Adds background, revenue
Could 10 (Reuters) – Tyson Meals Inc TSN.N beat second-quarter income estimates on Monday, as the most important U.S. meat processor benefited from sturdy demand for its rooster merchandise from reopened eating places and resorts throughout the nation.
U.S. meat producers have seen gross sales volumes get better on sturdy demand from restaurant chains after an easing of pandemic-led restrictions on eating out, in addition to from meals retail chains as individuals are cooking extra at residence.
Tyson and its friends, together with Hormel Meals Corp HRL.N and Pilgrims Satisfaction Corp PPC.O, have additionally benefited from a growth in pork demand abroad, particularly from China and a few Southeast Asian nations, attributable to African swine fever outbreaks in a number of markets.
Tyson Meals’ second-quarter gross sales rose 3.78% to $11.30 billion from a yr earlier. Analysts on common had been anticipating gross sales of $11.19 billion, in response to IBES information from Refinitiv.
Internet revenue attributable to Tyson elevated to $476 million, or $1.30 per share, within the three months ended April 3, from $376 million, or $1.03 per share, a yr earlier.
(Reporting by Praveen Paramasivam in Bengaluru and Tom Polansek in Chicago; Modifying by Shounak Dasgupta and Shinjini Ganguli)
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