Tyson Foods Inc. (NYSE: TSN) reported Friday it returned to a profit in its fiscal first quarter, citing profits in its chicken, beef and pork segments, according to Associated Press.
The company earned $160 million, or 42 cents per share, in the quarter ending Jan. 2. In the same period last year the company lost $102 million, or 27 cents per share.
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Sales of Tyson's products rose slightly to $6.63 billion. The performance easily beat analysts' expectations for a profit of 18 cents per share on revenue of $6.58 billion.
Tyson said pricing was up 2.8 percent in the quarter for chicken, while volume rose 5.6 percent due to acquisitions.
The quarterly profit was its third straight for the chicken unit.
Prices for beef and pork both fell more than 6 percent. The amount of beef sold rose, but pork fell as its volume was down. Those two meats are pricier than chicken and demand for them has fallen in the recession as diners cut back on their spending.
Pricing fell nearly 6 percent in the prepared foods segment, where the company is competing more as it looks to win sales from shoppers who are eating from grocery stores.
Tyson also expects pricing to improve as it uses up its inventories and grain prices to fall, which will make the segment even more profitable. In the first quarter, its grain costs fell $84 million.
Shares rose 81 cents, or 5.7 percent, to $14.81 during noon trading, after earlier reaching a 52-week high of $15.25. The stock had traded between $7.51 and $14.38 over the past year.
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