Achieved Significant Improvements in Profitability for Fourth Quarter and Full Year
SPRINGDALE, Ark., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE: TSN), one of the world's largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair, reported the following results:
(in millions, except per share data)
Fourth Quarter
Twelve Months Ended
2024
2023
2024
2023
Sales
$
13,565
$
13,348
$
53,309
$
52,881
Operating Income (Loss)
$
525
$
(463
)
$
1,409
$
(395
)
Adjusted1 Operating Income (non-GAAP)
$
512
$
236
$
1,820
$
933
Net Income (Loss) Per Share Attributable to Tyson
$
1.00
$
(1.31
)
$
2.25
$
(1.87
)
Adjusted1 Net Income Per Share Attributable to Tyson (non-GAAP)
$
0.92
$
0.37
$
3.10
$
1.34
1 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). As used in this table and throughout this earnings release, adjusted operating income and adjusted net income per share attributable to Tyson (Adjusted EPS) are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures.
Fiscal 2024 Highlights
Sales of $53,309 million, up 0.8% from prior year
GAAP operating income of $1,409 million, up $1,804 million from prior year
Adjusted operating income of $1,820 million, up 95% from prior year
GAAP EPS of $2.25, up $4.12 from prior year
Adjusted EPS of $3.10, up 131% from prior year
Total Company GAAP operating margin of 2.6%
Total Company adjusted operating margin (non-GAAP) of 3.4%
Cash provided by operating activities of $2,590 million, up 48% from prior year
Free cash flow (non-GAAP) of $1,458 million, up $1,645 million from prior year
Fourth Quarter Highlights
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Sales of $13,565 million, up 1.6% from prior year
GAAP operating income of $525 million, up $988 million from prior year
Adjusted operating income of $512 million, up 117% from prior year
GAAP EPS of $1.00, up $2.31 from prior year
Adjusted EPS of $0.92, up 149% from prior year
Total Company GAAP operating margin of 3.9%
Total Company adjusted operating margin (non-GAAP) of 3.8%
Liquidity of approximately $4.0 billion as of September 28, 2024
"We delivered significant improvement in profitability for the fourth quarter and full year. We also strengthened our financial position, with solid cash flow generation and a substantial reduction of our net leverage ratio," stated Donnie King, President & CEO of Tyson Foods. "Looking ahead, we are optimistic about our outlook and our ability to deliver long-term value to our shareholders. Our multi-protein, multi-channel portfolio, combined with our best-in-class team, iconic brands and focus on operational excellence positions us well for Fiscal 2025 and beyond."
SEGMENT RESULTS (in millions)
Sales
(for the fourth quarter and twelve months ended September 28, 2024, and September 30, 2023)
Fourth Quarter
Twelve Months Ended
Volume
Avg. Price
Volume
Avg. Price
2024
2023
Change
Change2
2024
2023
Change
Change2
Beef
$
5,261
$
5,029
3.7
%
0.9
%
$
20,479
$
19,325
1.6
%
4.4
%
Pork
1,438
1,494
3.2
%
(6.9
)%
5,903
5,768
3.8
%
(0.7
)%
Chicken
4,251
4,155
(0.7
)%
0.2
%
16,425
17,060
(2.2
)%
(2.4
)%
Prepared Foods
2,472
2,502
(1.4
)%
0.2
%
9,851
9,845
0.9
%
(0.8
)%
International/Other
609
636
1.3
%
(5.5
)%
2,353
2,515
3.2
%
(9.6
)%
Intersegment Sales
(466
)
(468
)
n/a
n/a
(1,702
)
(1,632
)
n/a
n/a
Total
$
13,565
$
13,348
0.5
%
0.2
%
$
53,309
$
52,881
-
%
0.6
%
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Operating Income (Loss)
(for the fourth quarter and twelve months ended September 28, 2024, and September 30, 2023)
Fourth Quarter
Twelve Months Ended
Operating Margin
Operating Margin
2024
2023
2024
2023
2024
2023
2024
2023
Beef
$
(71
)
$
(323
)
(1.3
)%
(6.4
)%
$
(381
)
$
(91
)
(1.9
)%
(0.5
)%
Pork
(16
)
(11
)
(1.1
)%
(0.7
)%
(40
)
(139
)
(0.7
)%
(2.4
)%
Chicken
409
(267
)
9.6
%
(6.4
)%
988
(770
)
6.0
%
(4.5
)%
Prepared Foods
203
118
8.2
%
4.7
%
879
823
8.9
%
8.4
%
International/Other
-
20
n/a
n/a
(37
)
(218
)
n/a
n/a
Total
$
525
$
(463
)
3.9
%
(3.5) %
$
1,409
$
(395
)
2.6
%
(0.7) %
ADJUSTED SEGMENT RESULTS (in millions)
Adjusted Operating Income (Loss) (Non-GAAP)1
(for the fourth quarter and twelve months ended September 28, 2024, and September 30, 2023)
Fourth Quarter
Twelve Months Ended
Adjusted Operating Margin (Non-GAAP)
Adjusted Operating Margin (Non-GAAP)
2024
2023
20242
20232
2024
2023
20242
20232
Beef
$
(71
)
$
17
(1.3
)%
0.3
%
$
(291
)
$
233
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