© Reuters. FILE PHOTO: Tyson Chicken Nuggets, owned by Tyson Foods, are seen for sale in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly
(Reuters) – Tyson Foods Inc (NYSE:) raised its full-year sales outlook on Monday after beating quarterly revenue estimates as the top U.S. meatpacker benefits from rising prices for its beef and chicken.
Meatpackers have been hiking prices of their products over the past year to offset a surge in costs of 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.
Springdale, Arkansas-based Tyson 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.
Analysts on average expect a figure of $51.79 billion, according to Refinitiv IBES data.
The company’s sales rose to $13.12 billion in the second quarter from $11.30 billion a year earlier, beating expectations of $12.85 billion.
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