Tyson Foods' Earnings Beat Estimates on Soaring Meat Prices
- Rising labor, freight costs are adding to ‘meatflation’
- Volumes of beef, pork are expected to drop in next fiscal year
Photographer: Daniel Acker/Bloomberg
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Americans are paying so much for beef that Tyson Foods Inc. was able to bank record-large profits even as it grapples with rising labor costs, all while selling fewer steaks and burgers.
Shoppers are increasingly footing the bill for the skyrocketing costs of producing all meat, which include bigger wages for workers, pricey feed for animals and elevated freight costs. Yet so far the price tags haven’t slowed down consumers’ purchases, keeping margins fat for Tyson, the biggest U.S. meat producer.