Tyson Foods reported fiscal third-quarter revenue of $13.88 billion, a 4% increase from a year earlier and ahead of analysts’ expectations. Adjusted earnings rose 5% to $0.91 a share, also topping estimates, while GAAP earnings fell to $0.17 as beef losses continued to weigh on results. Adjusted operating income reached $505 million, outpacing consensus forecasts, but GAAP operating income declined 24% to $260 million. The meat producer said robust demand and lower feed costs in its poultry business more than offset a seventh straight quarter of losses in beef, where tight cattle supplies have driven up input prices. Gross margin improved to 8.2% from 6.6% a year ago, although year-to-date free cash flow slipped to $929 million. On the strength of its chicken performance, Tyson raised its full-year outlook. The company now expects adjusted operating income of $2.18 billion to $2.38 billion and projects sales will grow 2% to 3%. Planned capital expenditures were tightened to “up to $1.08 billion,” trimming the previous $1.08 billion–$1.20 billion range. Investors welcomed the beat-and-raise quarter; Tyson’s shares gained about 4.5% in early New York trading.