UPDATE: Tyson Posts Downbeat Q3 Results, Lowers Full-Year Forecast

Tyson Foods

reported lower-than-expected third-quarter results and cut its full-year forecast. Tyson's quarterly net profit dropped to $76 million, or $0.21 per share, versus $196 million, or $0.51 per share, in the year-ago period. Excluding a charge from the early extinguishment of debt, Tyson earned $0.50 per share, versus analysts' estimates of $0.54 per share. Its sales surged to $8.31 billion from $8.25 billion. However, analysts were projecting sales of $8.72 billion. Tyson now projects 2012 sales of $33 billion and 2013 sales of $35 billion. However, analysts were projecting 2012 sales of $34.02 billion and 2013 sales of $35.40 billion. Tyson shares dropped 1.95% to $15.10 in pre-market trading.