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Coronavirus will constrain U.S. meat supply despite Trump order: Tyson Foods
Source: Reuters
BUSINESS NEWS MAY 4, 2020 / 7:56 AM / UPDATED 3 HOURS AGO
Coronavirus will constrain U.S. meat supply despite Trump order: Tyson Foods
Tom Polansek, Uday Sampath Kumar
3 MIN READ
(Reuters) - The coronavirus crisis will continue to idle U.S. meat plants and slow production, Tyson Foods Inc said on Monday, signaling more disruptions to the U.S. food supply after U.S. President Donald Trump ordered facilities to stay open.
Tyson reported lower-than-expected earnings and revenue for the quarter ended on March 28, before processors shut massive slaughterhouses as the respiratory illness spread among workers. Shares fell more than 8% as Tyson also said meat sales will fall in the second half of the year because the outbreak has reduced restaurant demand.
Trump last week deemed meatpacking plants “critical infrastructure” that must stay open, in an executive order to protect the nation’s food supply.
“There have been some shortages in some specific categories,” Chief Executive Noel White told analysts on a conference call.
Tyson is working with government officials to resume operations at a massive beef plant it closed in Dakota City, Nebraska, White said. The company over the weekend was receiving results for COVID-19 tests it performed on employees of another shuttered beef plant in Pasco, Washington, he said.
-snip-
Coronavirus will constrain U.S. meat supply despite Trump order: Tyson Foods
Tom Polansek, Uday Sampath Kumar
3 MIN READ
(Reuters) - The coronavirus crisis will continue to idle U.S. meat plants and slow production, Tyson Foods Inc said on Monday, signaling more disruptions to the U.S. food supply after U.S. President Donald Trump ordered facilities to stay open.
Tyson reported lower-than-expected earnings and revenue for the quarter ended on March 28, before processors shut massive slaughterhouses as the respiratory illness spread among workers. Shares fell more than 8% as Tyson also said meat sales will fall in the second half of the year because the outbreak has reduced restaurant demand.
Trump last week deemed meatpacking plants “critical infrastructure” that must stay open, in an executive order to protect the nation’s food supply.
“There have been some shortages in some specific categories,” Chief Executive Noel White told analysts on a conference call.
Tyson is working with government officials to resume operations at a massive beef plant it closed in Dakota City, Nebraska, White said. The company over the weekend was receiving results for COVID-19 tests it performed on employees of another shuttered beef plant in Pasco, Washington, he said.
-snip-
Read more: https://www.reuters.com/article/us-tyson-foods-results/coronavirus-will-constrain-u-s-meat-supply-despite-trump-order-tyson-foods-idUSKBN22G1DI