Tyson Foods beats revenue estimates on higher meat prices

Packages of Tyson food beef meat loaf are reflected in a mirror as they sit on a refrigerator for sale at a grocery store in Encinitas, California May 29, 2014. REUTERS/Mike Blake/File Photo

Feb 7 (Reuters) – U.S. meatpacker Tyson Foods Inc (TSN.N) on Monday beat Wall Street estimates for quarterly revenue on higher prices for its products, sending its shares up 5% inpremarket trading.

Meatproducers have increased prices of their products to combat inflation. This, however, did not dent demand from restaurants launching new menu items to bring back customers lost during the pandemic.

The Springdale, Arkansas-based company’s sales rose 23.6% to $12.93 billion in the first quarter ended Jan. 1, beating analysts’ average estimate of $12.18 billion, according to IBES data from Refinitiv.

Net income attributable to Tyson increased $1.12 billion, or $3.07 per share, from $467 million, or $1.28 per share, a year earlier.

Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli

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