Tyson Foods Inc. Says it’s poised to take advantage of a hog disease in China that will ripple through the global protein industry, although it can’t say for sure when those benefits will start or how big they’ll be.
In an earnings release Monday, the top U.S. Meat processor said swine fever could “impact the global protein industry on a level that we have never experienced.” Tyson’s chicken business is set to benefit from China’s pig woes as consumers there look for cheap alternative proteins.
Still, the Springdale, Arkansas-based company is sticking with previous full-year guidance as higher hog costs counter pork-price gains. Tyson buys hogs for its pork and prepared foods segments.
Tyson, which beat the average analyst earnings on quarterly earnings, has stepped up its presence in prepared foods and value-added items and expanded overseas partly to cushion it from commodity price and cost swings.
The company’s shares were up 2.1 percent at 12:27 p.m. In New York, averting a market-wide selloff spurred by President Donald Trump’s tariff threats. The stock has gained 44 percent this year as part of a rally by protein producers.
More must-read stories from Coins2Day:
—Tyson expands frozen chicken strip recall, boosting total to 12 million pounds
—Trump shatters historic calm in global markets—with two tweets
—Everything you missed at this weekend’s Berkshire Hathaway meeting
—Follow Coins2Day on Flipboard for the latest news and analysis
