Northwest Arkansas earnings: Tyson Foods and Canoo

As inflation continues to chunk into shopper’s wallets, customers are shopping for cheaper cuts of beef and switching to rooster, Tyson Meals executives instructed analysts and media on Monday as a part of its third-quarter earnings report.

By the numbers: The corporate reported web revenue of $750 million, up from $749 million the earlier 12 months.

• Tyson’s adjusted earnings per share had been $1.94, lacking the estimate of $1.98, in keeping with Reuters. However quarterly gross sales had been $13.5 billion, up from $12.48 billion the earlier 12 months.

Executives mentioned wages, animal feed, utilities and transportation prices have continued to rise, and that a few of these prices will finally hit customers.

In the meantime, electrical automobile maker, Canoo, which has mentioned it intends to maneuver its headquarters from Justin, Texas, to Bentonville, reported its second-quarter earnings Monday. The corporate claims it has greater than $1 billion in gross sales in its pipeline.

• Canoo misplaced $164 million in the course of the quarter, in comparison with a $112 million loss in 2021.
• Startup firms count on to lose cash early on as they put money into infrastructure, expertise and labor.
• Sure, however: Canoo has entry to $250 million in capital from buyers.

CEO Tony Aquila instructed analysts {that a} pilot venture with Walmart within the Dallas-Fort Price metro has accomplished greater than 300 deliveries and pushed greater than 1,100 miles. The venture goals to assist the 2 firms make remaining configurations earlier than Canoo begins fulfilling Walmart’s order for 4,500 EVs.

Disclosure: Reporter Price Sparkman previously labored at Tyson Meals.