Tyson Foods profit doubles for better prices of bovine and porcine meat

The North American profit of Tyson Foods more than doubled in the second quarter by increased sales of chicken meat and high prices for bovine and porcine meat, while the company raised its sales forecast for the year.
Chicken meat sales increased 4 percent to 2.84 billion dollars, even after the price reduction on the basis of lower costs with kibble.
Swine Division sales grew 14 percent to 1.49 billion dollars, since prices have increased about 13 percent.
Sales of beef have risen 11 percent to 3.82 billion dollars, supported by a 13 percent increase in prices, but volumes declined by 1.8 percent.
Tyson said it expects sales of about 37 billion dollars in the fiscal year 2014, above the average estimate of analysts of 35.94 billion, according to Thomson Reuters I/B/E/s.
The company, however, warned that the General domestic production of protein in the year ended in September should decrease 1 percent, mainly due to lower supply of pigs.
The United States meat producers have faced rising costs with rations, which have limited margins leading to a rise in prices.
Tyson reaffirmed that the supply of grain is expected to grow in 2014, reducing feed costs.
Net profit attributable of Tyson rose to 213 million dollars, or 60 cents per share, in the quarter ended March 29, compared with 95 million, or 26 cents per share, a year ago.
Revenue rose 7.8 percent to 9.03 billion dollars.
Analysts, on average, expected the company had profit of 63 cents per share and revenue of 8.84 billion dollars, according to Thomson Reuters I/B/E/s.
Tyson's shares soared more than 73 percent in the year up to last Friday on the New York Stock Exchange (NYSE), to $ 42.65.
(Reporting by Devika Krishna Kumar in Bangalore and Lisa Baertlein in Los Angeles)