industry-wide downturn brought on by a combination of higher production costs and slumping demand as shoppers cut back on trips out to eat. The company said its prepared foods unit struggled in the quarter because of rising ingredient costs but still made money. The company reported net income of $248 million or 65 cents per share in the quarter ending July 3, up from $131 million, or 35 cents per share last year. Revenue rose 11.6 percent to $7.44 billion.