With reduced production inefficiencies and stronger global demand as pandemic restrictions ease, the company saw increases in sales volume, sales price and operating income for beef.

Additionally, operating income in the first nine months of fiscal 2021 was impacted by a cattle supplier’s misappropriation of company funds, Tyson reported, which resulted in a US$55 million gain related to the recovery of cattle inventory as compared to a US$56 million loss recognised in the first nine months of fiscal 2020.

For fiscal 2021, the United States Department of Agriculture (USDA) projects domestic beef production will increase approximately 3% in fiscal 2021 as compared to fiscal 2020.