Vending

Tyson Foods lifts Q1 2024 sales, earnings fall

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February 8, 2024

Tyson Foods Inc. lifted its Q1 2024 sales but suffered an earnings dip against the prior year period, according to an earnings report.

Highlights include:

• Sales rose from $13.26 billion in Q1, 2023 to $13.32 billion in the quarter ending Dec. 30, 2024.
• Net income fell from $320 million to $114 million in the comparative quarters.
• Net income per share fell from 91 cents to 31 cents for Class A basic shares.
• Adjusted net income per share fell from 85 cents to 69 cents.
• Beef sales rose from $4.72 billion to $5.02 billion, reflecting a 4.1% volume decline and a 10.5% average price gain.
• Pork sales fell from $1.53 billion to $1.52 billion, reflecting a 7.7% volume gain and an 8.5% average price decline.
• Chicken sales fell from $4.26 billion to $4.03 billion, reflecting a 1.5% volume decline and a 3.9% average price decline.
• Prepared foods sales rose from $2.538 billion to $2.543 billion, reflecting a 2.5% volume gain and a 2.3% average price decline.
• International/other business sales fell from $612 million to $582 million, reflecting a 2.2% volume gain and a 7i.1% price decline.

Shares traded today at $53.74 against a 52-week range of $44.94 to $63.49.

The $13.32 billion in quarterly revenue beat analyst expectations by $60 million and the non-GAAP EPS of 69 cents beat expectations by 27 cents, according to Seeking Alpha.

"Although we still have work to do, I am pleased with our first quarter results and am confident we are on the right path to deliver long-term shareholder value," Donnie King, president and CEO, said in a press release. "Going forward, we will continue to prioritize our liquidity and financial health, our focus on operational excellence and our relentless pursuit to win with customers and consumers."