SPRINGDALE, Ark. (AP) — Tyson Foods, the nation's biggest meat company, said Monday its fiscal third-quarter net income dropped 61 percent, pulled down by hefty debt-related charges and lower U.S. consumer demand for chicken and beef.

The results fell short of Wall Street expectations and the company cut its full-year sales forecast, saying that it expects the tough market conditions to affect its profits into fiscal 2013.

Tyson shares fell about 2 percent in morning trading.

For the quarter ended June 30, the Springdale, Ark.-based company earned $76 million, or 21 cents per share, down from $196 million, or 51 cents per share, in the same quarter last year.

The recent quarter's results included a pre-tax charge of $167 million, or 29 cents per share, related to paying down debt early. Excluding that charge, the company said its adjusted profit was 50 cents per share.

The per-share results in the recent quarter would have been lower, if not for a nearly 4 percent decrease in the number of outstanding shares over the past year.

Analysts, on average, expected a profit of 54 cents per share, according to FactSet.

Revenue edged up less than a percent to $8.31 billion from $8.25 billion last year. Analysts expected $8.72 billion.

Chicken sales rose 3.6 percent to $2.9 billion, while beef sales edged down less than a percent to $3.49 billion. In both cases, higher prices offset the effects of lower sales volumes. Pork sales fell 4.5 percent to $1.34 billion, as average prices fell, but sales volumes increased.

Tyson said U.S. demand for meat and poultry during the quarter was lower than expected, adding that the tough market conditions will result in a lower-than-expected 2012 profit. Meanwhile, grain costs have been rising quickly and significantly as a result of drought conditions in much of the U.S., which will probably affect the company's profits into 2013.

As a result, Tyson cut its full-year sales prediction by $1 billion to $33 billion. For fiscal 2013, the company said it expects its revenue to rise to about $35 billion, mainly as a result of price increases.

Analysts expect $34 billion and $35.45 billion in sales for fiscal 2012 and 2013, respectively.

Tyson shares fell 27 cents to $15.13 in morning trading.