Tyson Foods exceeds revenue forecasts with $9.85bn Q2 sales
US food producing giant Tyson Foods has reported strong sales in the months April to June, driven by product innovation and a strong start to what CEO Tom Hayes calls the grilling season.
Revenues for the period hit US$9.85bn, comfortably higher than the $9.46bn predicted by forecasters and reported by Bloomberg.
Various factors contributed to this, including rising domestic and export sales in beef and pork, helped by lowering livestock overheads.
- Quorn defies slowing FMCG sector with 19% H1 sales growth
- Taiwan lifts ban on Japanese beef 16 years after mad cow disease discovered
- Jerky proves a hit in Europe, will drive meat snack market past $4.5bn by 2025
Earlier this month, Tyson announced it is streamlining the organisation in support of a growth strategy announced earlier this year. The new structure is designed around the company’s segments of beef, pork, chicken and prepared foods.
“A dynamic market demands we become more agile while focusing on consumers, customers and the businesses that deliver our revenue and profit,” said Tom Hayes, President and CEO. “This simple design creates individual responsibility for the performance of our segments to enable faster, better, decisions.”
Group presidents have been selected to lead Tyson’s segments end-to-end. Each will report directly to Hayes and be responsible for growth strategy, execution and developing world class teams in all product categories and customer channels that their segments serve. The changes will take effect immediately.