Tyson Foods Reports Fourth Quarter And Fiscal 2024 Results
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 | |||||
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
- 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
| 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 | % | ||||
| 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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