In this file:

 

·         Tyson Gets Subpoena From N.Y. as Meat Pricing Pressure Mounts

·         U.S. Tyson Foods raises annual sales forecast on higher meat prices

·         Tyson Foods net income up 74% in second quarter, revenue rises 16%

 

 

Tyson Gets Subpoena From N.Y. as Meat Pricing Pressure Mounts

 

David Marino and Michael Hirtzer, Bloomberg

via Yahoo Finance - May 9, 2022

 

(Bloomberg) -- New York State is adding to pressure on meat companies already facing heat in Washington for elevated prices.

 

Tyson Foods Inc., the biggest U.S. meat company by sales, said Monday in a quarterly U.S. Securities and Exchange Commission filing that it “received a subpoena dated April 21, 2022 from the New York Attorney General’s Bureau of Consumer Frauds & Protection seeking information regarding our sales, prices and production costs of beef, pork and chicken products. We are currently evaluating the scope of the subpoena.”

 

Consumers are paying higher food prices even as livestock and poultry producers complain that an overly concentrated meatpacking sector results in smaller shares of profits for farmers. The four biggest beef companies slaughtered 85% of grain-fattened cattle used for steaks, roasts and other cuts of meat for consumers in 2018, according to the U.S. Agriculture Department.

 

President Joe Biden and congressional Democrats have accused the four meatpacking companies that dominate U.S. beef processing of leveraging their market share to profiteer from the Covid pandemic and supply-chain shortages. Executives from Tyson, Cargill Inc., JBS SA and National Beef Packing Co. denied a conspiracy...

 

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https://finance.yahoo.com/news/tyson-gets-subpoena-n-y-141030823.html

 

 

U.S. Tyson Foods raises annual sales forecast on higher meat prices

 

Reporting by Deborah Sophia in Bengaluru and Tom Polansek in Chicago; Editing by Aditya Soni, Reuters

May 9, 2022

 

May 9 (Reuters) - Tyson Foods Inc (TSN.N) raised its full-year sales outlook on Monday after soaring meat prices helped the U.S. processor beat quarterly revenue and earnings estimates.

 

Shares jumped about 2% in premarket trading.

 

Meatpackers have come under scrutiny from the White House and Congress over climbing meat prices, with the White House blaming a lack of competition in the sector for the increases.

 

Companies like Tyson say they have hiked prices to offset rising costs for labor and goods like animal feed, which has been accelerated by the war in Ukraine.

 

"Although we continue to see inflationary pressures across the supply chain, we are working to drive costs down," Chief Executive Officer Donnie King said in a statement.

 

Tyson, based in Springdale, Arkansas, now expects annual sales between $52 billion and $54 billion, compared with its prior estimate for the upper end of a $49 billion to $51 billion range...

 

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https://www.reuters.com/business/retail-consumer/tyson-foods-raises-annual-sales-forecast-higher-prices-2022-05-09/

 

 

Tyson Foods net income up 74% in second quarter, revenue rises 16%

 

by Kim Souza, Talk Business & Politics (AR)

May 9, 2022

 

The Springdale-based meat giant reported net income of $829 million in the second fiscal quarter, up 74% from a year ago, and 22% more than the consensus estimate. For the first half of fiscal 2022, net income was $1.95 billion, more than double the $928 million earned a year ago.

 

“Our performance in the first half of the year reflects our improving operational execution and strong customer and consumer demand for our brands and products,” said Tyson Foods’ CEO Donnie King. “We continue to prioritize investment in our business in a number of ways, including increasing pay, expanding pilots of health and child care services, and providing skills and life services, such as free college education and legal services for immigration.”

 

He said inflation is real throughout the business with cost of goods rising between 20% to 30% that Tyson is mitigating with price increases. He also said the company is working to improve efficiency and add production capacity.

 

“We have never asked our customers to pay for our inefficiency but we do expect to sell our products at full market value that has been driving higher from inflationary pressures.” King said.

 

King said strong beef results and improving chicken business laid the ground for the better returns when coupled with $400 million in cost savings found within the business during the quarter ending March 31. The gains were offset by softness in the pork and prepared foods.

 

GAINING MOMENTUM ...

 

SEGMENT RESULTS ...

 

more

https://talkbusiness.net/2022/05/tyson-foods-net-income-up-74-in-second-quarter-revenue-rises-16/