Executives at Tyson Foods, Inc. are predicting record profits for the year, helped along by a steep drop in feed and livestock costs.
The Arkansas Democrat-Gazette reports that first-quarter profit grew 49 percent from the same time last year to $461 million. The Springdale-based company is one of the world's largest producers of meat and poultry.
Tyson stock surged on Friday by about 5 percent, closing at $57.10. Before closing, the stock hit an all-time high of $58.95 a share.
Executives also say the company will continue to invest in and build its portfolio of brands that includes Tyson, Jimmy Dean and Hillshire Farms.
Tyson Foods Carves up Increased Earnings