Tyson Foods Inc’s quarterly sales above expectations on Monday, as demand for its chicken and beef remained stable despite decades of high inflation.
Customers have so far shown little resistance to price hikes necessitated by rising costs, but economists are concerned that the corporations may be reaching pricing caps as inflation reduces consumers’ purchasing power.
In the third quarter, sales volume in the company’s major business, beef, grew 1.3 percent.
Jimmy Dean’s revenue grew to $13.50 billion in the third quarter, up from $12.48 billion the previous year. According to IBES statistics from Refinitiv, analysts predicted revenues to be $13.25 billion on average.
Tyson’s net income grew to $750 million, or $2.07 per share, in the reporting quarter, up from $749 million, or $2.05 per share, the previous year.