Big Meat Making Big Waves
It’s been a wild few months for the world’s top protein producers, and Tyson Foods isn’t missing its moment in the spotlight.
The mega meatpacker has been making waves in the media with everything from earnings, to inflation, to… you guessed it… Covid-19.
Vaccination nation: On August 3, Tyson announced all office staff would have to be fully vaccinated by October 1, and all plant workers would have until November 1 to meet the requirement.
Within a week post-announcement, approximately 5,400 of the company’s 120,000+ employees got a shot in the arm, bringing the company total up to around 50% vaccinated. In a briefing this week, CEO Donnie King noted that the mandate reaction was “somewhat mixed.”
Feeling bullish: Q3 sales for the company came in at $12.48B. That’s nearly $1B over what was projected, and nearly $2.5B over Q3 sales a year ago. Not exactly chump change.
And it’s clear folks have been filling their plates with meat: Tyson has seen sales increase in beef, pork, chicken, and prepared foods this past quarter.
Prices on the rise: With animal inputs skyrocketing (ahem, grain), Tyson is getting slammed by inflation. They’ve had to increase prices across the board, including upping the cost of pork by 39.3% in the last quarter.