Tyson Foods raises annual sales forecast on higher prices -Breaking
(Reuters) – Tyson Foods Inc (NYSE) increased its full-year outlook for sales on Monday, beating its quarterly revenue estimates. This is because Inc’s top U.S. meatpacker has seen rising chicken and beef prices.
To offset an increase in animal feed costs, meatpackers have increased the prices of their products in the last year. This has been made possible by raising the prices.
Donnie King, chief executive officer of Donnie King stated that despite inflationary pressures in the supply chain, he is working to reduce costs.
Tyson, Springdale, Arkansas, now anticipates that annual sales will be between $52 billion-$54 billion. This is a significant increase from its previous estimate of the higher end of an $49 billion-$51 billion range.
According to Refinitiv IBES data, analysts expect an average figure of $51.79 trillion.
Company sales rose by $13.12 Billion to the second quarter, compared with $11.30 Billion one year prior. This beats expectations of $12.85B.