Tyson Foods gains from Trump’s China deal, needs Biden for EU growth

Ags - Meat/Dairy 204 China 2604 Consumer Staples 625 Coronavirus 430 Elections 106 European Union 660 U.S. 4633

Tyson Foods reported revenue growth of 5.3% year over year in fiscal Q4’20, That outpaced analysts’ estimates as the meat packer experienced stronger retail sales that offset foodservice deliveries that are “still in recovery” after the pandemic. The firm has also had to deal with worker safety during the pandemic and will book $530 million of costs in FQ4’20 and FQ1’21 combined. While sales in international markets slowed, exports of meat from the U.S. accelerated with seaborne shipments linked to Tyson rising 39.7% year over year in calendar Q3’20 and by a further 80.3% in October. Po...

Copyright © 2020 Panjiva Supply Chain Intelligence, a product offering from S&P Global Market Intelligence Inc. All rights reserved.