Tyson Foods lifts Q1 2024 sales, earnings fall

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."