Tyson Foods cannot increase prices for chicken and prepared foods fast enough to keep pace with rising costs for raw materials like grain, Chief Executive Donnie King said on Monday, after the company reported higher-than-expected quarterly earnings.
Reuters reports the company lifted its 2021 revenue forecast due to strong beef demand as sales of steaks and burgers from U.S. restaurants and hotels recovered following the easing of COVID-19 restrictions. U.S. beef exports are also robust.
But costs are also increasing, a potential drag on future earnings.
