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Tyson Foods Inc. boosted its revenue forecast for fiscal 2021 on Monday, citing robust demand for its beef products as restaurants and hotels reopened around the country.
Pent-up demand for a dine-in experience following the relaxation of limitations increased sales for US meatpackers, who also profited from a recent surge in pork demand from China following the Asian country’s reports of African swine disease outbreaks.
The Jimmy Dean hotdog producer said it anticipates revenues to be between $46 billion and $47 billion in fiscal 2021, up from a previously predicted range of $44 billion to $46 billion. According to Refinitiv IBES data, analysts predict sales of $45.09 billion on average.
Sales increased to $12.48 billion in the third quarter ended July 3 from $10.02 billion the previous year. According to Refinitiv IBES data, analysts expected sales of $11.49 billion on average. Tyson’s net income climbed to $749 million, or $2.05 per share, from $526 million, or $1.44 per share, the previous year.
Story By: Norvisi Mawunyegah