Tyson Foods Inc 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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