Tyson Foods beats quarterly revenue estimates on beef demand

[August 08, 2022]    (Reuters) - Tyson Foods Inc quarterly revenue beat estimates on Monday, as demand for its chicken and beef remained steady in the face of decades-high inflation.

Packaged food makers have so far faced little pushback from consumers on price increases forced by surging costs, but analysts have raised concerns the companies could be approaching price ceilings as inflation pinches consumers' spending power.

Sales volume in the company's beef business, its largest, increased 1.3% in the third quarter.

The Jimmy Dean sausage maker's sales increased to $13.50 billion in the third quarter from $12.48 billion a year earlier. Analysts on average had expected sales to be at $13.25 billion, according to IBES data from Refinitiv.

Net income attributable to Tyson increased to $750 million, or $2.07 per share, in the reported quarter, from $749 million, or $2.05 per share, a year earlier.

(Reporting by Praveen Paramasivam in Bengaluru and Tom Polansek in Chicago; Editing by Vinay Dwivedi)

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