Tyson Foods announces fiscal 4Q earnings

On November 18, 2022, in Earnings, Industry Notes, by David Elrod

Tyson Foods on Monday announced record sales and earnings in its fiscal 4Q financial results.

“We delivered record sales and earnings for the full year, which was supported by our diverse portfolio and continued strength in consumer demand for protein,” Tyson Foods President and CEO Donnie King said. “Our results were supported by historically strong operations in our Beef segment and improved performance in our Chicken segment. We also experienced share gains in both our foodservice Focus 6 categories and retail core business lines, which include our Tyson, Jimmy Dean, Hillshire Farm and Ball Park iconic brands.”

Operating margin for the chicken segment was 7.4 percent, over 10 percent up from a year ago. “Operating income in the fourth quarter of fiscal 2022 was impacted by $165 million of higher feed ingredient costs, offset by $65 million of net derivative gains as compared to $75 million of net derivative losses in the fourth quarter of fiscal 2021,” the company said. “Operating income in fiscal 2022 was impacted by $595 million of higher feed ingredient costs, offset by $195 million of net derivative gains as compared to $65 million of net derivative gains in fiscal 2021.”

Sales volume of chicken increased “primarily due to improved domestic production partially offset by inventory growth and strategic initiative mix impacts,” Tyson Foods said.

More information can be found here.

 

 

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