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

[November 15, 2021]  (Reuters) -Top U.S. meatpacker Tyson Foods Inc forecast fiscal 2022 revenue above market estimates on Monday, aided by rising meat prices and improving demand from restaurants that have reopened after COVID-19 restrictions.

Tyson Foods brand frozen chicken wings are pictured in a grocery store freezer in the Manhattan borough of New York City, U.S. May 11, 2017. REUTERS/Carlo Allegri/File Photo

Pent-up demand for dine-in experiences, newer meat items on restaurant menus and a boom in Chinese demand for U.S. pork and beef have also worked in favor of American meat processing firms.

The Jimmy Dean sausages maker said it was expecting sales to be about $49 billion to $51 billion for fiscal 2022, compared with market estimates of $47.99 billion, according to Refinitiv IBES.

Sales rose to $12.81 billion in the fourth quarter from $11.46 billion a year earlier. Analysts on average were expecting sales of $12.66 billion, according to Refinitiv IBES.

Net income attributable to Tyson increased to $1.36 billion, or $3.71 per share, from $654 million, or $1.79 per share, a year earlier.

(Reporting by Praveen Paramasivam in Bengaluru and Karl Plume in Chicago; Editing by Ramakrishnan M.)

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