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China pig fever@ (Adds details, background, PIX and graphic available)
Aug 5 (Reuters) - Tyson Foods Inc said on Monday it has not yet reaped major financial gains from a swine disease that has killed millions of hogs in China and is expected to create a global shortfall in pork.
The lack of profits linked to African swine fever in China keeps investors and American farmers waiting to benefit from the outbreak, as the U.S. pork industry faces record numbers of hogs. The disease is fatal to pigs but harmless to humans.
Tyson projected in May that its pork, chicken and beef units could all benefit late in fiscal year 2019 from increased meat demand from China, the world's biggest pork consumer. China's imports of U.S. pork have fallen short of industry expectations so far, though.
U.S. pork shipments to China have suffered since Beijing imposed retaliatory duties on imports last year as part of the escalating U.S.-China trade war.
Tyson still reported better-than-expected profits for the quarter ended June 29, as sales volumes and average prices increased for its beef and pork products. The company also disclosed it received a U.S. Department of Justice subpoena seeking additional information related to the chicken industry.
"The African swine fever outbreak continues to take its toll on hog supplies in Asia," said Noel White, Tyson's president and chief executive.
"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."
Net income attributable to Tyson rose to $676 million, or $1.84 per share, in the third quarter ended June 29, from $541 million, or $1.47 per share, a year earlier.
Excluding items, the company earned $1.47 per share, beating analysts' average estimate of $1.42.
Total sales rose 8.3% to $10.89 billion. Analysts on average had expected revenue of $11.05 billion, according to IBES data from Refinitiv.
The Justice Department said in June it had launched a criminal probe related to price-fixing allegations against Tyson and other poultry processors, which the companies have denied.
Tyson subsequently received a grand jury subpoena from the Justice Department "seeking additional documents and information related to the chicken industry," the company said in a regulatory filing on Monday. Tyson said it is cooperating with the probe. (https://bit.ly/2yB9YzI)
Puerto Rico, on behalf of its citizens, has also launched a civil lawsuit against Tyson and other poultry processing companies that alleges antitrust violations, according to the filing.
(Reporting by Tom Polansek in Chicago and Soundarya J in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski)