On Monday, top U.S. meatpacker Tyson Foods raised its fiscal 2022 revenue forecast, citing higher meat prices and improved demand from restaurants that have reopened following COVID-19 limitations.
Pent-up demand for dining-in experiences, newer meat products on restaurant menus, and a surge in Chinese demand for American hog and beef have all benefited American meat processing companies.
According to data, the Jimmy Dean sausage maker expects sales of $49 billion to $51 billion in fiscal 2022, compared to market estimates of $47.99 billion.
In the fourth quarter, sales increased to $12.81 billion, up from $11.46 billion the year before. According to IBES, analysts expected sales of $12.66 billion on average.
Tyson's net income climbed to $1.36 billion, or $3.71 per share, from $654 million, or $1.79 per share, the previous year.