HUTCHINSON, Kan. — Tyson Foods hopes to keep its numbers heading upward when first quarter results are released before the bell Thursday.
Despite shutdowns due to a major fire in Kansas and the pandemic, Tyson posted stronger-than-expected fourth quarter earnings 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.
Prepared foods, which drives the production at both the Hutchinson and South Hutchinson plants, 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%.
The meat and poultry company is hoping for more of the same on Thursday as restaurants continue to find ways to keep operating despite government shutdowns and other factors related to the pandemic.
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