Tyson Foods raises 2021 revenue forecast on strong beef demand

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Pent-up demand for a dine-in experience following the easing of restrictions boosted sales for U.S. meat packers, which also benefited from a recent boom in pork demand from China after the Asian country reported African swine fever outbreaks.

The Jimmy Dean hotdogs maker said it expects sales to be about $46 billion-$47 billion for fiscal 2021, compared with an earlier forecast range of $44 billion to $46 billion. Analysts on average expect sales of $45.09 billion, according to IBES data from Refinitiv.

Sales in the third quarter ended July 3 rose to $12.48 billion from $10.02 billion in the year-ago period. Analysts on average were expecting sales of $11.49 billion, according to IBES data from Refinitiv.

Net income attributable to Tyson increased to $749 million, or $2.05 per share, from $526 million, or $1.44 per share, a year earlier.