Tyson Foods profit beats expectations

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Tyson Foods, the largest U.S. meat processor, reported a better-than-expected quarterly profit. Tyson Foods shares were up 5 percent in premarket trading.

Sales increased 13.6 percent to $10.10 billion in the fourth quarter ended Sept. 27, Tyson said.

Net income attributable to Tyson nearly halved to $137 million, or 35 cents per share.

Excluding items, the company earned 87 cents per share.

Analysts on average had expected a profit of 76 cents per share on sales of $10.16 billion, according to Thomson Reuters I/B/E/S.

The company said it expects an adjusted profit of $3.30-3.40 per share and sales of $42 billion for the year ending September 2015. Analysts were expecting a profit of $3.33 per share and sales of $42.50 billion.