Top U.S. meatpacker Tyson Foods Inc. beat quarterly profit estimates on Monday and forecast fiscal 2022 revenue above market expectations on rising meat prices and improving demand from restaurants that have reopened after COVID-19 restrictions. The Springdale, Arkansas-based company reported a double-digit jump in sales and earnings in the fiscal fourth-quarter ended Oct. 2. “We delivered a record performance in our beef segment and experienced share gains in our retail core business lines … while supporting the continued recovery in foodservice,” CEO Donnie King said. Pent-up demand for dine-in experiences, newer meat items on restaurant menus, and a boom in Chinese demand for U.S. pork and beef have worked in favor of American meat processing firms. Increased costs for labor, transportation, and items such as feed grain and packaging have created headaches, however. Tyson reported about $335 million in direct costs in fiscal 2021 related to COVID-19, including protective equipment, …
Tyson Foods Sees Upbeat Sales as Meat Prices, Restaurant Demand Jump
November 15, 2021
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