Tyson Foods Inc. (NYSE: TSN) reported fourth-quarter and full-year fiscal 2014 results before markets opened Monday. For the quarter, the food processing company posted adjusted earnings per share (EPS) of $0.87 on revenues of $10.11 billion. In the same period a year ago, the company reported EPS of $0.70 on revenues of $8.89 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.76 and $10.16 billion in revenues.

For the full year, Tyson reported EPS of $2.94 on revenues of $37.58 billion, compared with EPS of $2.26 a year ago on revenues of $34.37 billion. The consensus estimates called for EPS of $2.83 on revenues of $37.59 billion.

Tyson’s revenues are inline, if a bit short, with the outlook the company gave at the end of its third quarter for sales of $38 billion. Adjusted operating income rose sharply in the company’s prepared foods division in the fourth quarter, totaling more than the gain for the full year. Adjusted operating margin rose to 4.8% in the fourth quarter and 4.4% for the full-year.

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The company continues to expect production of domestic chicken, beef, pork and turkey products to increase by 1% in 2015 from 2014 levels. Grain supplies are expected to be higher in 2015, lowering input costs and costs for cattle and hog producers.

By division, Tyson expects chicken production to rise by 2% to 3% in the 2015 fiscal year and demand for chicken to rise by 3% to 4%. The company said that based on demand and anticipated favorable pricing, it believes that profitability could rise above 10%, compared with adjusted margin of 7.4% in 2014.

Beef production is expected to be 4% to 5% below 2014 levels, and the company expects profits to be down slightly compared with 2014.

Hog production is expected to increase by 2% to 3%, and the company expects adjusted margin here at 6% to 8%. In 2014, margins were 6.1% in the company’s pork division.

The $8.7 billion acquisition of Hillshire brands closed in late August, and Tyson expects a positive impact of $4 billion in revenues in the new fiscal year and more than $225 million in profits.

Overall Tyson expects sales to reach $42 billion in 2015, which is below the current consensus estimate of $42.51 billion. Earnings per share are forecast at $3.30 to $3.40. The consensus EPS estimates call for $0.79 a share in the first quarter and $3.33 for the full year 2015.

The company also boosted its quarterly dividend from $0.075 per share to $0.10 a share on Class A common stock and $0.09 on Class B common stock.

Shares were up about 5% in premarket trading, at $42.68 in a 52-week range of $29.03 to $44.24. Thomson Reuters had a consensus analyst price target of around $48.00 before the report.

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