Tyson Foods profit down on higher feed costs

Reuters

NEW YORK (Reuters) - Tyson Foods Inc reported a smaller quarterly profit due to higher feed costs for its chickens and higher prices for the cattle and hogs it buys for its beef and pork plants, and the company expects its chicken business to post a loss in the current quarter.

Tyson has been unable to raise meat prices fast enough to offset higher costs. The price of corn fed to its chickens more than doubled this year, while cattle and hog prices are at record highs.

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The largest U.S. meat processor earned $196 million, or 51 cents per share, for the third quarter ended on July 2, compared with $248 million, or 65 cents a share, a year earlier.

Revenue rose to $8.25 billion from $7.44 billion.

(Reporting by Phil Wahba; Editing by Lisa Von Ahn)

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