US meat producer Tyson Foods reported higher-than-expected profit for its first quarter ended January 2. Its shares rose nearly 6% to a 15-month high on the back of this news.

The company’s beef and pork profits improved compared with the same period a year ago, helped by cost-cutting efforts and stronger exports. However, investors were watching closely for signs of a turnaround in its chicken operations, which have suffered from weak consumer demand and rising feed costs.

Chief executive, Donnie Smith, said: “Consumers are still worried about the economy and unemployment although our research indicates they’re starting to feel a little bit better about their economic situation and aren’t hardly as concerned about limiting their restaurants visits.”

The company posted first-quarter earnings of $160 million compared with a loss of $102 million during the prior-year period. Revenue for the quarter increased to $6.64 billion from $6.52 billion a year earlier.

The company estimated full-year revenue would be between $27.5 and $28 billion, up from its previous $27 billion outlook.