Tyson Foods raises 2021 revenue forecast on strong beef demand By Reuters

© Reuters. FILE PHOTO: Tyson meals meat merchandise are proven on this picture illustration in Encinitas, California Might 29, 2014. REUTERS/Mike Blake

(Reuters) -Tyson Meals Inc on Monday raised its forecast for fiscal 2021 income, as the biggest U.S. meat processor benefited from robust demand for its beef merchandise after eating places and lodges resumed companies throughout the nation.

Pent-up demand for a dine-in expertise following the easing of restrictions boosted gross sales for U.S. meat packers, which additionally benefited from a current increase in pork demand from China after the Asian nation reported African swine fever outbreaks.

The Jimmy Dean hotdogs maker stated it expects gross sales to be about $46 billion-$47 billion for fiscal 2021, in contrast with an earlier forecast vary of $44 billion to $46 billion. Analysts on common count on gross sales of $45.09 billion, in line with IBES information from Refinitiv.

Gross sales within the third quarter ended July 3 rose to $12.48 billion from $10.02 billion within the year-ago interval. Analysts on common had been anticipating gross sales of $11.49 billion, in line with IBES information from Refinitiv.

Internet revenue attributable to Tyson elevated to $749 million, or $2.05 per share, from $526 million, or $1.44 per share, a yr earlier.

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