HUTCHINSON, Kan. — Tyson Foods reported stronger-than-expected third-quarter earnings Monday while noting that COVID-19 related costs will impact output volumes at the world's biggest meat producer until at least 2021.
Tyson said adjusted earnings for the third quarter, came in at $1.40 per share, down 4.8% from the same period last year. Revenue fell 8% to $10 billion.
With restaurants closing during the pandemic the prepared foods division suffered as sales fell by nearly 6%.
Tyson said it absorbed around $340 million in coronavirus-related costs, including those linked to plant closures, safety measures, testing, and product downgrades.