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Tyson Foods Inc's quarterly revenue beat estimates on Monday(August
08, 2022), as demand for its chicken and beef products held steady in the face
of decades of high inflation.
Packaged food makers have so far faced little pushback from
consumers due to price hikes, but analysts have expressed concern that companies
may be closing in on price caps as inflation pinches consumers' spending power.
Sales at the company's beef business, its largest, rose 1.3%
in the third quarter.
Sales at the Jimmy Dean sausage maker rose to $13.50 billion
in the third quarter from $12.48 billion a year earlier. Analysts on average
had expected sales of $13.25 billion, according to IBES data from Refinitiv.
Net income attributable to Tysons was $750 million, or $2.07 per share, in the reported quarter, up from $749 million, or $2.05 per share, a year earlier.
Tyson Foods, Inc. is an American multinational corporation,
based in Springdale, Arkansas, that operates in the food industry. The company
is the world's second-largest processor and marketer of chicken, beef, and pork
after JBS S.A. It annually exports the largest percentage of beef out of the
United States. Together with its subsidiaries, it operates major food brands,
including Jimmy Dean, Hillshire Farm, Ball Park, Wright Brand, Aidells, and
State Fair. Tyson Foods ranked No. 79 in the 2020 Fortune 500 list of the
largest United States corporations by total revenue.
The company was established by John W. Tyson in 1935. It expanded during World War II, when chicken was not included in foods that were rationed by the federal government.[8] As of 2019, the company employs 141,000 people,[2] including 122,000 in the United States. Tyson's locations are concentrated in the Midwest and South, with 16 locations in Arkansas, 11 in Texas, 9 in Iowa, and the remainder mostly in the eastern US, including Tennessee.
|Source: Online/SZK
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