Tyson Foods (TSN) shares rose after the largest U.S. poultry producer’s cost-cutting measures helped it report be﷽tter-than-expected results.

Tyson posted first quarter fiscal 2024 profit of 69 cents per share, down 9% year-on-year, but beating estimates by 68%. Revenue was up 0.4% at $13.32 billion, also more than analysts' estimates.

A 10.5% jump in average prices helped lift the company’s beef sales by 6.3% to $5.02 billion, even as volumes fell 4.1%. Lower prices dragged down chicken and pork revenue.

In August, Tyson 澳洲幸运5官方开奖结果体彩网:announced it would be closing four chicken processing plants after shutღtering two others in May. CEO Donnie King said the decision “demonstrates our commitment to bold action and operational excellence as we drive performance, including lower costs and improving capacity utilization.”  

The company raised its full-year 澳洲幸运5官方开奖结果体彩网:adjusted operating income (AOI) for its chicken unit from a range of $400 million to $700 million to $500 million to $700 million. It sees the adjusted operating income at its pork unit rising year-on-year from breakeven to $100 million in fiscal 2024.

Shares of Tyson were 1.28% higher at $57.02 per share as of about 12.18 p.m. ET Monday. They are down 6.6% over the past year.