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Tyson Foods sees upbeat sales as meat prices, restaurant demand jump -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Tyson Foods frozen chicken wings can be seen in a New York City grocery store in Manhattan, NY on May 11, 2017. REUTERS/Carlo Allegri/File Photo

(Reuters) – Top U.S. meatpacker Tyson Foods Inc (NYSE: ) projects fiscal 2022 revenue exceeding market estimates. The increase in meat prices and the increased demand for restaurants that have reopened since COVID-19 restrictions have helped to boost Inc’s forecast.

American meat processors have been benefited by a surge in dine-in and newer menu items, as well as a rise in Chinese consumption of U.S. beef and pork.

According to Refinitiv IIBES, the Jimmy Dean sausages manufacturer said that it expected sales of between $49 billion and $51 billion in fiscal 2022. This compares to market estimates of $47.99 trillion.

From $11.46 billion last year, sales rose to $12.81 trillion in the fourth quarter. According to Refinitiv IIBES, analysts were expecting revenue of $12.66 trillion on an average.

From $654m, or $1.79 a share, Tyson’s net income increased to $1.36 Billion, or $3.71 per Share, in the past year.

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