CRV hits Tyson Foods: costs increase in the 3rd quarter

CRV hits Tyson Foods: costs increase in the 3rd quarter

CRV hits Tyson Foods. The US-based multinational published its 3rd quarter’s results and the overall ones from the first 9 months of the year. According to internal estimates, the incremented costs to manage the pandemic amount to 340 million USD. The amount is mostly attributed to the safety measures the group has had to take to ensure employees and consumers can remain safe.

CRV hits Tyson Foods

Sales during the 3rd quarter reached 10.02 billion USD, against the 10.89 of 2019’s same period. Net profits decreased from 676 million USD of 2019 to 527 million this year. Looking at Covid-19’s repercussions, the sting was also felt on the 9-months period, as Tyson Foods’ sales dropped to 31.725 billion, compared to the 31.521 of the previous year. Profits, meanwhile, decreased from 1.653 billion of 2019 to 1.448 billion USD of this year (always considering 9 months of activity).

The comment

“This 3rd quarter has been, with no doubt, one of the most volatile and uncertain periods I have seen during my time in this industry – stated Noel White, CEO di Tyson Foods -. That being said, our efforts toward ensuring the health and safety of our people and the investments made have allowed us to resist this unprecedented volatility. It has allowed us to support our farmers and producers while satisfying the needs of our clients. We have however recorded above-normal operational costs in all our divisions due to Covid-19. Still, Tyson was able to achieve strong results thanks to the beef and pork segments’ performances. Even with many difficulties in the short-term, we remain focused on the long-term, as our 4th quarter is off to a solid start and forecasts are positive, even with the disruptions of Covid-19”.

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