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Mar 30, 2024
Tyson Foods Q2 2024 Earnings Report
Tyson Foods experienced year-over-year growth in operating income, demonstrating progress on strategic initiatives.
Key Takeaways
Tyson Foods reported positive momentum in Q2 2024, with sales of $13.072 billion and operating income of $312 million. Adjusted operating income reached $406 million, marking a significant increase from the previous year. The company is focused on executing fundamentals and leveraging its multi-protein portfolio to drive long-term value.
Sales reached $13,072 million, a decrease of 0.5% year-over-year.
GAAP operating income was $312 million, up 737% from the prior year.
Adjusted operating income was $406 million, up 525% from the prior year.
GAAP EPS was $0.41, an increase of $0.69 from the prior year.
Revenue by Segment
Forward Guidance
For fiscal year 2024, Tyson Foods anticipates relatively flat sales compared to fiscal 2023. The company expects capital expenditures between $1.2 billion and $1.4 billion and net interest expense to approximate $400 million. The adjusted effective tax rate is expected to be around 24%.
Positive Outlook
- USDA projects domestic protein production will increase slightly in fiscal 2024.
- Anticipate adjusted operating income of $50 million to $150 million in Pork.
- Anticipate adjusted operating income of $700 million to $900 million for Chicken.
- We anticipate adjusted operating income of $850 million to $950 million in Prepared Foods.
- We anticipate improved results from our foreign operations in fiscal 2024 on an adjusted basis.
Challenges Ahead
- USDA projects domestic beef production will decrease approximately 2% in fiscal 2024.
- Anticipate adjusted operating loss between ($400) million and ($100) million in Beef.
- Expect sales to be relatively flat in fiscal 2024 as compared to fiscal 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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