Tyson Foods 1Q Profit Up 11 Percent

Tyson Foods Inc. of Springdale said Friday that first-quarter net income reached $173 million, up about 11 percent from $156 million during the same quarter last year, results the company called "a good start" to the new fiscal year.

The meat process said sales reached $8.4 billion, up from $8.3 billion during the first quarter last year, on growth in its beef and chicken businesses.

"Fiscal 2013 is off to a good start," Donnie Smith, president and CEO, said in a news release. "With earnings of 48 cents per share in the first quarter, we are on our way to producing earnings this year better than fiscal 2012.

"We knew we'd face headwinds, and that has certainly been the case; however, we're not simply holding our own. We're producing solid results while preparing for growth."

Looking ahead, the company said it expects fiscal 2013 sales to reach about $35 billion, as domestic prices rise from a decrease in protein supplies and increased raw material costs.

Tyson Foods has an earning conference call for 8 a.m. Its annual shareholders meeting is set for 10 a.m.

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