Beef business faces falls this year, Tyson says
Meat and hide processor Tyson has reported revenues of $13.3 billion for the first quarter of its current fiscal year, the period ending December 30, 2023. This represents a small increase, 0.4%, compared to the same quarter a year earlier.
Its beef business, the group’s biggest, brought in revenues of just over $5 billion in the three-month period, an increase of 6.3% year on year and still around $1 billion more than second-placed segment, chicken.
However, Tyson said the volume of beef it sold in the quarter was down by 4.1% year on year and that its earnings from this part of the business were down too.
It quoted US Department of Agriculture figures that project a 2% reduction in beef production in the US during Tyson’s current financial year. The group has calculated that this will negatively impact its revenues this year by around $400 million.
