Tyson Foods Inc beat quarterly sales estimates on Monday, as the largest US meat processor benefited from consumers buying more of its beef and pork products during the COVID-19 pandemic.
US meat producers have seen sales volume recover after COVID-19-triggered temporary plants closures, boosted by strong demand from food retailers and an uptick in sales at several restaurant chains in recent weeks.
Tyson's sales rose to $11.46 billion (€9.7 billion) from $10.88 billion (€9.2 billion) in the fourth quarter ended 3 October. Analysts on average had expected sales of $11.01 billion (€9.3 billion), Refinitiv data showed.
Net income attributable to Tyson rose to $692 million (€585 million), or $1.90 per share, from $369 million (€311.9 million), or $1.01 per share, a year earlier.