SAWT BEIRUT INTERNATIONAL

| 5 May 2024, Sunday |

Tyson Foods raises 2021 revenue forecast on strong beef demand

After restaurants and hotels resumed businesses across the country, Tyson Foods Inc, the largest U.S. meat processor, raised on Monday its projection for fiscal 2021 revenue.

The easing of restrictions has boosted demand for a dine-in experience, and increased sales for U.S. meat packers, which also benefited from a recent boom in pork demand from China after the Asian country reported African swine fever outbreaks.

The Jimmy Dean hotdogs maker said it expects sales to be about $46 billion-$47 billion for fiscal 2021, compared with an earlier forecast range of $44 billion to $46 billion. Analysts on average expect sales of $45.09 billion, according to IBES data from Refinitiv.

Sales in the third quarter ended July 3 rose to $12.48 billion from $10.02 billion in the year-ago period. Analysts on average were expecting sales of $11.49 billion, according to IBES data from Refinitiv.

Net income attributable to Tyson increased to $749 million, or $2.05 per share, from $526 million, or $1.44 per share, a year earlier.

    Source:
  • Reuters