Springdale’s Tyson Foods reported 2021 third-quarter net income of $749 million, up 42 percent from 2020.
The global food giant saw increased sales of 25 percent to $12.5 billion, reflecting the COVID recovery that began to take shape earlier this year.
Tyson saw the biggest increase in pork, where sales for the quarter hit $1.7 billion, an increase of 54 percent. Operating income declined 37 percent to $67 million due to fewer hog supplies and net derivative losses of $45 million, company officials said.
Sales of beef rose 36 percent to $5 billion and chicken sales increased 12 percent to $3.5 billion and operating income nearly doubled to $1.1 billion, attributed to increased global demand led by Asia.
Chicken sales reached $3.5 billion, up 12 percent, but with an operating loss of $279 million attributed to legal fees and increased feed costs.
In prepared foods, Tyson hit $2.3 billion in sales, up 14 percent. Operating income in the sector gained 3 percent to $150 million thanks to restaurants reopening and increased food service activity.