A boom in chicken demand offset deepening losses in its struggling beef unit, as sky-high beef prices continue to push consumers toward cheaper alternatives.

Tyson Foods reported third-quarter adjusted EPS of .91 cents, beating Goldman Sachs and consensus estimates of 85 cents and 78 cents, respectively. Revenue rose 3.6% year-over-year to $13.88 billion, also topping estimates of $13.61 billion (GS) and $13.50 billion (consensus), driven by strong performance in chicken, offsetting losses in the beef unit.

Tyson Foods (TSN) 3Q Summary: Beat and Raised

EPS Beat: Adj. EPS of $0.91 vs. GS/consensus of $0.85/$0.78

Revenue Beat: Sales rose +3.6% YoY to $13.88B, above GS/consensus of $13.61B/$13.50B

Segment Performance: Strength in Chicken, Beef, Prepared Foods; Pork and International/Other underperformed

Operating Income: Adj. op income of $505M beat GS/consensus of $501M/$462M

Guidance Raised: