Adds background, sales details
August 8 (Reuters) – Tyson Foods Inc TSN.N quarterly earnings beat estimates on Monday as demand for its chicken and beef has held steady in the face of high inflation for decades.
So far, packaged food makers have had little pushback from consumers over price increases forced by soaring costs, but analysts have raised concerns that companies could approach price caps. prices as inflation pinches consumers’ purchasing power.
Sales volume from the company’s largest beef business rose 1.3% in the third quarter.
Sausage maker Jimmy Dean’s sales rose to $13.50 billion in the third quarter from $12.48 billion a year earlier. Analysts on average had expected sales of $13.25 billion, according to IBES data from Refinitiv.
Net income attributable to Tyson increased to $750 million, or $2.07 per share, in the current quarter from $749 million, or $2.05 per share, a year earlier.
(Reporting by Praveen Paramasivam in Bengaluru and Tom Polansek in Chicago; Editing by Vinay Dwivedi)
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