Tyson Earnings Get a Boost From IBP
U.S. meat giant Tyson Foods Inc. said fiscal fourth-quarter earnings more than doubled, boosted by the acquisition of beef and pork processor IBP Inc. and higher chicken prices.
Tyson, which closed a deal to acquire IBP at the end of the quarter, reported earnings of $47.5 million, or 22 cents a diluted share, for the period ended Sept. 29 including IBP, compared with $18 million, or 8 cents a share, a year ago. Tyson earned 20 cents a share excluding the IBP purchase.
Analysts’ consensus estimate was 20 cents a share, according to Thomson Financial/First Call.
Sales, including IBP businesses, rose to $5.09 billion from $1.84 billion a year ago for Springdale, Ark.-based Tyson.
Tyson Foods rose 7 cents to $10.46 on the NYSE.
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