Tyson Foods Inc. quarterly revenue exceeded analysts’ estimates on Monday as prices for its chicken climbed.
Still, earnings per share missed analysts’ estimates, sending shares lower.
Packaged food makers have so far faced little pushback from consumers on price increases forced by surging costs, but analysts and companies have raised concerns that demand may suffer.
Sales in Tyson’s chicken unit were $4.37 billion, up 25 percent from a year ago, as prices soared 20.1 percent and volumes eased.
Tyson said it raised meat prices to offset surging inflation, including $145 million of higher costs for feed ingredients in the April to June quarter.
Tyson has sought to improve performance in the chicken unit after struggling to meet demand to produce consistent results….