Tyson Foods Inc. of Springdale on Monday reported third-quarter net income of $676 million, up from $541 million in the same quarter of last year.
The publicly traded protein producer (NYSE: TSN) reported earnings per share of $1.84, up from $1.47 in the same quarter last year. Earnings, adjusted for non-recurring gains, came to $1.47 per share, in line with analysts' estimates.
Both net income and earnings per share met analysts' expectations, while revenue of $10.89 billion missed their expectations of about $11 billion.
Quarter revenue was down year-over-year. It reported revenue of $10.05 billion in the third quarter of 2018.
In a news release, Tyson said it still expects full-year earnings in the range of $5.75 to $6.10 per share.
"Overall, third quarter earnings were in line with our expectations," President and CEO Noel White said in the release. "Volume growth in our core retail lines continues to outpace other large food companies and the total food and beverage category, driven primarily by our new product innovation. Our Prepared Foods and Beef segments produced strong results in the quarter, while results in the Chicken segment were mixed, and the Pork segment was negatively affected by increased hog costs.
"The African Swine Fever outbreak continues to take its toll on hog supplies in Asia; however, we have not yet experienced significant benefits to our Pork, Chicken or Beef segments. Given the magnitude of the losses in China's hog and pork supplies, the impending impact on global protein supply and demand fundamentals is likely to be a multi-year event."
Tyson's beef segment reported sales of $4.16 billion, up from $3.99 billion in the same quarter a year ago. Chicken sales were $3.33 billion, up from $2.97 billion a year ago, while pork sales were $1.32 billion, up from $1.2 billion.
The prepared foods segment had sales of $2.09 billion, down from $2.13 billion.
The company said its beef segment benefited from stronger demand and a better cattle supply, but operating income dropped because of higher feed, operating and labor costs.
Pork also benefited from a better supply, but operating income was down because of excess availability in the market and higher hog costs.
Chicken saw a sales increase because as volume rose following company acquisitions. But operating income decreased due to increased operating costs and other market conditions.
Prepared foods saw a sales decrease, which Tyson said was because it divested some of its business. Operating income was flat.
Also Monday, Tyson Foods said in a filing with the U.S. Securities and Exchange Commission that it received a subpoena from the U.S. Department of Justice, which is investigating allegations of price fixing among U.S. poultry firms.
Tyson said the subpoena from the DOJ seeks "documents and information related to the chicken industry" and that it was cooperating with the request.
Shares of the company were trading up by more than 8 percent on Monday to $86.71.
(The Associated Press contributed to this report.)