CHICAGO – Meat exports and higher pork prices helped Tyson Foods Inc (TSN.N) post a much larger quarterly profit that surprised Wall Street and sent the company's shares to an eight-month high.
Pork profits nearly tripled from a year earlier, helped by exports, to lead gains, while chicken profits more than doubled.
"Pork was unreal. They are generating unheard of margins in pork. Pork is what really drove it," said Heather Jones, agribusiness analyst with BB&T Capital Markets, who said share prices of $20 to $21 were possible.
Tyson sold pork at 23.5 percent higher prices in the quarter, while beef prices were up 16.4 percent and the volume of chicken sales was up 8.4 percent, although at slightly lower prices.
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