Tyson Foods sees upbeat sales as meat prices and restaurant demand jump

[BENGALURU] Top US meatpacker Tyson Foods Inc forecast fiscal 2022 revenue above market estimates on Monday, aided by rising meat prices and improving demand from restaurants that have reopened after Covid-19 restrictions.

Pent-up demand for dine-in experiences, newer meat items on restaurant menus and a boom in Chinese demand for US pork and beef have also worked in favour of American meat-processing firms.

The Jimmy Dean sausages maker said it was expecting sales to be about US$49 billion to US$51 billion for fiscal 2022, compared with market estimates of US$47.99 billion, according to Refinitiv IBES.

Sales rose to US$12.81 billion in the fourth quarter from US$11.46 billion a year earlier. Analysts on average were expecting sales of US$12.66 billion, according to Refinitiv IBES.

Net income attributable to Tyson increased to US$1.36 billion, or US$3.71 per share, from US$654 million, or US$1.79 per share, a year earlier.

REUTERS