Tyson Foods, the world's No. 1 meat producer, reported a larger-than-expected quarterly profit on Monday due to higher beef, chicken and pork prices.
The quarterly profit was the third in a row for the company, which a year ago was posting losses and launched a $200 million cost-cutting program.
For the fiscal third quarter ended June 30, Tyson earned $111 million, or 31 cents per share, compared with a year-earlier loss of $52 million, or 15 cents per share.
The results topped analysts' averaged earnings forecast of 25 cents a share, according to Reuters Estimates.
Tyson raised its earnings estimate for the full year to a range of 82 cents to 92 cents a share, up from a previous forecast of 65 cents to 90 cents.
Analysts expect 85 cents a share, according to Reuters Estimates.
Sales for the third quarter rose to $6.96 billion from $6.38 billion a year earlier.