Tyson reports Q4, FY 2022 sales gains, mixed earnings

Tyson Foods Inc. improved its Q4 and FY 2022 sales while earnings results were mixed, according to an earnings report.

Quarterly highlights include:

• Sales rose from $12.8 billion in Q4 2021 to $13.74 billion for the quarter ending Oct. 1, 2022.
• Net income fell from $1.36 billion to $537 million.
• Diluted income per share fell 60% from $3.71 to $1.50.
• Adjusted net income per share fell 29% from $2.30 to $1.63.

Full year highlights include:

• Sales rose 12.3% from $47.05 billion in 2021 to $53.28 billion.
• Net income rose from $3.06 billion to $3.25 billion.
• GAAP EPS rose 7% from $8.34 to $8.92, while adjusted EPS rose 5% from $8.26 to $8.73.

Category sales for the fourth quarter were as follows:

• Beef sales fell from $5.01 billion to $4.86 billion as volume rose 5.1% and average price dropped 8.2%.
• Pork sales fell from $1.64 billion to $1.6 billion as volume fell 1.1% and average price fell 1.5%.
• Chicken sales rose from $3.87 billion to $4.62 billion as volume rose 1.1% and average price rose 18.2%.
• Prepared food sales rose from $2.25 billion to $2.52 billion as volume rose 0.3% and average price rose 14.4%.
• International/other sales rose from $546 million to $638 million as volume rose 7.3% and average price rose 9.5%.
• Intersegment sales improved from a $519 million loss to a $488 million loss.

Shares traded at $67.37 today against a 52-week range of $62.94-$100.72.

The $13.74 billion in quarterly revenue beat analyst estimates by $250 million while the non-GAAP EPS of $1.63 missed estimates by 9 cents, according to Seeking Alpha.

The company also declared a 48-cent dividend for shareholders of record March 1.

"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," Donnie King, president and CEO at Tyson Foods Inc., said in the press release. "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."