Key Highlights:
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Tyson Foods, Inc., announced record-breaking earnings for the quarter, with CEO highlighting a turnaround in chicken and pork sectors after facing tough market conditions that led to layoffs and plant closures.
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Chicken profits reached an eight-year high in Q3. Overall earnings were the strongest in seven quarters, CEO Donnie King stated in an analyst call. Adjusted operating income rose to $491 million, a 174% increase from last year.
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“The company is benefitting from improved market conditions,” King mentioned. Apart from lower feed costs, Tyson also saw operational enhancements after consolidating or selling certain plants