Fire fears prove accurate as Tyson’s beef business dips
Fears Tyson expressed last year about the effects a fire at its plant in Holcomb, Kansas, would have on its results proved correct.
On releasing its results for the first quarter of its current business year, the three-month period ending December 28, the group said it had achieved revenues of more than $3.8 billion from its beef operations during the quarter.
This figure represents an 8% decline compared to the figure for the same quarter a year earlier. Overall revenues were more than $10.8 billion, an increase of 6.1% year on year.
Tyson said the decline its beef business had been compensated to some extent by an increase in sales prices of almost 6%. It said this was because beef demand remained strong. It also said it expects an increase of 1% in its beef business in its full-year results for the current fiscal year.
The Holcomb plant reopened in December.
