Tyson Foods Beats Sales Estimates On Strong Pork, Beef Demand
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.