Tyson Foods beats revenue estimates on higher meat prices
The company's sales rose 23.6% to $12.93 billion in the first quarter
7 February 2022
1 minute read
US meatpacker Tyson Foods Inc on Monday beat Wall Street estimates for quarterly revenue on higher prices for its products, sending its shares up 5% inpremarket trading, reported Reuters.
Meatproducers have increased prices of their products to combat inflation. This, however, did not dent demand from restaurants launching new menu items to bring back customers lost during the pandemic.
The Springdale, Arkansas-based company's sales rose 23.6% to $12.93 billion in the first quarter ended 1 January, beating analysts' average estimate of $12.18 billion, according to IBES data from Refinitiv.
Net income attributable to Tyson increased $1.12 billion, or $3.07 per share, from $467 million, or $1.28 per share, a year earlier.
Source: Reuters
