Cattle supplies affect Tyson's revenues
08/08/2023
Food group and tannery owner Tyson Foods has recorded third quarter sales of $13.4 billion, down 3% from the year before.
Tight supplies of cattle have increased prices, affecting Tyson's profits.
It will close four US chicken processing factories to reduce costs.
Donnie King, CEO of Tyson Foods, said: “While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement.
“I’m encouraged by the improvements we made this quarter, including our Tyson Core Business lines that continue to outpace our peers in volume growth.”
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