Meatpacker and hide processor Tyson Foods has reported its financial results for the third quarter of the 2024 fiscal year, when sales were up 1.6% year-on-year to US$13.35 billion. Report by ILM.

Sales of the beef segment grew by 5.75% to US$5.24 billion, with a volume increase of 4.4% year-on-year and an average price improvement of 1.4%.

Operating income was a loss of US$69 million for beef in the period, down from a profit of US$66 million in the same period of 2023. The margin was -1.3%.

For the first nine months of the year as a whole, the company reported sales of US$15.22 billion for the beef segment, up by 6.5% year-on-year, with growth in volume of 0.9% and average price of 5.5%.

Operating income in the year so far came in at a loss of US$310 million, down from a profit of US$232 million in the same period of 2023. The operating margin was -2%. In this area, beef is worst performing segment for the group.

The USDA expects domestic beef production to decline by 2% in fiscal 2024 and Tyson is forecasting an adjusted operating loss of US$300-400 million for the full year.