Tyson Foods beats sales estimates on strong pork, beef demand

[ARKANSAS] Tyson Foods 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 US$11.46 billion from US$10.88 billion in the fourth quarter ended Oct 3. Analysts on average had expected sales of US$11.01 billion, Refinitiv data showed.

Net income attributable to Tyson rose to US$692 million, or US$1.90 per share, from US$369 million, or US$1.01 per share, a year earlier.

REUTERS