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Sep 30, 2023
Tyson Foods Q4 2023 Earnings Report
Tyson Foods experienced a decrease in sales and operating income compared to the previous year, but saw sequential improvement in adjusted operating income.
Key Takeaways
Tyson Foods reported a decrease in sales and a significant drop in operating income for the fourth quarter of 2023. Despite economic headwinds, the company saw sequential improvement in adjusted operating income and focused on operational efficiency.
Sales decreased by 2.8% year-over-year to $13,348 million.
GAAP operating loss was ($463) million, a 160% decrease year-over-year.
Adjusted operating income was $236 million, a 71% decrease year-over-year.
GAAP EPS was ($1.31), a 187% decrease year-over-year.
Tyson Foods
Tyson Foods
Tyson Foods Revenue by Segment
Revenue by Segment
Beef Revenue
CapyFin.comPork Revenue
CapyFin.comChicken Revenue
CapyFin.comPrepared Foods Revenue
CapyFin.comInternational/Other Revenue
CapyFin.com Forward Guidance
Tyson Foods anticipates relatively flat sales for fiscal year 2024 compared to fiscal year 2023. Capital expenditures are expected to be between $1.0 billion and $1.5 billion, and net interest expense is projected to be approximately $400 million.
Positive Outlook
- USDA projects chicken production will increase slightly in fiscal 2024.
- We anticipate adjusted operating income of $400 million to $700 million for fiscal 2024 in Chicken segment.
- We anticipate adjusted operating income of $800 million to $1 billion in fiscal 2024 in Prepared Foods segment.
- We anticipate improved results from our foreign operations in fiscal 2024.
- We anticipate total company adjusted operating income of $1.0 billion to $1.5 billion for fiscal 2024.
Challenges Ahead
- USDA projects domestic protein production will decrease slightly compared to fiscal 2023 levels.
- USDA projects domestic production of beef will decrease approximately 5% in fiscal 2024.
- We anticipate adjusted operating income (loss) between ($400) million and breakeven in fiscal 2024 in Beef segment.
- USDA projects domestic production of pork will increase approximately 2% in fiscal 2024.
- We anticipate adjusted operating income to approximate breakeven in fiscal 2024 in Pork segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income