Ahead of Biden’s Inflation Speech, Tyson Foods Remains On Long List of Pandemic Profiteers With Nearly $2B In Net Income In First Half of 2022
Washington D.C. – As President Biden prepares to speak today on his plan to fight inflation and lower costs for working families, Accountable.US found that Tyson Foods reported an over $1 billion increase in net income for the first six months of its 2022 fiscal year for a total of $1.95 billion — all after its nearly 28% increase in beef prices. The company also spent a staggering $523 million in stock buybacks and $328 million in dividends over the same period.
The news comes as reporting reveals that in April, Tyson Foods received a subpoena from the New York Attorney General’s Bureau Of Consumer Frauds & Protection “‘seeking information regarding [its] sales, prices and production costs.”
From alleged price-fixer Tyson Foods to Big Oil at the gas pump, massive corporations pretend they have no choice but to inflate prices yet keep bragging about record profits to their executives and stakeholders. Time and time again, we’ve seen industries hide behind the pandemic to charge sky-high prices on everyday essentials while working families struggle to make ends meet. Despite what companies want their customers to believe, they do have a choice, and they choose to pad their bottom line and enrich a small group of investors at the expense of their consumers.”
Kyle Herrig, president of Accountable.US
For months, the government watchdog group has extensively documented how companies across a broad spectrum of industries — including major oil and gas, retail, and shipping — have used the pandemic as an excuse to raise prices on consumers while racking up record profits.
KEY RESOURCES FROM ACCOUNTABLE.US:
Mistreating Moms: These 10 Companies That Raised Prices on Child Care Goods Reaped Over $69B In Profits
REPORT: Top 5 Shipping Companies Saw Profits Spike By Over $40B After Raising Their Rates in 2021
Exxon, Chevron Rake in over $12b in First Three Months of 2022
REPORT: Meatpacking Profiteers Testifying Today Saw Nearly $13B in Profits After Racking Up $384M In Price-Fixing Fines and Settlements
REPORT: Meet the 15 Corporations with Growing CEO Pay Gaps and Rising Prices
REPORT: Top Retail Companies’ Profits Soared by Over $24B After Raising Consumer Prices
REPORT: Corporate Profiteering Apologists Have Taken Over $5.7 Million From Companies That Raised Prices While Their Profits Soared And Consumers Suffered