Tyson Foods Inc, the largest US meat company, on Monday said quarterly profit rose 46 percent to beat Wall Street estimates by a large margin as cost-cutting measures kicked in, and the company's shares gained more than 5 percent.
The profit was the first in a year for Tyson, which also forecast a profitable fiscal second quarter. But the company warned that the higher price of corn, an important feed, will lead to higher food prices for consumers.
For the first quarter ended December 30, Tyson reported earnings of $57 million, or 16 cents per share, compared with $39 million, or 11 cents per share, a year earlier. Wall Street analysts on average expected 6 cents per share, according to Reuters Estimates.
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