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Shares of Tyson Foods hit an all-time high of ​​$99.53 on Monday after the company reported strong first-quarter results. Revenue reached $12.9 billion, compared to $10.5 billion in Q1 of 2021. Net income attributable was $1.12 billion, up 140%, while operating income more than doubled to $1.46 billion. 

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“Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace,” Donnie King, President and CEO of Tyson Foods, commented.

Much of the growth was driven by higher prices. While total sales volume increased only 0.3%, which the company attributed to a challenging labor market and supply chain constraints, the average price of products increased 19.6%, which Tyson said was due to higher costs of inputs such as feed, live animals, freight, and transportation. The beef segment, the company’s largest by sales, saw the biggest difference – sales volume was down 6.2%, while prices were up 31.7%.

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Operating margins also increased, from 9.5% to 11.1% year-over-year. Again, beef led the way – the segment’s operating margin jumped from 13.2% to 19.1%.

Looking forward, Tyson expects sales for the current fiscal year to be between “the upper end” of $49 billion and $51 billion.