Packer and wet blue producer Tyson Foods has reported total revenues of $14.3 billion for the first quarter of its current financial year, the three months ending December 27.

This is an increase of 5% compared to the same quarter a year earlier.

Its beef business brought in nearly $5.8 billion, an increase of 8.2% year on year. But Tyson said its income from beef sales was down, owing to higher cattle costs. Its losses from beef in the quarter reached $319 million.

It said it is projecting a 2% decline in beef production for the whole year and an operating loss from this part of the business of between $250 million and $500 million.

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