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TSN · Tyson Foods

50 filings

10-Q

TSN 10-Q Quarterly Reports

Tyson Foods - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K142

TSN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 142 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jun ’17Jun ’17
  2. Leadership change8-K · May ’19May ’19
  3. Material agreement8-K · Oct ’21Oct ’21
  4. FY2025 annual report10-K · Nov ’25Nov ’25
  1. 2026-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 27, 2026

    Tyson Foods reported third-quarter fiscal 2026 sales of $13.87 billion, roughly flat against $13.88 billion a year earlier, as lower Beef volume was offset by higher sales in the other segments. Operating income rose to $362 million from $260 million, helped by the absence of the prior year's $343 million goodwill impairment and by higher Beef and Pork segment operating income. Net income attributable to Tyson was $182 million, or $0.52 per diluted share, versus $61 million, or $0.17, a year earlier. For the nine months, sales grew 3% to $41.83 billion and operating income rose 17% to $1.10 billion, with diluted EPS of $1.49 compared with $1.20. Results absorbed significant charges in the quarter. These included a $98 million Chicken segment legal contingency accrual, $73 million of executive leadership transition charges, and $14 million of restructuring and related charges. Nine-month legal contingency accruals totaled $269 million. Beef remained loss-making, with a segment operating loss of $142 million in the quarter, though this improved from $459 million a year earlier. Cash provided by operating activities fell to $1.47 billion from $1.62 billion for the nine months, reflecting higher payments of accrued legal contingencies and lower income tax receivables. Total debt declined to $8.01 billion from $8.83 billion, and total liquidity was $3.99 billion at quarter-end. Looking ahead, the company expects capital expenditures of $0.7 billion to $0.9 billion and net interest expense of about $365 million for fiscal 2026. It expects $29 million of executive transition charges and a $20 million net income benefit from the Beef asset sale in the fourth quarter. In July 2026, the company sold its 40% stake in a Brazilian poultry producer for $120 million and settled an Oklahoma environmental lawsuit with an estimated $18 million obligation. The company reported no material changes to risk factors and stated it was in compliance with all debt covenants.

    Aug 3, 2026
  2. 2026-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 28, 2026

    Tyson Foods, Inc. reported improved operating results for the second quarter and first six months of fiscal 2026 ended March 28, 2026. Sales were $13.65 billion for the quarter, up from $13.07 billion a year earlier, and $27.97 billion for the six months, up from $26.70 billion. Operating income was $435 million for the quarter versus $100 million, and $737 million for the six months versus $680 million. Net income attributable to Tyson was $260 million, or $0.73 per diluted share, for the quarter, compared with $7 million, or $0.02 per diluted share, a year earlier. For the six months, net income attributable to Tyson was $345 million, or $0.97 per diluted share, versus $366 million, or $1.03 per diluted share. The comparison to the prior-year quarter was distorted by $343 million of legal contingency accruals recorded in the second quarter of fiscal 2025. Segment results were mixed. Beef reported a segment operating loss of $240 million for the quarter, with the filing citing reduced cattle availability and compressed Beef margins, while Pork, Chicken and Prepared Foods improved. Chicken delivered segment operating income of $505 million and Prepared Foods $348 million. Cash provided by operating activities was $829 million for the six months, and cash and cash equivalents declined to $500 million from $1.23 billion at September 27, 2025, as the company repaid debt. Total debt was $8.08 billion at March 28, 2026, and total liquidity was stated at $3.72 billion. The filing also highlights ongoing legal and tax exposures. Accrued legal contingencies fell to $507 million from $712 million, following payments under the pork and beef antitrust matters. The company disclosed an IRS examination with proposed adjustments of up to approximately $127 million, excluding interest and penalties, which it disputes. Management stated that Middle East geopolitical tensions have not had a material impact to date, and it expects fiscal 2026 capital expenditures of $0.7 billion to $1.0 billion.

    May 4, 2026
  3. 2026-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 27, 2025

    Tyson Foods, Inc. reported sales of $14,313 million for the first quarter of fiscal 2026 (quarter ended December 27, 2025), up from $13,623 million a year earlier, a 5.1% increase driven mainly by higher average sales prices. Operating income fell to $302 million from $580 million, and net income attributable to Tyson declined to $85 million from $359 million, or $0.24 per diluted share versus $1.01. The filing attributes the profit decline largely to a Beef segment operating loss of $(319) million, compared with $(26) million a year earlier, driven by higher cattle costs and limited cattle supply. The quarter also included $155 million of pretax legal contingency accruals, $117 million of restructuring and related charges, and a $75 million impairment of equity investments. Cash provided by operating activities was $942 million, compared with $1,031 million in the prior-year quarter. Cash and cash equivalents were $1,278 million, and total liquidity was $4,528 million at quarter end. Total debt was $8,362 million, including $909 million of current debt. During the quarter, Tyson entered into a $750 million revolving term loan credit facility and repaid a $440 million term loan using cash on hand. Management expects fiscal 2026 capital expenditures of $0.7 billion to $1.0 billion and net interest expense of approximately $370 million. The filing discloses ongoing antitrust litigation with accrued liabilities of $353 million for the Beef matter and $206 million for the Pork matter. It also discloses a Mexican tax assessment of approximately $519 million for which no liability has been recorded, after the purchaser agreed to assume the tax liabilities in a November 2025 settlement. Management stated that the company was in compliance with all debt covenants at December 27, 2025.

    Feb 2, 2026
  4. 2025-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 28, 2025

    Tyson Foods, Inc. reported third-quarter fiscal 2025 sales of $13.88 billion, up from $13.35 billion a year earlier, but operating income fell to $260 million from $341 million. The decline was driven by a $343 million non-tax-deductible goodwill impairment in the Beef segment, which fully impaired that reporting unit's goodwill, and by a Beef operating loss of $494 million in the quarter. Net income attributable to Tyson was $61 million, or $0.17 per diluted share, compared with $191 million, or $0.54 per diluted share, a year earlier. The quarter's results also included an $83 million net income benefit from network optimization activities, including a $107 million gain on the sale of storage facilities, and the effective tax rate rose to 64.5% from 22.9%. For the first nine months of fiscal 2025, sales were $40.58 billion and operating income was $940 million, up from $884 million. Results were shaped by a $343 million legal contingency accrual recognized as a reduction to sales, which includes a $250 million Pork antitrust accrual and a $93 million Beef antitrust accrual. Cash provided by operating activities was $1.62 billion, down from $1.97 billion, and capital expenditures were $691 million against a stated expectation of at or below $1 billion for fiscal 2025. Total debt was $9.07 billion at June 28, 2025, including $886 million of current debt, and cash and cash equivalents were $1.55 billion. Total liquidity was $4.05 billion, and the company stated it was in compliance with all debt covenants. The filing also discloses a Mexican tax assessment of approximately $485 million, for which no liability has been recorded, and a list of ongoing antitrust and wage-rate litigation matters. Management said the Beef reporting unit's recovery of market-ready cattle is expected to take longer than previously estimated, and that the company's remaining heightened-risk reporting units, including Chicken with $3.0 billion of goodwill, have limited headroom and remain sensitive to future impairment.

    Aug 4, 2025
  5. 2025-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 29, 2025

    Tyson Foods, Inc. reported a sharply weaker second quarter of fiscal 2025 (quarter ended March 29, 2025), with sales of $13.07 billion roughly flat year over year and operating income of $100 million, down from $312 million. Net income attributable to Tyson fell to $7 million, or $0.02 per diluted share, from $145 million, or $0.41 per diluted share. The decline was driven mainly by $343 million of legal contingency accruals recognized as a reduction to sales, including $250 million in Pork related to the Pork Antitrust Civil Litigation and $93 million in Beef related to the Beef Antitrust Civil Litigation. Beef posted an operating loss of $258 million and Pork an operating loss of $195 million, while Chicken operating income rose to $262 million from $158 million. For the first six months, sales increased 1.2% to $26.70 billion and operating income rose to $680 million from $543 million, with Chicken and International/Other improving while Beef, Pork and Prepared Foods declined. Cash provided by operating activities fell to $846 million from $1.18 billion, mainly due to working capital changes including higher inventory. Cash and cash equivalents declined to $992 million from $1.72 billion at fiscal year-end, while total debt decreased to $9.07 billion after the repayment of a $750 million term loan. Subsequent to quarter end, the company replaced its revolving credit facility with a new $2.5 billion facility maturing in April 2030, increased its commercial paper program to $1.75 billion, and approved a plan to sell multiple distribution centers for an estimated $250 million to $300 million while entering into cold storage service agreements. The company also reached an agreement in principle to settle the direct purchaser pork claims for $50 million, subject to court approval, and it continues to face significant antitrust and wage-related litigation along with a Mexican tax assessment of approximately $447 million for which no liability has been recorded.

    May 5, 2025
  6. 2025-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 28, 2024

    Tyson Foods, Inc. reported its unaudited results for the first quarter of fiscal 2025, the three months ended December 28, 2024. Sales were $13.62 billion, up from $13.32 billion a year earlier, with the filing attributing the increase to higher sales in the Beef, Pork and Chicken segments, partially offset by lower Prepared Foods sales. Operating income rose to $580 million from $231 million, and net income attributable to Tyson was $359 million, or $1.01 per diluted share, compared with $107 million, or $0.30 per diluted share, in the prior-year quarter. The company cited $73 million of network optimization plan charges and $6 million of brand discontinuation charges in the quarter, while the prior-year quarter included $75 million of plant closure charges and $73 million of legal contingency accruals. Segment results improved in Beef, where operating loss narrowed to $64 million from $206 million, Pork, Chicken and International/Other, while Prepared Foods operating income declined to $209 million from $243 million. Cash provided by operating activities was $1.03 billion, down from $1.30 billion, and cash and cash equivalents ended the quarter at $2.29 billion. Total debt was $9.81 billion. After the quarter, on January 29, 2025, the company repaid its $750 million term loan due May 2026 using cash on hand. The filing also highlights ongoing contingencies, including broiler, pork and beef antitrust matters, a poultry wage rate litigation settlement of $115.5 million pending court approval, and a Mexican tax assessment of approximately $448 million that the company does not believe has merit and for which it has not recorded a liability. The company stated it expects capital expenditures of $1 billion to $1.2 billion and net interest expense of about $375 million for fiscal 2025.

    Feb 3, 2025
  7. 2024-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 29, 2024

    Tyson Foods, Inc. reported third-quarter fiscal 2024 (ended June 29, 2024) sales of $13.35 billion, up from $13.14 billion a year earlier, and operating income of $341 million versus an operating loss of $350 million in the prior-year quarter, which included a $448 million goodwill impairment. For the first nine months, sales were $39.74 billion and operating income was $884 million, compared with $68 million a year earlier. Net income attributable to Tyson was $191 million ($0.54 per diluted share) for the quarter and $443 million ($1.25 per diluted share) for the nine months. Results were pressured by $101 million of legal contingency accruals and $41 million of plant closure charges in the quarter, and by $174 million of legal accruals and $155 million of plant closure charges for the nine months. Beef segment operating results were a loss of $69 million in the quarter, driven by compressed beef margins, while Chicken operating income rose to $244 million from a loss of $314 million a year earlier. Cash flow and liquidity improved. Cash provided by operating activities was $1.97 billion for the nine months, up from $1.43 billion. Cash and cash equivalents were $2.57 billion at June 29, 2024, and total liquidity was $4.83 billion. Total debt rose to $11.02 billion from $9.51 billion at September 30, 2023, mainly due to $1.5 billion of senior notes issued in March 2024 and a new $750 million term loan. Current debt of $1.32 billion is to be repaid with the remaining note proceeds and existing resources. The company expects capital expenditures of $1.2 billion to $1.3 billion for fiscal 2024 and net interest expense of approximately $395 million. The filing also details ongoing antitrust and wage-related litigation, including a $115.5 million agreement in principle to settle a wage rate class action and a $72.5 million proposed settlement in a separate wage matter, as well as an unaccrued Mexican tax assessment of approximately $481 million that the company disputes. Tyson states it was in compliance with all debt covenants at June 29, 2024.

    Aug 5, 2024
  8. 2024-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 30, 2024

    Tyson Foods, Inc. reported second-quarter fiscal 2024 sales of $13.07 billion (vs. $13.13 billion a year earlier), with operating income of $312 million compared with an operating loss of $49 million in the prior-year quarter. Net income attributable to Tyson was $145 million, or $0.41 per diluted share, versus a net loss of $97 million, or $(0.28) per diluted share, in the second quarter of fiscal 2023. For the first six months, sales were $26.39 billion and operating income was $543 million, compared with $418 million a year earlier. Chicken operating income improved to $158 million from an operating loss of $258 million, helped by lower feed ingredient costs, while Beef swung to an operating loss of $35 million in the quarter and $241 million for the six months, reflecting higher cattle costs and compressed beef margins. The second quarter also absorbed $54 million of costs related to a production facility fire and planned discontinuation of productive assets in the Netherlands, and $39 million of plant closure charges. Balance sheet and liquidity changed meaningfully during the period. Cash and cash equivalents rose to $2.18 billion from $573 million at fiscal year-end 2023, and total debt increased to $10.96 billion from $9.51 billion, largely due to $1.5 billion of senior notes issued in March 2024 and a new $750 million term loan. The company reported $4.4 billion of liquidity at March 30, 2024, and stated it was in compliance with all debt covenants. Cash provided by operating activities for the first six months was $1.18 billion, compared with $769 million a year earlier, while capital expenditures fell to $621 million from $1.10 billion. The filing also details ongoing antitrust litigation in the broiler, pork and beef businesses, including a $72.5 million proposed settlement in the wage rate litigation, and states the company does not expect the outcome of other matters to have a material adverse effect.

    May 6, 2024
  9. 2024-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 30, 2023

    Tyson Foods reported sales of $13.32 billion for the first quarter of fiscal 2024 ended December 30, 2023, up slightly from $13.26 billion a year earlier. Average sales prices rose and volumes were essentially flat. Operating income fell to $231 million from $467 million, which the filing describes as down 51%. The decline was driven mainly by the Beef segment, which posted an operating loss of $206 million compared with operating income of $166 million a year earlier. The filing cites a $575 million increase in cattle costs, $40 million of plant closure costs, a $45 million legal contingency accrual and a $56 million inventory lower of cost or net realizable value adjustment in Beef. Pork and Chicken operating income improved, and Chicken benefited from a $170 million reduction in feed ingredient costs. Net income attributable to Tyson was $107 million, or $0.30 per diluted share, compared with $316 million, or $0.88 per diluted share. The company's first-quarter results also included $75 million of plant closure charges, $73 million of legal contingency accruals and $30 million of restructuring and related charges. Cash provided by operating activities increased to $1.30 billion from $762 million, primarily due to lower annual incentive payments and reductions in inventory and accounts receivable. Cash and cash equivalents rose to $1.48 billion from $573 million at fiscal year-end, after the company borrowed $750 million under a new term loan due May 2028 and repaid $592 million of commercial paper. Total liquidity was $3.75 billion at December 30, 2023, and total debt was $9.68 billion. The company expects fiscal 2024 capital expenditures between $1 billion and $1.5 billion and net interest expense of about $400 million. Litigation remains a significant factor. The company recorded a $72.5 million accrual for a proposed settlement of wage-related class claims, which remains subject to court approval. The filing also describes ongoing broiler, pork and beef antitrust matters and a Mexican tax assessment of approximately $516 million, for which no liability has been recorded because the company believes the assertions have no merit.

    Feb 5, 2024
  10. 2023-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jul 1, 2023

    Tyson Foods, Inc. reported a sharply weaker third quarter of fiscal 2023 (quarter ended July 1, 2023). Sales were $13.14 billion for the quarter, down from $13.50 billion a year earlier, while the company posted an operating loss of $350 million compared with operating income of $1.03 billion in the prior-year quarter. The net loss attributable to Tyson was $417 million, or $(1.18) per diluted share, versus net income of $750 million in the third quarter of fiscal 2022. For the first nine months, sales were $39.53 billion, roughly flat with $39.55 billion a year earlier, but operating income fell to $68 million from $3.64 billion, and the company recorded a net loss attributable to Tyson of $198 million. The filing attributes the decline to lower operating income in every segment except Prepared Foods, including a $448 million goodwill impairment, higher live cattle costs in Beef, and reduced pricing in Pork and Chicken. Balance sheet and cash flow data show increased leverage. Total debt rose to $9.32 billion at July 1, 2023 from $8.32 billion at October 1, 2022, driven in part by a $1.0 billion term loan due May 2026 used to repay commercial paper. Cash and cash equivalents declined to $699 million from $1.03 billion, and cash provided by operating activities for the nine months was $1.43 billion, versus $1.89 billion a year earlier. Management reported the net debt to EBITDA ratio at 4.1x, compared with 1.3x at October 1, 2022, and stated total liquidity of $3.7 billion. Capital spending for fiscal 2023 is expected to approximate $2.1 billion. Looking ahead, the company disclosed in August 2023 that it approved the closure of four Chicken processing facilities, with estimated pre-tax charges of $300 million to $400 million, expected to be recorded beginning in the fourth quarter of fiscal 2023. The filing also notes a pending first trial in the Broiler Antitrust Civil Litigation scheduled for September 12, 2023, and an unrecorded $496 million Mexican tax assessment that the company intends to contest.

    Aug 10, 2023
  11. 2023-Q3

    Tyson Foods Quarterly Report for Q3 Ended Apr 1, 2023

    Tyson Foods, Inc. reported a second-quarter fiscal 2023 operating loss of $49 million, compared with operating income of $1,156 million in the second quarter of fiscal 2022. Net loss attributable to Tyson was $97 million, or $(0.28) per diluted share, versus net income of $829 million a year earlier. Sales were essentially flat at $13.13 billion for the quarter, while cost of sales rose to $12.61 billion, reflecting higher input costs, $92 million of plant closure charges, and a $71 million increase in inventory lower of cost or net realizable value adjustments. For the first six months, sales were $26.39 billion and operating income was $418 million, down from $2,611 million. Losses were concentrated in the Beef, Pork and Chicken segments, while Prepared Foods operating income rose to $499 million for the six months. Balance sheet and liquidity items drew attention during the quarter. Cash and cash equivalents fell to $543 million from $1,031 million at fiscal year-end, and total debt rose to $8.93 billion, including $593 million of commercial paper and $1.07 billion of current debt. The company reported $2.2 billion of total liquidity. On May 3, 2023, Tyson entered into a $1.0 billion three-year BofA term loan and a $750 million five-year CoBank delayed-draw term loan, both intended in part to refinance commercial paper and senior notes. The company stated it was in compliance with all debt covenants. Capital spending for fiscal 2023 is expected to approximate $2.3 billion. The filing also discloses substantial antitrust and related litigation, including the Broiler Antitrust Civil Litigation, pork, beef and wage-rate matters, and a DOJ antitrust investigation, along with a Mexican tax assessment of approximately $470 million that the company has not accrued. The 2022 Program restructuring is expected to total approximately $271 million in cumulative pretax charges, with $109 million recorded to date.

    May 8, 2023
  12. 2023-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 31, 2022

    Tyson Foods, Inc. reported first-quarter fiscal 2023 results (three months ended December 31, 2022) with sales of $13.26 billion, up from $12.93 billion a year earlier, driven by higher average sales prices and volume gains in Beef, Chicken and Prepared Foods. Operating income fell sharply to $467 million from $1.455 billion, and net income attributable to Tyson dropped to $316 million, or $0.88 per diluted share, from $1.121 billion, or $3.07 per diluted share. The decline was concentrated in Beef, where operating income fell to $166 million from $956 million as margins compressed from historically high levels, and in Pork, which posted a $21 million operating loss. Chicken operating income fell to $69 million, while Prepared Foods improved to $258 million. Cash generation weakened, with cash provided by operating activities of $762 million versus $1.432 billion a year earlier. Capital expenditures rose to $589 million from $408 million, and cash and cash equivalents declined to $654 million from $1.031 billion at fiscal year-end. The company stated liquidity of $2.9 billion, including a $2.25 billion undrawn revolving credit facility, and reported current debt of $490 million. Net debt to EBITDA rose to 1.6x from 1.3x. Share repurchases totaled $313 million, and the company said it expects capital spending of about $2.5 billion for fiscal 2023. The filing also notes a $21 million restructuring charge tied to the 2022 Program, which is expected to total $274 million, and $35 million of net insurance proceeds from production facility fires. Management said it expects inflationary cost pressures to continue through fiscal 2023, though at a lower rate than in fiscal 2022. An interim goodwill test on two International reporting units found no impairment, but the filing states that operating margins at the first-quarter level would have caused both to fail the quantitative test.

    Feb 6, 2023
  13. 2022-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jul 2, 2022

    Tyson Foods, Inc. reported its third quarter of fiscal 2022 (ended July 2, 2022) with sales of $13.50 billion, up from $12.48 billion a year earlier, and operating income of $1,033 million, compared with $1,062 million in the prior-year quarter. Net income attributable to Tyson was $750 million, or $2.07 per diluted share, versus $749 million, or $2.05 per diluted share, a year earlier. For the first nine months, sales rose to $39.55 billion from $34.24 billion, operating income reached $3.64 billion versus $2.49 billion, and net income attributable to Tyson was $2.70 billion, or $7.42 per diluted share. The filing attributes sales growth mainly to higher average sales prices amid inflation, partly offset by lower sales volumes. Results also reflect a shift in segment performance: Beef and Pork operating income declined in the quarter, while Chicken improved substantially after a loss in the prior-year period, which had included $306 million of legal contingency accruals. Balance sheet and cash flow data show cash and cash equivalents of $1.06 billion at July 2, 2022, down from $2.51 billion at October 2, 2021, as the company redeemed $1 billion of senior notes due June 2022 and spent $1.32 billion on property, plant and equipment additions in the first nine months. Cash provided by operating activities was $1.89 billion, compared with $2.66 billion a year earlier, and the filing cites higher legal-accrual payments, CARES Act payroll tax deferral repayments, income taxes and inventory growth. Total debt was $8.33 billion, and the company reported $2.25 billion of undrawn revolving credit capacity, giving total liquidity of $3.31 billion. Share repurchases under the program totaled $587 million in the nine months, with 12.0 million shares remaining authorized. The filing also discloses several open legal matters, including broiler, pork, beef and wage-rate antitrust litigation, a DOJ antitrust investigation, and a Mexican tax assessment of approximately $380 million that management believes lacks merit and for which no liability has been recorded. The company states it was in compliance with all debt covenants at July 2, 2022.

    Aug 8, 2022
  14. 2022-Q3

    Tyson Foods Quarterly Report for Q3 Ended Apr 2, 2022

    Tyson Foods, Inc. reported fiscal second-quarter 2022 results for the three months ended April 2, 2022. Sales rose to $13.12 billion from $11.30 billion, and operating income increased to $1.16 billion from $720 million. Net income attributable to Tyson was $829 million, or $2.28 per diluted share, versus $476 million, or $1.30 per diluted share, a year earlier. Management attributed the sales increase mainly to higher average sales prices amid inflation, while sales volume declined about 1.5%. Beef and Chicken drove the improvement, while Pork operating income declined slightly. For the first six months of fiscal 2022, net income attributable to Tyson was $1.95 billion, or $5.35 per diluted share, compared with $943 million, or $2.58 per diluted share. Cash provided by operating activities was $1.22 billion, down from $1.35 billion, reflecting higher legal accrual payments, deferred payroll tax payments under the CARES Act and income taxes, and higher inventory. Cash and cash equivalents fell to $1.15 billion from $2.51 billion at October 2, 2021, mainly after the March 2022 redemption of $1 billion of 4.50% senior notes due June 2022. Total debt was $8.35 billion, and the company reported $3.40 billion of total liquidity. The filing also describes ongoing antitrust and related litigation in the broiler chicken, pork, beef and wage matters, along with a December 2021 Mexican tax assessment of approximately $380 million that the company believes has no merit and for which no liability has been recorded. Management stated it expects fiscal 2022 capital spending of approximately $2 billion.

    May 9, 2022
  15. 2022-Q2

    Tyson Foods Quarterly Report for Q2 Ended Jan 1, 2022

    Tyson Foods, Inc. reported first-quarter fiscal 2022 net income attributable to Tyson of $1,121 million, or $3.07 per diluted share, compared with $467 million, or $1.28 per diluted share, in the prior-year quarter. Sales rose to $12,933 million from $10,460 million, with the company attributing the increase primarily to higher average sales prices amid inflation and recovery of rising input costs such as labor, transportation, livestock and feed. Operating income was $1,455 million, up 106%, with Beef ($956 million) contributing the most, followed by Prepared Foods ($186 million), Pork ($164 million), Chicken ($140 million) and International/Other ($9 million). The prior-year quarter included a $320 million legal contingency accrual recorded as a reduction to sales. Cash flow and liquidity remained solid. Cash provided by operating activities was $1,432 million, and cash and cash equivalents totaled $2,956 million at January 1, 2022. Total liquidity was $5,206 million, including $2,250 million available under the revolving credit facility. Total debt was $9,364 million, and the net debt to EBITDA ratio was 1.0x. During the quarter, the company repurchased $300 million of Class A stock under its share repurchase program, leaving 15.3 million shares authorized, and paid dividends of $164 million. Capital expenditures were $408 million, and management expects fiscal 2022 capital spending to approximate $2 billion. Key risks flagged in the filing include ongoing labor challenges, COVID-19 impacts, input cost inflation, and several antitrust and wage-rate lawsuits and government investigations, including a Department of Justice investigation in which the company has received conditional leniency. In December 2021 the company received a Mexican tax assessment of approximately $380 million, which management believes has no merit; no liability has been recorded for it.

    Feb 7, 2022
  16. 2021-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jul 3, 2021

    Tyson Foods, Inc. reported third-quarter fiscal 2021 sales of $12.48 billion, up from $10.02 billion in the prior-year quarter, and net income attributable to Tyson of $749 million, or $2.05 per diluted share, versus $526 million, or $1.44, a year earlier. Operating income for the quarter was $1.06 billion, compared with $773 million. Results were shaped by $306 million pretax in legal contingency accruals, which reduced sales by $225 million and increased cost of sales by $81 million. The Beef segment was the standout, with operating income of $1.12 billion and a 22.6% operating margin, while the Chicken segment posted an operating loss of $279 million. For the first nine months, sales were $34.24 billion and operating income was $2.49 billion, including $626 million of pretax legal contingency accruals in the Chicken segment. The filing discloses that the company's live cattle inventory was overstated for 2017 through 2020 because a cattle supplier misappropriated Company funds. The Company revised its 2020 interim figures for the quarter and nine months ended June 27, 2020, and disclosed a material weakness in internal control over financial reporting, so disclosure controls were not effective as of July 3, 2021. The Company is also a defendant in numerous antitrust and related class actions and government investigations involving broiler chicken, pork and beef, and it settled the broiler class claims for $221.5 million. Liquidity remained solid, with $1.61 billion in cash and cash equivalents and total liquidity of $3.36 billion at July 3, 2021. Total debt was $10.35 billion, and nine-month operating cash flow was $2.66 billion. After the quarter, the company agreed to sell its pet treats business for $1.2 billion in cash, with the transaction closing July 6, 2021, and it expects a gain in the fourth quarter.

    Aug 9, 2021
  17. 2021-Q3

    Tyson Foods Quarterly Report for Q3 Ended Apr 3, 2021

    Tyson Foods, Inc. reported second-quarter fiscal 2021 results (quarter ended April 3, 2021) in this Form 10-Q, with sales of $11.30 billion, up from $10.89 billion a year earlier, and operating income of $720 million versus $515 million. Net income attributable to Tyson was $476 million, or $1.30 per diluted share, compared with $376 million, or $1.03 per diluted share, in the prior-year quarter. For the first six months, sales were $21.76 billion and operating income was $1.43 billion, with net income attributable to Tyson of $943 million, or $2.58 per diluted share. The six-month results absorbed a $320 million legal contingency accrual recorded as a reduction to sales in the Chicken segment, tied to broiler chicken antitrust settlements and opt-out claims. The filing also notes a $19 million charge for relocating a production facility in China and a $55 million gain from recovery of cattle inventory tied to a supplier's misappropriation of company funds. The filing discloses a revision of previously issued financial statements for 2017 through 2020, after an internal investigation found a cattle supplier had misappropriated company funds and caused live cattle inventory to be overstated in the Beef segment. The company concluded the misstatements were not material to prior periods but revised its 2020, 2019 and 2018 annual statements and the March 28, 2020 interim periods. Management and the CEO and CFO concluded that disclosure controls were not effective as of October 3, 2020 or April 3, 2021, due to a previously disclosed material weakness over live cattle inventory existence. Remediation actions are underway but not yet tested as remediated. Liquidity remained substantial, with total liquidity of $2.63 billion and cash and cash equivalents of $877 million at April 3, 2021. Total debt was $10.36 billion, operating cash flow for the six months was $1.35 billion, and the net debt to EBITDA ratio was 2.2x. The company also recorded a held-for-sale business in Prepared Foods carried at about $410 million, with a pretax gain expected on sale.

    May 10, 2021
  18. 2021-Q2

    Tyson Foods Quarterly Report for Q2 Ended Jan 2, 2021

    Tyson Foods, Inc. reported first-quarter fiscal 2021 results (three months ended January 2, 2021) with sales of $10.46 billion, down from $10.82 billion a year earlier, and net income attributable to Tyson of $467 million, or $1.28 per diluted share, versus $505 million, or $1.38, in the prior-year quarter. Results were weighed down by a $320 million legal contingency accrual recorded as a reduction to Sales, tied to the Broiler Antitrust Civil Litigation settlements, while Beef segment operating income rose to $528 million. Management cited ongoing COVID-19 impacts on volumes and direct incremental costs of approximately $120 million in the quarter, and expects reduced volumes in its Chicken and Prepared Foods segments through fiscal 2021. The filing also discloses a revision of previously issued financial statements to correct misstatements from a cattle supplier's misappropriation of company funds, which overstated live cattle inventory for fiscal 2017 through 2020. The prior-year first quarter was revised, reducing net income by $52 million. Management concluded that disclosure controls were not effective as of January 2, 2021, due to a material weakness related to controls over live cattle inventory existence, with remediation underway. From a liquidity standpoint, operating cash flow was $1.39 billion, cash and equivalents stood at $2.41 billion, and total liquidity was $4.16 billion. Current debt was $566 million, and the company repaid $750 million of its $1.5 billion term loan in February 2021. Management said it expects capital spending of $1.3 billion to $1.5 billion for fiscal 2021 and net interest expense of approximately $430 million.

    Feb 11, 2021
  19. 2020-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 27, 2020

    Tyson Foods, Inc. reported third-quarter fiscal 2020 net income attributable to Tyson of $527 million, or $1.44 per diluted share, down from $676 million, or $1.84 per diluted share, in the prior-year quarter. Sales were $10.02 billion versus $10.89 billion, and operating income was $775 million versus $781 million. The filing attributes the sales and profit pressure to COVID-19: direct incremental pandemic expenses of approximately $340 million in the quarter, including $114 million of thank-you bonuses to frontline employees, lower production throughput, and a shift in demand from foodservice to retail. Chicken was the weakest segment, with an operating loss of $120 million, while Beef operating income rose to $651 million from $270 million. For the first nine months, net income attributable to Tyson was $1.448 billion ($3.96 per diluted share) versus $1.653 billion, and sales grew to $31.73 billion from $31.52 billion, helped by higher average sales prices and acquisitions. Liquidity was strengthened during the period. Cash and cash equivalents rose to $1.365 billion from $484 million at fiscal year-end 2019, and the company reported total liquidity of $3.117 billion. Operating cash flow was $2.708 billion for the nine months. Management stated that it expects to remain profitable for the rest of fiscal 2020 but that COVID-19 will likely weigh on overall earnings. The company also replaced $1.0 billion of commercial paper with a $1.5 billion term loan due March 2022, and total debt rose to $12.03 billion. The net debt to EBITDA ratio improved to 2.7x from 2.9x. On July 31, 2020, the Board named Dean Banks President and Chief Executive Officer effective October 3, 2020, succeeding Noel White, who becomes Executive Vice Chairman. The company also faces significant antitrust litigation in its chicken, pork and beef businesses, and a Department of Justice investigation in the chicken industry.

    Aug 3, 2020
  20. 2020-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 28, 2020

    Tyson Foods, Inc. reported second-quarter fiscal 2020 results (three months ended March 28, 2020) with sales of $10.888 billion, up from $10.443 billion a year earlier, and operating income of $501 million, down from $635 million. Net income attributable to Tyson was $364 million, or $1.00 per diluted share, compared with $426 million, or $1.17 per diluted share, in the prior-year quarter. For the six months, sales were $21.703 billion and operating income was $1.327 billion, versus $1.442 billion a year earlier. Results were helped by a $110 million pretax gain from pension plan terminations, while a $52 million restructuring charge and $16 million of Beef facility fire costs (net of insurance) weighed on the six-month period. Management said COVID-19 was creating operational challenges, including team member absenteeism, temporary plant idling, and a shift in demand from foodservice to retail that retail volume gains would not fully offset. The company said it expects to remain profitable in the second half of fiscal 2020, though overall earnings will be negatively affected. Liquidity was approximately $2.489 billion at March 28, 2020, including $437 million of cash. Operating cash flow for the six months was $1.260 billion, up from $939 million. Current debt was $1.142 billion. On March 27, 2020, Tyson executed a $1.5 billion term loan maturing in March 2022, which it drew on April 1, 2020 to repay $1.0 billion of commercial paper and the $200 million revolver balance. Total debt was $12.120 billion, and the company reported a net debt to EBITDA ratio of 2.9x, unchanged from September 28, 2019. The company also reported that it was in compliance with all debt covenants. The filing describes ongoing antitrust and other litigation, including broiler chicken, pork, and cattle matters, and a U.S. Department of Justice grand jury subpoena related to the chicken industry. Management said these matters are not expected to have a material adverse effect on consolidated results or financial position, though the outcomes cannot be predicted.

    May 4, 2020
  21. 2020-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 28, 2019

    Tyson Foods, Inc. reported first-quarter fiscal 2020 results for the three months ended December 28, 2019. Sales rose to $10.82 billion from $10.19 billion, with sales growth of 6.1% driven by a 4.7% increase in sales volume and a 1.4% increase in average sales price. Operating income was $826 million, compared with $807 million a year earlier, and net income attributable to Tyson was $557 million, or $1.52 per diluted share, versus $551 million, or $1.50 per diluted share. Results reflected $52 million of restructuring and related charges and $16 million of costs, net of insurance proceeds, from a fire at a beef production facility. Segment performance was mixed: Beef and Pork operating income rose to $410 million and $191 million, while Chicken fell to $57 million and Prepared Foods declined to $158 million. Cash generation and liquidity remained solid. Operating cash flow was $894 million, capital expenditures were $312 million, and the company reported approximately $1,429 million of liquidity at quarter end, including $497 million of cash and cash equivalents. Total debt was $11.72 billion, with $1.95 billion classified as current, and the company stated it intends to refinance or repay the current portion with operating cash and other liquidity sources. The net debt to EBITDA ratio was 2.8x, compared with 2.9x at September 28, 2019. Management expects fiscal 2020 capital spending of approximately $1.3 billion and net interest expense of approximately $450 million. Management highlighted several risks and developments, including trade and tariff uncertainty affecting domestic and export chicken prices, and the potential impact of the novel coronavirus, whose financial impact it described as unknown at that time. The company also disclosed an ongoing series of antitrust lawsuits and government investigations, including the broiler chicken litigation and related Department of Justice grand jury subpoenas, along with pork and beef antitrust actions. Management stated that it believes it has substantial defenses to these claims. The company also approved a new restructuring program expected to yield savings of approximately $55 million in fiscal 2020 and $65 million in fiscal 2021.

    Feb 6, 2020
  22. 2019-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 29, 2019

    Tyson Foods, Inc. reported third-quarter fiscal 2019 sales of $10.89 billion, up from $10.05 billion a year earlier, with net income attributable to Tyson of $676 million, or $1.84 per diluted share, compared with $541 million, or $1.47 per diluted share, in the prior-year quarter. For the nine months, sales were $31.52 billion and net income attributable to Tyson was $1.65 billion, or $4.51 per diluted share, versus $2.49 billion, or $6.72 per diluted share, in the prior-year period, which had benefited from a $1.00 billion tax benefit from remeasurement of deferred tax liabilities. Third-quarter results included a $105 million post-tax benefit from recognition of a previously unrecognized tax benefit and a $55 million pretax gain on sale of an investment. Operating income was $781 million for the quarter, slightly down from $797 million, and $2.22 billion for the nine months, roughly flat with $2.21 billion a year earlier. The balance sheet expanded materially following acquisitions. Total assets rose to $33.67 billion from $29.11 billion at September 29, 2018, and total debt increased to $12.59 billion from $9.87 billion, driven by the Keystone Foods acquisition for $2.3 billion in cash and the Thai and European operations of BRF S.A. acquired for $341 million net of cash acquired. The company reported liquidity of $1.46 billion and a net debt to EBITDA ratio of 2.9x, compared with 2.4x at September 29, 2018. Segment operating income for the nine months was $731 million in Beef, $237 million in Pork, $531 million in Chicken and $739 million in Prepared Foods, with Pork and Chicken declining year over year. The filing also details ongoing legal matters, including the In re Broiler Chicken Antitrust Litigation, in which the U.S. Department of Justice issued a grand jury subpoena, and class actions related to pork and beef pricing. The company states it is in compliance with all debt covenants and expects capital spending of approximately $1.3 billion for fiscal 2019.

    Aug 5, 2019
  23. 2019-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 30, 2019

    Tyson Foods, Inc.'s 10-Q for the quarter ended March 30, 2019 shows sales of $10.44 billion for the three months, up from $9.77 billion a year earlier, and operating income of $635 million versus $494 million. For the six months, sales were $20.64 billion and operating income was $1.44 billion, compared with $1.42 billion in the prior-year period. The filing attributes the second-quarter sales increase mainly to acquisition-driven volume in Chicken and Other, including the Keystone Foods acquisition, which closed November 30, 2018 for $2.3 billion in cash. Net income attributable to Tyson was $426 million for the quarter ($1.17 per diluted share), compared with $315 million ($0.85) a year earlier. The six-month comparison is distorted by a $1.00 billion tax benefit from Tax Act remeasurement in the prior year, which made six-month net income attributable to Tyson $977 million versus $1.95 billion. Balance-sheet leverage increased significantly. Long-term debt rose to $10.81 billion from $7.96 billion at fiscal year-end 2018, and total debt was $12.37 billion. The company issued $1.8 billion of 2026 and 2029 notes and reopened its 2048 notes for $1 billion to repay a 364-day term loan and commercial paper. The filing reports net debt to EBITDA of 2.9x, versus 2.4x at September 29, 2018. Liquidity was $1.93 billion, including $360 million of cash, and the company was in compliance with its debt covenants. Operating cash flow for the six months was $939 million, compared with $1.14 billion a year earlier, and capital expenditures were $656 million, with fiscal 2019 capital spending expected at $1.3 to $1.4 billion. Segment results were mixed. Beef and Prepared Foods operating income rose, while Pork and Chicken declined for the six months. Chicken operating income fell to $141 million in the quarter from $231 million, reflecting higher operating and feed costs. The filing also discloses several pending antitrust class actions in broiler chicken, pork and beef, and a Philippines labor matter with an accrual.

    May 6, 2019
  24. 2019-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 29, 2018

    Tyson Foods, Inc. reported sales of $10.19 billion for the first quarter of fiscal 2019 (three months ended December 29, 2018), compared with $10.23 billion a year earlier, and operating income of $807 million versus $922 million. Net income attributable to Tyson was $551 million, or $1.50 per diluted share, compared with $1.631 billion, or $4.40 per diluted share, in the prior-year quarter. The prior-year figure included a $994 million post-tax tax benefit from remeasurement of deferred tax liabilities. Management attributed the lower operating income to decreased Pork and Chicken margins, partially offset by strong Beef and Prepared Foods results. Operating income also absorbed $26 million of Keystone Foods purchase accounting and acquisition-related costs and $8 million of restructuring charges. The company's balance sheet and leverage changed significantly during the quarter. Total assets rose to $32.34 billion from $29.11 billion at September 29, 2018, driven by the November 30, 2018 acquisition of Keystone Foods for $2.3 billion in cash. Total debt increased to $11.99 billion from $9.87 billion, including a $1.8 billion 364-day term loan due November 2019 and $3.92 billion of current debt. Management said the current ratio fell to 0.85 to 1 from 1.13 to 1, and the net debt to EBITDA ratio rose to 3.0x from 2.4x. Management intends to repay current debt with operating cash flow and other liquidity sources, including senior notes issued as permanent financing for Keystone Foods. Cash provided by operating activities was $868 million, and capital expenditures were $318 million. Management expects fiscal 2019 capital spending of $1.4 billion to $1.5 billion. The company also agreed on February 6, 2019 to acquire the Thai and European operations of BRF S.A. for $340 million in cash, with closing expected before the end of fiscal third quarter 2019. Several antitrust and litigation matters remain pending, including the In re Broiler Chicken Antitrust Litigation and a pork antitrust class action.

    Feb 7, 2019
  25. 2018-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 30, 2018

    Tyson Foods, Inc. reported third-quarter fiscal 2018 sales of $10.05 billion, up from $9.85 billion a year earlier, with operating income of $802 million versus $697 million. For the nine months, sales were $30.05 billion and operating income was $2.23 billion, slightly below $2.25 billion in the prior-year period, as the company cited record Beef results and strong Prepared Foods performance offset by declines in Chicken and Pork margins. Net income attributable to Tyson for the nine months was $2.49 billion ($6.72 per diluted share), boosted by a $1.00 billion tax benefit from remeasuring deferred tax liabilities under the Tax Cuts and Jobs Act. Excluding that benefit and other one-time items, such as a $109 million one-time cash bonus to frontline employees and a $101 million impairment tied to non-protein business divestitures, the filing shows the underlying operating trend. Balance sheet and liquidity remained solid: cash and equivalents were $170 million at June 30, 2018, total debt was $10.16 billion, and the company reported approximately $894 million of liquidity. Operating cash flow for the nine months was $1.92 billion, while capital expenditures were $887 million, and the company expects fiscal 2018 capital spending of $1.2 billion to $1.3 billion. Tyson continued portfolio reshaping, completing the Kettle divestiture, agreeing to sell Sara Lee Frozen Bakery and Van's, and entering agreements to acquire Tecumseh Poultry (closed June 4, 2018) and American Proteins (expected to close in the fourth quarter of fiscal 2018). The filing also flags ongoing risks, including broiler chicken and pork antitrust class actions, a Philippines labor case, and tariff and freight cost pressures expected to continue through fiscal 2018. The Financial Fitness Program restructuring is estimated at $253 million in cumulative pretax charges, with $195 million recognized to date and targeted net savings of more than $200 million in fiscal 2018.

    Aug 6, 2018
  26. 2018-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 31, 2018

    Tyson Foods, Inc. reported net income of $316 million for the three months ended March 31, 2018, down from $341 million a year earlier, on sales of $9.77 billion (up from $9.08 billion). For the six months, net income was $1.95 billion, boosted by a $1,003 million income tax benefit from remeasurement of net deferred tax liabilities under the Tax Cuts and Jobs Act, compared with $935 million in the prior-year period. Operating income fell to $498 million in the quarter from $571 million and to $1.43 billion for the six months from $1.55 billion. The filing attributes the decline to a one-time cash bonus of $109 million to frontline employees, a $75 million impairment tied to the planned divestiture of non-protein businesses, and $12 million of restructuring charges in the quarter, partly offset by a Prepared Foods improvement. Segment results were mixed. Beef and Pork operating income declined year over year in both periods, Chicken was roughly flat, and Prepared Foods improved, helped by the AdvancePierre acquisition completed June 7, 2017, for approximately $3.2 billion. Cash provided by operating activities was $1.14 billion for the six months, versus $982 million a year earlier. Total debt was $10.00 billion at March 31, 2018, down from $10.20 billion at September 30, 2017. The company stated it was in compliance with all debt covenants, and it has suspended share repurchases other than those offsetting equity compensation dilution until its net debt to EBITDA nears a 2X target, which it anticipates during fiscal 2018. For investors, the key items are the underlying operating softness in the quarter, the large one-time tax benefit that inflates year-to-date earnings, and the company's stated plan to resume buybacks and to complete the sale of its remaining non-protein businesses in the back half of fiscal 2018.

    May 7, 2018
  27. 2018-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 30, 2017

    Tyson Foods, Inc. reported net income attributable to Tyson of $1,631 million for the first quarter of fiscal 2018 (three months ended December 30, 2017), versus $593 million a year earlier, and diluted EPS of $4.40 compared with $1.59. The large increase was driven by a $994 million post-tax benefit from remeasuring net deferred tax liabilities under the Tax Cuts and Jobs Act. Sales rose to $10.23 billion from $9.18 billion, with the filing citing a 5.2% increase in sales volume and a 5.9% increase in average sales price. Operating income declined to $927 million from $982 million, and the filing states the company's total operating margin was 9.1%. Interest expense increased to $88 million from $58 million, mainly due to debt issued for the AdvancePierre acquisition. Operating performance was mixed across segments. Beef and Pork operating income fell, while Chicken and Prepared Foods improved, with Prepared Foods reaching $261 million versus $190 million. The Financial Fitness Program restructuring is expected to total approximately $218 million in pretax charges, with $169 million recognized through December 30, 2017, and the company anticipates cumulative net savings of $200 million in fiscal 2018, $400 million in fiscal 2019, and $600 million in fiscal 2020. The company also completed the sale of its Kettle business for $125 million in net proceeds, used to pay down term loan debt, and it extinguished the $427 million Term Loan Tranche B due 2019. Liquidity totaled approximately $1.1 billion, and the filing reports a net debt to EBITDA ratio of 2.6x, down from 2.7x at September 30, 2017. The filing also flags several ongoing legal matters, including antitrust class actions related to broiler chicken pricing and grower compensation, a Philippines labor matter with an accrual the company describes as significantly less than the original award, and an asbestos judgment of approximately $13 million that the company has appealed. The company expects capital spending of $1.4 to $1.5 billion for fiscal 2018 and says it will consider additional share repurchases when its net debt to EBITDA ratio is around 2x, which it anticipates in the third quarter of fiscal 2018.

    Feb 8, 2018
  28. 2017-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jul 1, 2017

    Tyson Foods, Inc. reported third-quarter fiscal 2017 sales of $9.85 billion, up from $9.40 billion a year earlier, and operating income of $697 million versus $767 million. Net income attributable to Tyson was $447 million, or $1.21 per diluted share, compared with $484 million, or $1.25 per diluted share, in the prior-year quarter. For the nine months, sales were $28.12 billion and net income attributable to Tyson was $1.38 billion, or $3.72 per diluted share. The quarter was shaped by the June 7, 2017 acquisition of AdvancePierre Foods Holdings, Inc. for approximately $3.2 billion, funded with cash, senior notes, a term loan and commercial paper. Acquisition-related purchase accounting and costs weighed on results, and Chicken segment operating income declined to $294 million from $380 million. The balance sheet changed materially. Total assets rose to $28.06 billion from $22.37 billion at October 1, 2016, and total debt increased to $10.82 billion from $6.28 billion. Management stated the net debt to EBITDA ratio was 3.0x, up from 1.7x. Cash provided by operating activities was $1.45 billion for the nine months, compared with $1.87 billion a year earlier, and liquidity was approximately $1.04 billion at July 1, 2017. The company also announced plans to sell three non-protein businesses in its Prepared Foods segment, which are classified as held for sale, and it does not plan to repurchase shares other than to fund equity compensation obligations for the rest of fiscal 2017 and fiscal 2018. Legal matters remain significant. The filing describes Fair Labor Standards Act wage suits, a Broiler Chicken antitrust litigation, a securities class action that was dismissed on July 26, 2017, an SEC subpoena, and a Florida civil investigative demand. A Philippine labor matter carries an accrual that the filing describes as significantly less than the amount awarded by the labor arbiter.

    Aug 7, 2017
  29. 2017-Q3

    Tyson Foods Quarterly Report for Q3 Ended Apr 1, 2017

    Tyson Foods, Inc. reported its Form 10-Q for the quarter ended April 1, 2017. Second-quarter sales were $9,083 million versus $9,170 million a year earlier, and operating income was $571 million versus $704 million. Net income attributable to Tyson was $340 million, or $0.92 per diluted share, compared with $432 million, or $1.10 per diluted share, in the prior-year quarter. The filing attributes the decline mainly to the Chicken and Prepared Foods segments, including a $52 million impairment at the San Diego Prepared Foods operation and operational disruptions from fires at two chicken plants that the company said caused $23 million of incremental net costs. Beef and Pork operating income improved. For the six months, operating income rose to $1,553 million from $1,480 million and net income attributable to Tyson was $933 million, or $2.51 per diluted share. Cash flow from operations for the six months was $982 million, down from $1,105 million. Capital expenditures were $467 million, and the company expects fiscal 2017 capital spending of approximately $1 billion. Total debt was $6,448 million at April 1, 2017, and the company reported a net debt to EBITDA ratio of 1.7x. Shareholders' equity was $9,789 million. The company also disclosed a definitive agreement to acquire AdvancePierre Foods Holdings, Inc. for $40.25 per share in cash, or approximately $3.2 billion, plus assumed gross debt of about $1.1 billion, financed partly by a $4.5 billion bridge commitment. It also plans to sell three non-protein Prepared Foods businesses with a net carrying value of approximately $800 million. The filing also discloses an SEC subpoena and a Florida civil investigative demand related to the broiler chicken antitrust litigation, along with multiple class actions. The company said it was in compliance with all debt covenants at April 1, 2017.

    May 8, 2017
  30. 2017-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 31, 2016

    Tyson Foods, Inc. reported fiscal first-quarter 2017 results for the three months ended December 31, 2016. Sales were $9.18 billion versus $9.15 billion a year earlier, while operating income rose to $982 million from $776 million, and net income attributable to Tyson was $593 million, or $1.59 per diluted share, compared with $461 million, or $1.15 per diluted share. The filing attributes the operating income increase to record earnings in the Beef and Pork segments, with Beef operating income up $228 million and Pork up $89 million, while Chicken operating income fell to $263 million from $358 million. Sales volume rose 2.4% while average sales price fell 2.0%. Cash provided by operating activities was $1.13 billion, and the company repurchased $576 million of Class A stock during the quarter. Total debt declined to $5.97 billion from $6.28 billion at October 1, 2016, and the company reported $307 million of cash and cash equivalents and total liquidity of about $1.55 billion, with net debt to EBITDA of 1.5x. Management expects fiscal 2017 capital spending of approximately $1 billion and synergies and profit improvement initiatives of roughly $675 million. The filing also discloses significant legal exposure, including broiler chicken antitrust litigation, a securities class action, an SEC subpoena received January 20, 2017, and a Philippines labor matter in which the NLRC increased an award, with the company recording a higher accrual that it describes as significantly below the amount awarded.

    Feb 6, 2017
  31. 2016-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jul 2, 2016

    Tyson Foods, Inc. reported third-quarter fiscal 2016 sales of $9.40 billion, down from $10.07 billion a year earlier, with the decline attributed mainly to lower beef prices and the 2015 sale of its Mexico chicken operation. Operating income rose to $767 million from $563 million, and net income attributable to Tyson was $484 million, or $1.25 per diluted share, versus $343 million, or $0.83, in the prior-year quarter. The company said the Beef segment's $98 million operating income improvement and record Chicken segment results drove the gain, and that its Prepared Foods synergies from the Hillshire Brands integration continued to contribute. For the first nine months, sales were $27.73 billion and net income attributable to Tyson was $1.38 billion, or $3.50 per diluted share. Cash provided by operating activities was $1.87 billion. Management pointed to about $1.3 billion of total liquidity at July 2, 2016, including $197 million of cash, and said the ratio of net debt to EBITDA improved to 1.7x from 2.1x at fiscal year-end 2015. Total debt was $6.18 billion, and the company repaid its $638 million 2016 Notes on March 31, 2016. Capital allocation was a major use of cash. Share repurchases totaled $1.29 billion for the nine months, including $380 million repurchased between July 2 and August 5, 2016, and 49.1 million shares remained authorized. Investors should also note the 13.8 million tangible equity units outstanding, which settle automatically on July 15, 2017, with a remaining obligation to deliver between 14.7 million and 18.4 million Class A shares.

    Aug 8, 2016
  32. 2016-Q3

    Tyson Foods Quarterly Report for Q3 Ended Apr 2, 2016

    Tyson Foods, Inc. reported second-quarter fiscal 2016 results (quarter ended April 2, 2016) with sales of $9.17 billion, down from $9.98 billion a year earlier, while net income attributable to Tyson rose to $432 million ($1.10 per diluted share) from $310 million ($0.75 per diluted share). Operating income increased to $704 million from $547 million. The filing attributes the sales decline mainly to lower average sales prices for beef, pork and chicken, plus the fiscal 2015 sale of the Mexico chicken operation, while lower live cattle, hog and feed costs drove the improvement in cost of sales. For the six months, net income attributable to Tyson was $893 million ($2.25 per diluted share) versus $619 million a year earlier. Segment results showed Chicken operating income of $347 million and Beef operating income of $46 million in the quarter, compared with a Beef loss of $20 million a year earlier. Pork ($140 million) and Prepared Foods ($197 million) also improved. Management cited $144 million of Hillshire Brands synergies and profit improvement initiatives captured in the quarter and expects them to contribute more than $500 million in fiscal 2016 and more than $700 million in fiscal 2017. Liquidity remained solid: operating cash flow was $1.105 billion for the six months, cash and equivalents were $254 million, total liquidity was about $1.2 billion, and total debt was $6.349 billion. The company repaid $638 million of 2016 Notes, repurchased $826 million of its Class A stock in the six months, and had $232 million of repurchases after the quarter end through May 6, 2016. The filing states the company was in compliance with all debt covenants.

    May 9, 2016
  33. 2016-Q2

    Tyson Foods Quarterly Report for Q2 Ended Jan 2, 2016

    Tyson Foods, Inc. reported net income attributable to Tyson of $461 million, or $1.15 per diluted share, for the first quarter of fiscal 2016 ended January 2, 2016, compared with $309 million, or $0.74 per diluted share, in the first quarter of fiscal 2015. Sales declined to $9.15 billion from $10.82 billion, driven by a 6.8% decline in sales volume and a 9.2% decline in average sales price, with lower beef, pork and feed prices and the sale of the Brazil and Mexico chicken operations in fiscal 2015. Operating income rose to $776 million from $509 million, and the total operating margin was a record 8.5%, led by record results in Chicken and Prepared Foods. Segment results show Chicken operating income of $358 million at a 13.6% margin, Beef at $71 million (2.0% margin), Pork at $158 million (13.0% margin) and Prepared Foods at $207 million (10.9% margin). Management cites lower input costs, with live cattle costs down about $740 million and synergies from the Hillshire Brands integration totaling $121 million in the quarter. Cash from operations was $1.10 billion, and the company repurchased $387 million of Class A stock, with a further $221 million repurchased from January 2 through February 4, 2016. The Board approved an increase of 50 million shares to the repurchase authorization on February 4, 2016. Balance sheet liquidity was approximately $2.43 billion at quarter end, including $1.19 billion of cash. Total debt was $6.71 billion, and the company reported a net debt to EBITDA ratio of 1.7x, down from 2.1x at October 3, 2015. The company also disclosed pending litigation, including the Supreme Court case concerning pre- and post-shift compensation claims at its Storm Lake, Iowa pork plant, and an EPA proposed civil penalty of $283,990 related to California truck emission rules.

    Feb 5, 2016
  34. 2015-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 27, 2015

    Tyson Foods, Inc. reported sales of $10.07 billion for the third quarter of fiscal 2015 (ended June 27, 2015), up from $9.68 billion a year earlier, and operating income of $563 million versus $351 million. Net income attributable to Tyson was $343 million, or $0.83 per diluted share, compared with $260 million, or $0.73 per diluted share, in the prior-year quarter. For the nine months, sales were $30.87 billion and net income attributable to Tyson was $962 million, or $2.32 per diluted share. The filing attributes much of the growth to the August 28, 2014 acquisition of The Hillshire Brands Company, which is included in the Prepared Foods segment. Prepared Foods posted operating income of $207 million in the quarter, while the Beef segment posted an operating loss of $7 million. Debt declined to $7.23 billion at June 27, 2015, from $8.18 billion at September 27, 2014, and the company reported net debt to EBITDA of 2.6x, down from 4.1x. Cash provided by operating activities was $1.67 billion for the nine months. Management estimates Hillshire Brands synergies and profit improvement will contribute approximately $300 million in fiscal 2015, more than $400 million in fiscal 2016 and more than $600 million by fiscal 2017. The sale of the Mexico operation to JBS closed on June 29, 2015, for proceeds of $400 million, with an expected gain of approximately $80 million, and the company used the proceeds to retire the 2.75% senior notes due September 2015.

    Aug 3, 2015
  35. 2015-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 28, 2015

    Tyson Foods, Inc. reported fiscal second-quarter 2015 results (three months ended March 28, 2015) with sales of $9.98 billion, up from $9.03 billion a year earlier, and net income attributable to Tyson of $310 million, or $0.75 per diluted share, versus $213 million, or $0.60 per diluted share, in the prior-year quarter. Operating income rose to $547 million from $361 million, and the company attributes the growth mainly to record earnings in its Prepared Foods segment, where the Hillshire Brands acquisition completed on August 28, 2014 contributed to higher sales volume and prices. Six-month sales were $20.80 billion and net income attributable to Tyson was $619 million, or $1.49 per diluted share. The Beef segment posted an operating loss of $20 million in the quarter, while Chicken, Pork and Prepared Foods were profitable. Balance sheet and cash flow data show total debt of $7.67 billion at March 28, 2015, down from $8.18 billion at September 27, 2014, with cash and cash equivalents of $223 million. Operating cash flow for the first six months was $808 million, compared with $265 million a year earlier, and capital expenditures were $435 million. The company reported a net debt to EBITDA ratio of 3.3x, down from 4.1x at fiscal year-end 2014, and said it had approximately $1.3 billion of liquidity. Management expects fiscal 2015 capital spending of approximately $900 million and net interest expense of approximately $280 million. The filing also describes ongoing legal matters, including several wage-and-hour lawsuits involving beef, pork and prepared foods plants, a pending Mexico divestiture to JBS SA that awaits government approval, and a $540,000 consent judgment with the State of Missouri over a Monett plant incident, with a related EPA criminal investigation still open.

    May 4, 2015
  36. 2015-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 27, 2014

    Tyson Foods, Inc. reported first-quarter fiscal 2015 results for the three months ended December 27, 2014, with sales of $10.82 billion, up from $8.76 billion a year earlier, and net income attributable to Tyson of $309 million, or $0.74 per diluted share, compared with $254 million, or $0.72, in the prior-year quarter. Sales volume rose 7.7% and average sales price rose 14.7%, with the August 2014 acquisition of The Hillshire Brands Company contributing most of the volume increase in the Prepared Foods segment. Operating income was $509 million versus $412 million, and the filing states operating income grew 24%. Segment performance was mixed. Chicken delivered record results with operating income of $351 million and a 12.6% margin, and Pork earned $122 million at a 7.9% margin. Prepared Foods improved to $71 million, while Beef swung to a $6 million operating loss, which the filing attributes to higher fed cattle costs and reduced consumer demand for premium beef. International posted a $14 million loss, reflecting challenging conditions in China and the sale of the Brazil operation. On the balance sheet, total debt was reduced to $7.53 billion from $8.18 billion, and operating cash flow was $812 million, compared with $361 million a year earlier. Liquidity totaled approximately $1.6 billion, including $381 million of cash and cash equivalents. The company also stated that net debt to EBITDA improved to 3.5x from 4.1x, and that it expects fiscal 2015 capital spending of approximately $900 million.

    Jan 30, 2015
  37. 2014-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 28, 2014

    Tyson Foods, Inc. reported third-quarter fiscal 2014 sales of $9.68 billion, up from $8.73 billion a year earlier, with net income attributable to Tyson of $260 million, or $0.73 per diluted share, compared with $249 million, or $0.68 per diluted share, in the prior-year quarter. Operating income fell to $351 million from $419 million, and gross profit declined to $637 million from $682 million, as cost of sales rose to 93.4% of sales from 92.2%. Management attributed the margin pressure largely to higher live cattle and hog costs, a $49 million impairment tied to the planned closure of three Prepared Foods plants, and losses in the International segment. Results were supported by a $40 million gain on an unrecognized tax benefit, which lowered the effective tax rate to 16.8% for the quarter. For the nine months, sales were $27.48 billion versus $25.48 billion, and net income attributable to Tyson was $727 million, or $2.05 per diluted share, versus $517 million, or $1.42 per diluted share. Cash provided by operating activities for the nine months was $543 million, down from $772 million, and cash and cash equivalents stood at $587 million at June 28, 2014. Total debt was $1.83 billion, and the company reported approximately $1.5 billion of liquidity. The most significant subsequent events are the pending acquisition of The Hillshire Brands Company at $63.00 per share in cash, valued at an estimated $8.9 billion including assumed net debt and a $163 million termination fee, and the planned sale of its Brazil and Mexico chicken operations to JBS SA for $575 million. To finance the Hillshire acquisition, Tyson raised about $873 million from Class A common stock, $1.45 billion from tangible equity units, and arranged a $2.5 billion term loan and $3.25 billion of senior notes, with a $5.7 billion bridge facility also in place. The filing also discloses ongoing wage-and-hour litigation at several plants and an Oklahoma environmental suit seeking compensatory damages in excess of $800 million.

    Aug 7, 2014
  38. 2014-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 29, 2014

    Tyson Foods, Inc. reported second-quarter fiscal 2014 sales of $9.03 billion, up from $8.38 billion a year earlier, and net income attributable to Tyson of $213 million, or $0.60 per diluted share, compared with $95 million, or $0.26 per diluted share, in the prior-year quarter. Gross profit rose to $651 million from $468 million, and operating income increased to $361 million from $236 million. The filing attributes the gain largely to a strong Chicken segment, where operating income reached $234 million, and a Pork segment with operating income of $107 million. Beef operating income improved to $35 million, while International posted an operating loss of $30 million and Prepared Foods operating income declined to $21 million. For the six months, sales were $17.79 billion and net income attributable to Tyson was $467 million, or $1.32 per diluted share. Cash provided by operating activities was $265 million, against $344 million used for investing activities and $633 million used for financing activities, which included $275 million of Class A stock repurchases and $50 million of dividends. Cash and cash equivalents fell to $438 million from $1.145 billion at fiscal year-end 2013, largely because the $458 million principal of the 3.25% convertible 2013 Notes was repaid in October 2013. Total debt declined to $1.94 billion from $2.41 billion, and the debt-to-total-capitalization ratio fell to 23.1% from 27.9%. Management's fiscal 2014 outlook calls for sales of approximately $37 billion, capital expenditures of $650 to $700 million, and net interest expense of about $95 million. The company expects the Chicken segment to be above its normalized operating margin range, the Pork segment to be within its normalized range, and the Prepared Foods segment to be below its normalized range. The filing also discloses significant wage-and-hour litigation, including an $18.77 million judgment entered in the Acosta case, and an Oklahoma environmental suit seeking compensatory damages in excess of $800 million.

    May 5, 2014
  39. 2014-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 28, 2013

    Tyson Foods, Inc. reported first-quarter fiscal 2014 results for the three months ended December 28, 2013, with sales of $8.76 billion, up from $8.37 billion a year earlier, and operating income of $412 million versus $304 million. Net income attributable to Tyson was $254 million, or $0.72 per diluted share, compared with $173 million, or $0.48 per diluted share, in the prior-year quarter. The Chicken segment led the improvement, with operating income of $225 million on a 7.5% operating margin, against $111 million and a 3.8% margin a year earlier. Beef, Pork and Prepared Foods results were mixed: Beef operating income rose to $58 million, Pork fell to $121 million, and Prepared Foods fell to $16 million on higher raw material costs. Cash flow from operations was $361 million, compared with $190 million in the prior-year quarter. Tyson repurchased 4.6 million Class A shares under its program for $150 million, and cash and cash equivalents declined to $825 million from $1.145 billion at fiscal year-end. Total debt fell to $1.94 billion from $2.41 billion after the $458 million 2013 convertible notes matured in October 2013. Management said total liquidity was $1.8 billion at December 28, 2013, and that its Board approved an additional 25 million shares for repurchase on January 30, 2014. The filing also discloses significant legal exposure. Tyson Fresh Meats faces multiple wage-and-hour lawsuits under the Fair Labor Standards Act, including an entered judgment of $18,774,989 in the Acosta case on January 30, 2014. Oklahoma seeks compensatory damages in excess of $800 million in its poultry litter pollution suit. Management outlook for fiscal 2014 calls for sales of approximately $36 billion, capital expenditures of approximately $700 million, and net interest expense of approximately $100 million.

    Jan 31, 2014
  40. 2013-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 29, 2013

    Tyson Foods, Inc. reported third-quarter fiscal 2013 sales of $8.73 billion, up from $8.26 billion a year earlier, and net income attributable to Tyson of $249 million, or $0.68 per diluted share, versus $76 million, or $0.21 per diluted share, in the prior-year quarter. Operating income rose to $419 million from $342 million, led by the Chicken segment, which reported operating income of $220 million and an operating margin of 7.0%. The Beef segment rebounded to $114 million of operating income, while Pork ($67 million) and Prepared Foods ($24 million) were weaker. For the nine months, net income attributable to Tyson was $517 million, or $1.42 per diluted share, compared with $398 million, or $1.07, a year earlier. Nine-month results were affected by a $167 million prior-year charge on early extinguishment of debt, a $19 million currency translation gain in fiscal 2013, and a $70 million loss from the discontinued Weifang operation in China. Balance sheet and liquidity remained solid. Total liquidity was about $2 billion at June 29, 2013, including $943 million of cash and cash equivalents and $944 million available under the $1.0 billion revolving credit facility. Total debt was $2.41 billion, and the debt-to-total-capitalization ratio fell to 27.8% from 28.7%. The company repurchased 13.5 million Class A shares for $298 million in the nine months and raised its quarterly dividend rate by 25%. The $458 million 3.25% convertible notes due October 2013 are expected to be repaid with cash on hand and/or operating cash flows. Management's fiscal 2014 outlook calls for sales of approximately $36 billion, capital expenditures of $650-$700 million, and net interest expense of about $100 million. Management expects lower feed costs of approximately $500 million in fiscal 2014 and expects the Chicken segment to be in or above its normalized 5.0%-7.0% margin range. The filing also discloses an Oklahoma environmental suit seeking compensatory damages in excess of $800 million and several wage-and-hour class actions, including a $5.78 million judgment in the Bouaphakeo case that is under appeal.

    Aug 5, 2013
  41. 2013-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 30, 2013

    Tyson Foods, Inc. reported fiscal second-quarter 2013 results (three months ended March 30, 2013) with sales of $8.42 billion, up from $8.27 billion a year earlier, while net income attributable to Tyson fell to $95 million from $166 million, or $0.26 per diluted share versus $0.44. Operating income declined to $174 million from $302 million. The quarter included a $56 million charge for the impairment of non-core assets in China and a $19 million currency translation adjustment gain. Management described increased input costs and challenging market conditions across all segments, with the Beef segment operating at a loss of $26 million and the Pork and Prepared Foods segments both down year over year. For the six months, sales rose to $16.82 billion from $16.60 billion, but net income attributable to Tyson declined to $268 million from $322 million, or $0.74 per diluted share versus $0.86. Cash provided by operating activities was $230 million compared with $454 million in the prior-year period, reflecting higher working capital needs. Liquidity stood at approximately $1.8 billion, including $762 million of cash and cash equivalents, and the company repurchased 9.1 million shares for $188 million during the six months. Management's outlook for fiscal 2013 projects sales of approximately $34.5 billion, capital expenditures of $550 million to $600 million, and net interest expense of about $140 million. The Chicken segment is expected to incur higher feed costs of approximately $450 million, and the Beef segment is expected to remain profitable but below its normalized range. The 2013 convertible notes, with $458 million principal outstanding, mature in October 2013 and are expected to be paid from cash on hand and operating cash flows.

    May 6, 2013
  42. 2013-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 29, 2012

    Tyson Foods, Inc. reported first-quarter fiscal 2013 results (three months ended December 29, 2012) with sales of $8.40 billion, up from $8.33 billion a year earlier, and net income attributable to Tyson of $173 million, or $0.48 per diluted share, compared with $156 million, or $0.42 per diluted share, in the prior-year quarter. Gross profit rose to $537 million from $493 million, and operating income increased to $300 million from $278 million. Segment results were mixed: Chicken operating income improved to $107 million from $32 million, while Pork fell to $125 million from $165 million and Prepared Foods fell to $33 million from $51 million. Beef operating income was $46 million versus $31 million. Cash generation and capital returns were notable in the quarter. Cash provided by operating activities was $190 million, compared with $338 million a year earlier, mainly reflecting a working capital outflow of $122 million. The company repurchased 5.9 million shares for $115 million in total and paid $53 million in dividends, including a 25% increase to the quarterly dividend rate and special dividends of $0.10 per Class A share and $0.09 per Class B share. Cash and cash equivalents were $951 million at quarter end, and total liquidity was $1.9 billion. Management's outlook for fiscal 2013 anticipates higher feed costs of approximately $600 million for the Chicken segment, sales of approximately $35 billion, capital expenditures of approximately $550 million, and net interest expense of approximately $140 million. The filing also discloses significant pending wage-and-hour litigation, the Oklahoma poultry litter lawsuit seeking compensatory damages in excess of $800 million, and an EPA and Department of Justice Clean Air Act matter at 25 facilities for which settlement discussions are ongoing.

    Feb 1, 2013
  43. 2012-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jun 30, 2012

    Tyson Foods, Inc. reported third-quarter fiscal 2012 sales of $8.31 billion (versus $8.25 billion a year earlier) and net income attributable to Tyson of $76 million, or $0.21 per diluted share, compared with $196 million, or $0.51 per diluted share, in the prior-year quarter. Results were weighed down by a $167 million pretax charge for early extinguishment of debt tied to the tender offer for its 10.50% Senior Notes due 2014. Operating income for the quarter was $336 million, up from $312 million, with the Chicken segment's operating income rising to $153 million from $28 million, while Beef ($71 million vs. $140 million) and Pork ($69 million vs. $124 million) declined. For the nine months, net income attributable to Tyson was $398 million, or $1.07 per diluted share, versus $653 million, or $1.71 per diluted share, a year earlier. The balance sheet shows total debt of $2.46 billion at June 30, 2012, up from $2.18 billion at October 1, 2011, after the company issued $1.0 billion of 4.50% senior notes due 2022 and used the proceeds to retire most of the 2014 Notes. Management said this refinancing will produce approximately $55 million in annualized interest savings. Total liquidity was $1.8 billion, including $828 million of cash and cash equivalents, and the company was in compliance with all debt covenants. Share repurchases totaled $209 million for the nine months, and management said it expects to reduce repurchases in light of anticipated working capital needs. For fiscal 2012, management expects sales of approximately $33 billion, down $1 billion from its previous estimate due to weak domestic protein demand. For fiscal 2013, it expects sales of approximately $35 billion, mainly from price increases, and notes that drought conditions have reduced expected grain supplies and raised input costs. Management expects the Chicken segment to remain profitable in fiscal 2013 despite higher grain prices, and expects the Beef segment to remain profitable but possibly below its normalized range.

    Aug 6, 2012
  44. 2012-Q2

    Tyson Foods Quarterly Report for Q2 Ended Mar 31, 2012

    Tyson Foods, Inc. reported second-quarter fiscal 2012 (quarter ended March 31, 2012) net income attributable to Tyson of $166 million, or $0.44 per diluted share, compared with $159 million, or $0.42 per diluted share, in the prior-year quarter. Sales rose to $8,268 million from $8,000 million, driven by higher average sales prices (an increase of $652 million), partly offset by lower sales volume (a decrease of $384 million). Operating income was roughly flat at $302 million versus $303 million, as gross profit of $535 million was offset by higher cost of sales from input costs. For the six months, net income attributable to Tyson was $322 million, or $0.86 per diluted share, down from $457 million, or $1.20 per diluted share, a year earlier. Six-month operating income fell to $580 million from $801 million, with the Beef segment's operating income dropping to $30 million from $210 million. Segment results were mixed. Chicken operating income rose to $145 million in the quarter from $37 million, reflecting a return to its normalized margin range, while Beef broke even at $(1) million versus $94 million a year earlier. Pork operating income was $115 million, down from $146 million, and Prepared Foods rose to $44 million from $31 million. Management's outlook for fiscal 2012 expects sales of approximately $34 billion, capital expenditures of $800 million to $850 million, and net interest expense of approximately $190 million. Liquidity stood at $1.7 billion at March 31, 2012, including $723 million of cash and cash equivalents, and total debt was $2,220 million. Capital returns were active during the period. Tyson repurchased 5.4 million Class A shares for approximately $105 million over the six months under its share repurchase program, and on May 3, 2012, the Board approved an increase of 35 million shares authorized for repurchase, bringing the total authorization to 60 million shares with 42.4 million remaining as of May 7, 2012. The filing also discloses significant pending litigation, including an Oklahoma environmental suit seeking compensatory damages in excess of $800 million and wage-and-hour actions, along with an EPA and DOJ Clean Air Act matter for which the company is in settlement discussions.

    May 7, 2012
  45. 2012-Q1

    Tyson Foods Quarterly Report for Q1 Ended Dec 31, 2011

    Tyson Foods, Inc. reported sales of $8.33 billion for the first quarter of fiscal 2012 (three months ended December 31, 2011), up from $7.62 billion a year earlier, while operating income fell to $278 million from $498 million and net income attributable to Tyson was $156 million, or $0.42 per diluted share, versus $298 million, or $0.78 per diluted share, in the prior-year quarter. The company attributed the results to a return to profitability in Chicken, a strong Pork segment, and improved Prepared Foods operating income, while Beef remained profitable but faced volatile market conditions. Cost of sales rose to 94.1% of sales from 90.2%, driven mainly by higher livestock and feed costs, and the Chicken segment's operating income dropped to $32 million from $181 million. Management's fiscal 2012 outlook expects domestic protein availability to decline 2-3%, supporting pricing, with fiscal 2012 sales expected to exceed $34 billion, capital expenditures of approximately $800-$850 million, and net interest expense of about $185 million. The company reported $857 million of cash and cash equivalents and total liquidity of $1.7 billion at December 31, 2011, and says it has no significant scheduled debt maturities until fiscal 2014. It repurchased 1.8 million Class A shares for approximately $35 million during the quarter, with 11 million shares remaining authorized. The filing also details significant pending litigation, including wage-and-hour class actions under the Fair Labor Standards Act, an Oklahoma environmental suit seeking compensatory damages in excess of $800 million, and an Armstrong case in which a final judgment of $8,655,735 has been appealed. The EPA and Department of Justice are also pursuing a Clean Air Act matter involving ammonia refrigeration at 15 facilities, with monetary penalties not yet quantified.

    Feb 3, 2012
  46. 2011-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jul 2, 2011

    Tyson Foods, Inc. filed this Form 10-Q for the quarter ended July 2, 2011. For the third quarter, sales were $8.25 billion versus $7.44 billion a year earlier, while gross profit fell to $531 million from $752 million and net income attributable to Tyson was $196 million, or $0.51 per diluted share, compared with $248 million, or $0.65 per diluted share, in the prior-year quarter. For the nine months, net income attributable to Tyson was $653 million, or $1.71 per diluted share, versus $567 million, or $1.49 per diluted share. The filing attributes the sales increase mainly to higher average sales prices tied to rising raw material costs. Segment results show Chicken operating income of $28 million for the quarter, down from $186 million, while Beef and Pork remained profitable. Management describes the Chicken segment as facing an oversupply that it expects to keep weighing on results, with a likely fourth-quarter loss. Balance sheet and cash flow data show cash and cash equivalents of $981 million, total debt of $2.46 billion, and cash provided by operating activities of $686 million for the nine months, down from $1.08 billion a year earlier, mainly due to a working capital outflow of $421 million. The company repurchased 4.4 million shares for approximately $80 million under a share repurchase program reactivated in May 2011, leaving 18.1 million shares authorized. Management reports approximately $1.8 billion of total liquidity and states that it was in compliance with all debt covenants. Interest expense fell to $58 million in the quarter from $102 million, reflecting lower debt levels and the absence of prior-year losses on note repurchases. The filing also discloses ongoing wage-and-hour litigation under the Fair Labor Standards Act, including a jury verdict in the Garcia case, and an Oklahoma environmental suit seeking compensatory damages in excess of $800 million. Management expects fiscal 2011 sales to exceed $32 billion and net interest expense of approximately $235 million.

    Aug 8, 2011
  47. 2011-Q3

    Tyson Foods Quarterly Report for Q3 Ended Apr 2, 2011

    Tyson Foods, Inc. reported fiscal second-quarter 2011 results (quarter ended April 2, 2011) in its Form 10-Q filed May 9, 2011. Sales rose to $8.00 billion from $6.92 billion, and net income attributable to Tyson was $159 million, flat with the prior-year quarter, with diluted EPS of $0.42 in both periods. Operating income fell to $303 million from $344 million, with Chicken operating income dropping to $37 million from $114 million on higher grain costs and excess supply, while Pork operating income rose to $146 million from $69 million. The filing attributes higher sales primarily to higher average sales prices, largely from higher live and raw material costs. For the six months, sales were $15.62 billion and net income attributable to Tyson was $457 million, or $1.20 diluted EPS, versus $319 million and $0.84 a year earlier. Interest expense fell to $129 million from $180 million, and the company reported lower average weekly indebtedness. Management stated that the company received credit rating upgrades from S&P, Moody's and Fitch during the quarter, with its corporate rating now investment grade at S&P and Fitch. Liquidity stood at approximately $1.6 billion, including $794 million of cash and $842 million available under a $1.0 billion revolving credit facility that was amended and extended to February 2016. Management expects fiscal 2011 sales to exceed $32 billion, capital expenditures of about $700 million, and net interest expense of about $230 million, and it expects Chicken operating margins to fall below the normalized range. The filing also discloses a $4 million DOJ penalty under a deferred prosecution agreement related to FCPA issues, and it details ongoing wage-and-hour litigation and an Oklahoma environmental suit seeking compensatory damages in excess of $800 million.

    May 9, 2011
  48. 2011-Q2

    Tyson Foods Quarterly Report for Q2 Ended Jan 1, 2011

    Tyson Foods, Inc. reported first-quarter fiscal 2011 results (three months ended January 1, 2011) with sales of $7.615 billion, up from $6.635 billion a year earlier, and operating income of $498 million versus $314 million. Net income attributable to Tyson was $298 million, or $0.78 per diluted share, compared with $160 million, or $0.42 per diluted share, in the prior-year quarter. The filing attributes the improvement to a favorable market environment, with tight protein supplies and strong demand supporting pricing in the Beef and Pork segments. Net income also included an $11 million gain from the sale of interests in an equity method investment, recorded in Other, net. Segment results show Pork operating income rising to $177 million from $62 million, with a 14.3% operating margin, and Chicken operating income rising to $181 million from $78 million. Beef operating income declined slightly to $116 million from $119 million, and Prepared Foods fell to $28 million from $55 million as raw material costs outpaced price increases. Interest expense fell to $66 million from $80 million, and cash provided by operating activities was $371 million, compared with $547 million, mainly due to working capital changes. Looking ahead, management expects operating margins to be lower for the remainder of fiscal 2011 than in the first quarter, and forecasts higher grain costs of approximately $500 million versus fiscal 2010. The company expects fiscal 2011 capital expenditures of approximately $700 million and net interest expense of approximately $245 million. It reported approximately $2.0 billion of liquidity, including $1.1 billion of cash and cash equivalents, and plans to retire the $315 million of 8.25% Notes due October 2011 with cash on hand and operating cash flows. The filing also discloses ongoing wage-and-hour litigation and the Oklahoma environmental lawsuit, which seeks compensatory damages in excess of $800 million.

    Feb 4, 2011
  49. 2010-Q3

    Tyson Foods Quarterly Report for Q3 Ended Jul 3, 2010

    Tyson Foods, Inc. reported a substantial improvement in results for the third quarter and nine months ended July 3, 2010. Sales were $7.44 billion for the quarter, up from $6.66 billion, and $20.99 billion for the nine months, up from $19.49 billion. Operating income rose to $507 million in the quarter from $276 million, and to $1.17 billion for the nine months from $107 million. Net income attributable to Tyson was $248 million, or $0.65 diluted per share, for the quarter, compared with $131 million, or $0.35, a year earlier. For the nine months, net income attributable to Tyson was $567 million, or $1.49 per diluted share, versus a net loss of $90 million a year earlier. Management attributes the gains to margin management, operational efficiencies, and improving domestic market conditions. Operating margin for the quarter was 6.8%, including $38 million of insurance proceeds in the Chicken segment. Debt reduction was a major theme. Management used operating cash flow of $1.1 billion, along with restricted cash, to repurchase, retire or redeem $923 million of senior notes, bringing total debt to $2.58 billion, which management describes as the lowest level since the IBP acquisition in 2001. Liquidity was $1.66 billion, including $834 million of cash and $828 million of availability under the $1.0 billion revolving credit facility. The debt-to-capitalization ratio fell to 34.3% from 44.0%. Interest expense for the nine months was $282 million, including $59 million of losses on notes repurchased. The filing also discloses ongoing litigation, most notably the Armstrong case in Oklahoma, where a final judgment of $8,655,735 was entered against the company, and a state of Oklahoma environmental suit seeking compensatory damages in excess of $800 million. Management states that the company believes it has substantial defenses. For fiscal 2010, management expects capital expenditures of about $600 million and net interest expense of about $335 million, with fiscal 2011 interest expense expected to be about $250 million.

    Aug 9, 2010
  50. 2010-Q3

    Tyson Foods Quarterly Report for Q3 Ended Apr 3, 2010

    Tyson Foods, Inc. reported second-quarter fiscal 2010 results (three months ended April 3, 2010) with sales of $6.92 billion, up from $6.31 billion a year earlier, and operating income of $344 million versus $29 million. Net income attributable to Tyson was $159 million, or $0.42 per diluted share, compared with a net loss of $119 million, or $(0.32) per diluted share, in the prior-year quarter. For the six months, sales were $13.55 billion and net income attributable to Tyson was $319 million, or $0.84 per diluted share, compared with a net loss of $221 million in the prior year. The filing attributes the improvement to about $400 million of operational efficiency gains and about $250 million of margin management gains year-to-date, along with improved market conditions. Results were partly offset by a $24 million charge for losses on notes repurchased during the quarter. Balance sheet and liquidity show cash and cash equivalents of $812 million and total liquidity of $1.58 billion, including $772 million available under a $1.0 billion revolving credit facility. Total debt declined to $2.98 billion from $3.48 billion at fiscal year-end 2009, after the company used cash and restricted cash to repurchase or retire $518 million of senior notes in the first half. The debt-to-capitalization ratio fell to 38.7% from 44.0%, and shareholders' equity rose to $4.72 billion. Cash provided by operating activities was $499 million for the six months, and capital spending for fiscal 2010 is expected to be approximately $700 million. The filing also discloses significant litigation, including the Armstrong growers case in Oklahoma, where a jury verdict of $7,059,157 or $8,823,057 is in dispute, and the Oklahoma Attorney General's suit over poultry litter seeking compensatory damages in excess of $800 million. Wage-and-hour class actions under the Fair Labor Standards Act remain pending, and the company states that its legal reserves are adequate and that it intends to vigorously defend these cases.

    May 10, 2010