U.S. meat giant Tyson reported better-than-expected earnings of $484 million — a record $1.25 per share — in its latest quarterly financial results.
The owner of the Hillshire Farm, Sara Lee, Ball Park and Jimmy Dean brands also told analysts that company profits should hit record levels this year. The news sent its stock price to an all-time high on Monday, according to Reuters.
Analysts attributed the results to several factors. Tyson increasingly focused on prepared food items, which have higher profit margins. The company also benefitted from low livestock costs as herd sizes grow and grain costs decline.
Tyson officials added that sales volumes of its fresh meat in retail locations also increased. The company could join rival poultry companies in producing organic chicken in an effort to meet consumer demand for foods perceived as healthier.
Executives also said that they were not concerned about projections of increased meat supplies next year and predicted that demand would keep up.
“We expect our high-level performance to continue and are raising full year fiscal 2016 earnings guidance," Tyson Foods CEO Donnie Smith said in a statement. "Following record earnings this year, we intend to build on our momentum to generate more growth in fiscal 2017.”