HUTCHINSON, Kan. — Despite shutdowns due to a major fire in Kansas and the pandemic, Tyson Foods posted stronger than expected fourth quarter earnings Monday thanks in part to a resurgence in beef and pork purchases from U.S. consumers.
Tyson, reported a revenue increase of 5.3% to $11.46 billion compared with $10.88 billion last year.
The strong numbers offset losses from the pandemic. Tyson said it absorbed around $540 million in coronavirus-related costs for its 2020 financial year, including those linked to plant closures, safety measures, testing and product downgrades.
After slowdowns due to restaurant closings amid the pandemic, the prepared foods segment of the company also recovered posting total sales of $2.2 billion an increase of 1.6% although sales for the entire fiscal year fell by 1.9%.
Tyson operates two prepared foods plants in Hutchinson and South Hutchinson.