Tyson expects operating loss for its beef business this year
Packer and tanning group Tyson has announced revenues of $39.7 billion for the first nine months of its current business year, the period ending June 29, 2024. Compared to the same period a year earlier, this figure represents growth of 0.7%.
Its beef business brought in $15.2 billion, up by 5.5% year on year. Tyson said its beef division had also increased in volume, by 0.9%. However, the US Department of Agriculture has said domestic beef production will decrease by approximately 2% in Tyson’s fiscal year and the group has said it expects an operating loss of up to $400 million for its beef business.
Chief executive, Donnie King, said: “Our disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business.”
