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SPRINGDALE, Ark. (AP) — Executives at Tyson Foods, Inc. are predicting record profits for the year, helped along by a steep drop in feed and livestock costs.

The Arkansas Democrat-Gazette reports that first-quarter profit grew 49 percent from the same time last year to $461 million. The Springdale-based company is one of the world's largest producers of meat and poultry.

Tyson stock surged on Friday by about 5 percent, closing at $57.10. Before closing, the stock hit an all-time high of $58.95 a share.

Executives also say the company will continue to invest in and build its portfolio of brands that includes Tyson, Jimmy Dean and Hillshire Farms.

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