Tyson Foods Inc., the world's largest meat company, saw its profit drop 90 percent for its third quarter because of the rising cost of grain with which to feed chicken.
The company earned $9 million, or 3 cents per share, compared to $111 million, or 31 cents per share, in last year's third quarter. Tyson had revenue of $6.8 billion, up from $6.6 billion a year earlier.
Analysts surveyed by Thomson Financial expected Tyson to earn 12 cents per share on revenue of $6.99 billion.
Tyson said its grain costs for its chicken business rose $140 million in the quarter from a year earlier, and are expected to jump $550 million for the whole of 2008.