Tyson Foods Inc. raised its full-year sales outlook on Monday after soaring meat prices helped the U.S. processor beat quarterly revenue and earnings estimates.
Shares jumped about 2 percent in premarket trading.
Meatpackers have come under scrutiny from the White House and Congress over climbing meat prices, with the White House blaming a lack of competition in the sector for the increases.
Companies like Tyson say they have hiked prices to offset rising costs for labor and goods like animal feed, which has been accelerated by the war in Ukraine.
“Although we continue to see inflationary pressures across the supply chain, we are working to drive costs down,” Chief Executive Officer Donnie King said in a statement.
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