Tyson Foods beats sales estimates on strong pork, beef demand

FILE PHOTO: The exterior of the Tyson Fresh Meats processing plant is seen three days after a fire heavily damaged the facility in the Finney County town of Holcomb, Kansas, U.S. August 12, 2019. REUTERS/Adam Shrimplin

(Reuters) – Tyson Foods Inc TSN.N beat quarterly sales estimates on Monday, as the largest U.S. meat processor benefited from consumers buying more of its beef and pork products during the COVID-19 pandemic.

U.S. meat producers have seen sales volume recover after COVID-19-triggered temporary plants closures, boosted by strong demand from food retailers and an uptick in sales at several restaurant chains in recent weeks.

Tyson’s sales rose to $11.46 billion from $10.88 billion in the fourth quarter ended Oct. 3. Analysts on average had expected sales of $11.01 billion, Refinitiv data showed.

Net income attributable to Tyson rose to $692 million, or $1.90 per share, from $369 million, or $1.01 per share, a year earlier.

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