Tyson Foods Inc.’s chief executive said rising freight and labor costs will mean higher meat prices for U.S. consumers.

Tyson projected a nationwide shortage of trucks and drivers will add $200 million to the meat company’s costs this year, while rising wages for slaughterhouse workers also increase expenses for the biggest U.S. meat processor by sales.

“Freight is a tough one, it’s affecting all of our businesses,” Chief Executive Tom Hayes said Thursday. “Ultimately, the consumer’s going to pay for it at some point.”

Tire makers, beer distributors and other companies are struggling against a nationwide trucking shortage. The strengthening U.S. economy is driving industrial production higher, so companies are trying to ship more goods. At the same time, bad weather has slowed transport across parts of the U.S. and a new federal safety rule that took effect in December has cut into the availability of roadworthy trucks.

Short-term prices to secure some big rigs have jumped 20% as a result, and long-term shipping contract rates are projected to climb between 5% and 8% this year. Mr. Hayes said Thursday it is “critical” that Tyson recover some of those growing costs. Tyson is discussing price increases with grocery store, restaurant and distributor customers, he said.

Tyson on Thursday reported a first-quarter profit of $1.63 billion, or $4.40 a share, compared with $593 million, or $1.59 a share, a year ago. The new U.S. tax law contributed to a $790 million benefit for the quarter, and Tyson said it plans to spend more than $100 million on one-time cash bonuses for workers this year as a result.

On an adjusted basis, Tyson earned $1.81 a share, up from $1.59 for the same period a year prior. Analysts had expected adjusted earnings of $1.50 a share. Tyson shares gained 2% in midmorning trading, rising to $74.75.

For its latest quarter, Tyson’s revenue rose 11% to $10.23 billion, helped by a 21% increase in sales of prepared foods. Tyson’s purchase of sandwich maker AdvancePierre Foods last year gave a $325 million lift to the results.

Operating income in Tyson’s pork business fell 39% for the quarter, partly because of the rising cost of hogs. New pork plants opened in Iowa and Michigan in the last half of 2017, boosting competition for hogs even as farmers have expanded herds. Another big pork plant is slated to open in Iowa this year.

Mr. Hayes said Tyson still expects pork profit margins to be above average this year, and that the company wouldn’t run short of hogs. “We’ll work our way through it,” he said.