Tyson Foods Inc, the largest U.S. meat company, raised its full-year revenue forecast above analysts' average estimate as strong beef and chicken prices help offset grain costs pushed higher by last summer's historic U.S. drought.
Tyson shares climbed 3 percent on Friday after the company also reported better-than-expected earnings for its fiscal first quarter.
The average price per pound for beef sold during the quarter, ended Dec. 29, was up 11.7 percent from a year earlier, while chicken was up 8.2 percent. Pork fell 5.5 percent.
Volume for all three meats fell during the quarter. Beef had the steepest drop at 10 percent, while pork was down 5.5 percent and chicken was off 1.1 percent.
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