Covid-19 and fire affect Tyson full-year results
Meat and hide processing group Tyson Foods has reported full-year revenues of almost $43.2 billion, an increase of 1.8% year on year, for the 12 months ending October 3.
Beef contributed $15.7 billion towards the total, more than 35% of the group’s overall revenues. The figure for beef is down by 0.5% compared to 2019, but Tyson said the volume of beef it processed over the 12-month period had decreased by more than that, falling by 4.5%. Bearing this in mind, the price of beef Tyson was able to achieve increased by 4%.
The group said lower beef production because of covid-19 had affected throughput for lengthy periods of the year. It said its processing capacity has also been affected by the length of time it took to restore its plant at Holcomb, Kansas, after a fire there in August 2019.
It was December 2019 before the plant reopened, which meant the impact of the fire affected Tyson more in the business year ending October 3, 2020, than in the previous one.
