Northwest Arkansas earnings: Tyson Foods and Canoo

As inflation continues to bite into shopper's wallets, consumers are buying less expensive cuts of beef and switching to chicken, Tyson Foods executives told analysts and media on Monday as part of its third-quarter earnings report.

By the numbers: The company reported net income of $750 million, up from $749 million the previous year.

• Tyson's adjusted earnings per share were $1.94, missing the estimate of $1.98, according to Reuters. But quarterly sales were $13.5 billion, up from $12.48 billion the previous year.

Executives said wages, animal feed, utilities and transportation costs have continued to rise, and that some of those costs will eventually hit consumers.

Meanwhile, electric vehicle maker, Canoo, which has said it intends to move its headquarters from Justin, Texas, to Bentonville, reported its second-quarter earnings Monday. The company claims it has more than $1 billion in sales in its pipeline.

• Canoo lost $164 million during the quarter, compared to a $112 million loss in 2021.
• Startup companies expect to lose money early on as they invest in infrastructure, technology and labor.
• Yes, but: Canoo has access to $250 million in capital from investors.

CEO Tony Aquila told analysts that a pilot project with Walmart in the Dallas-Fort Worth metro has completed more than 300 deliveries and driven more than 1,100 miles. The project aims to help the two companies make final configurations before Canoo starts fulfilling Walmart's order for 4,500 EVs.

Disclosure: Reporter Worth Sparkman formerly worked at Tyson Foods.