Mr Smith said the company's strong balance sheet, focus on execution and recent operational improvements have allowed the company to compete effectively, even in the face of rising input costs.

Accompanied at the conference by Dennis Leatherby, Tyson's executive vice president and chief financial officer, Mr Smith said Tyson's beef and pork segments are extremely efficient and competitive, while its chicken segment has improved significantly.

"In the past three years, our chicken business achieved $600 million in performance improvements, and we expect an additional $200 million in fiscal 2011," Mr Smith said.

The company also is benefitting from an increased demand for US exports of beef, pork and chicken. More export volume means less protein is available in the domestic market, which typically is supportive of price.

"Our focus is to deliver sustainable earnings through execution, investing in our business, a competitive cost structure, innovation, a strong balance sheet and a broad base of customers and distribution channels," Mr Smith said. "Because we're focused on the right things, I feel good about where we'll be for the second quarter and for the fiscal year."