Tyson Foods reports better-than-expected profit and raises full-year forecast as costs fall. Fred Katayama reports.
Jimmy Dean sausages and Hillshire Farm cold cuts just weren't as appetizing for many of Tyson Foods' consumers in the first quarter. The company's sales fell across all product segments - beef, pork, chicken, and prepared foods. But the biggest U.S. meat processor still managed to report a better-than-expected rise in quarterly profit and hike its full-year forecast. Producing that profit was a sharp drop in feed and livestock costs. The company's revenue fell. A huge supply of cattle and hogs in the domestic market drove down average sales prices. Tyson's shares rose to a record high.