Beef volumes down but value up for Tyson
Packer and hide processing group Tyson has reported revenues of $12.9 billion for the first quarter of its current business year, the period ending January 1, 2022. This is an increase of 23.6% compared to the same period a year earlier.
Beef contributed $5 billion towards the total, up by 25% year on year. However, Tyson said its beef business had contracted in volume by 6.2%.
It said beef sales volumes decreased owing to “the impacts associated with a challenging labour environment and increased supply chain constraints”. It said this had been partially offset by strong global demand.
“We’re pleased with the results of the first quarter and of the steps that we are taking to improve productivity,” said chief executive, Donnie King. “Our performance reflects the resilience of our portfolio, even with continued volatility in the marketplace.”
