Tyson Foods, Inc. (NYSE: TSN), one of the world’s largest food
companies and a recognized leader in protein with leading brands
including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright,
Aidells, ibp and State Fair, reported the following results:
| (in millions, except per share
data) |
Fourth Quarter |
|
Twelve Months Ended |
| |
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Sales |
$ |
13,565 |
|
$ |
13,348 |
|
|
$ |
53,309 |
|
$ |
52,881 |
|
| |
|
|
|
|
|
|
|
| Operating Income (Loss) |
$ |
525 |
|
$ |
(463 |
) |
|
$ |
1,409 |
|
$ |
(395 |
) |
| Adjusted1 Operating Income
(non-GAAP) |
$ |
512 |
|
$ |
236 |
|
|
$ |
1,820 |
|
$ |
933 |
|
| |
|
|
|
|
|
|
|
| Net Income (Loss) Per Share
Attributable to Tyson |
$ |
1.00 |
|
$ |
(1.31 |
) |
|
$ |
2.25 |
|
$ |
(1.87 |
) |
| Adjusted1 Net Income Per Share
Attributable to Tyson (non-GAAP) |
$ |
0.92 |
|
$ |
0.37 |
|
|
$ |
3.10 |
|
$ |
1.34 |
|
1 The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). As used in
this table and throughout this earnings release, adjusted operating
income and adjusted net income per share attributable to Tyson
(Adjusted EPS) are non-GAAP financial measures. Refer to the end of
this release for an explanation and reconciliation of these and
other non-GAAP financial measures used in this release to
comparable GAAP measures.
Fiscal 2024 Highlights
- Sales of $53,309 million, up 0.8% from prior
year
- GAAP operating income of $1,409 million, up $1,804
million from prior year
- Adjusted operating income of $1,820 million, up 95%
from prior year
- GAAP EPS of $2.25, up $4.12 from prior
year
- Adjusted EPS of $3.10, up 131% from prior
year
- Total Company GAAP operating margin of
2.6%
- Total Company adjusted operating margin (non-GAAP) of
3.4%
- Cash provided by operating activities of $2,590
million, up 48% from prior year
- Free cash flow (non-GAAP) of $1,458 million, up $1,645
million from prior year
Fourth Quarter Highlights
- Sales of $13,565 million, up 1.6% from prior
year
- GAAP operating income of $525 million, up $988 million
from prior year
- Adjusted operating income of $512 million, up 117% from
prior year
- GAAP EPS of $1.00, up $2.31 from prior
year
- Adjusted EPS of $0.92, up 149% from prior
year
- Total Company GAAP operating margin of
3.9%
- Total Company adjusted operating margin (non-GAAP) of
3.8%
- Liquidity of approximately $4.0 billion as of September
28, 2024
"We delivered significant improvement in profitability for the
fourth quarter and full year. We also strengthened our financial
position, with solid cash flow generation and a substantial
reduction of our net leverage ratio," stated Donnie King, President
& CEO of Tyson Foods. "Looking ahead, we are optimistic about
our outlook and our ability to deliver long-term value to our
shareholders. Our multi-protein, multi-channel portfolio, combined
with our best-in-class team, iconic brands and focus on operational
excellence positions us well for Fiscal 2025 and beyond."
|
SEGMENT RESULTS (in millions) |
|
Sales |
|
(for the fourth quarter and twelve months ended September 28, 2024,
and September 30, 2023) |
| |
Fourth Quarter |
Twelve Months Ended |
| |
|
|
Volume |
Avg. Price |
|
|
Volume |
Avg. Price |
| |
|
2024 |
|
|
2023 |
|
Change |
Change2 |
|
2024 |
|
|
2023 |
|
Change |
Change2 |
|
Beef |
$ |
5,261 |
|
$ |
5,029 |
|
3.7 |
% |
0.9 |
% |
$ |
20,479 |
|
$ |
19,325 |
|
1.6 |
% |
4.4 |
% |
|
Pork |
|
1,438 |
|
|
1,494 |
|
3.2 |
% |
(6.9 |
)% |
|
5,903 |
|
|
5,768 |
|
3.8 |
% |
(0.7 |
)% |
| Chicken |
|
4,251 |
|
|
4,155 |
|
(0.7 |
)% |
0.2 |
% |
|
16,425 |
|
|
17,060 |
|
(2.2 |
)% |
(2.4 |
)% |
| Prepared
Foods |
|
2,472 |
|
|
2,502 |
|
(1.4 |
)% |
0.2 |
% |
|
9,851 |
|
|
9,845 |
|
0.9 |
% |
(0.8 |
)% |
|
International/Other |
|
609 |
|
|
636 |
|
1.3 |
% |
(5.5 |
)% |
|
2,353 |
|
|
2,515 |
|
3.2 |
% |
(9.6 |
)% |
| Intersegment
Sales |
|
(466 |
) |
|
(468 |
) |
n/a |
n/a |
|
(1,702 |
) |
|
(1,632 |
) |
n/a |
n/a |
| Total |
$ |
13,565 |
|
$ |
13,348 |
|
0.5 |
% |
0.2 |
% |
$ |
53,309 |
|
$ |
52,881 |
|
— |
% |
0.6 |
% |
|
Operating Income (Loss) |
|
(for the fourth quarter and twelve months ended September 28, 2024,
and September 30, 2023) |
|
|
Fourth Quarter |
Twelve Months Ended |
| |
|
|
Operating Margin |
|
|
Operating Margin |
|
|
|
2024 |
|
|
2023 |
|
2024 |
2023 |
|
2024 |
|
|
2023 |
|
2024 |
2023 |
|
Beef |
$ |
(71 |
) |
$ |
(323 |
) |
(1.3 |
)% |
(6.4 |
)% |
$ |
(381 |
) |
$ |
(91 |
) |
(1.9 |
)% |
(0.5 |
)% |
| Pork |
|
(16 |
) |
|
(11 |
) |
(1.1 |
)% |
(0.7 |
)% |
|
(40 |
) |
|
(139 |
) |
(0.7 |
)% |
(2.4 |
)% |
| Chicken |
|
409 |
|
|
(267 |
) |
9.6 |
% |
(6.4 |
)% |
|
988 |
|
|
(770 |
) |
6.0 |
% |
(4.5 |
)% |
| Prepared
Foods |
|
203 |
|
|
118 |
|
8.2 |
% |
4.7 |
% |
|
879 |
|
|
823 |
|
8.9 |
% |
8.4 |
% |
|
International/Other |
|
— |
|
|
20 |
|
n/a |
n/a |
|
(37 |
) |
|
(218 |
) |
n/a |
n/a |
| Total |
$ |
525 |
|
$ |
(463 |
) |
3.9 |
% |
(3.5) % |
$ |
1,409 |
|
$ |
(395 |
) |
2.6 |
% |
(0.7) % |
|
ADJUSTED SEGMENT RESULTS (in millions) |
|
Adjusted Operating Income (Loss) (Non-GAAP)1 |
|
(for the fourth quarter and twelve months ended September 28, 2024,
and September 30, 2023) |
|
|
Fourth Quarter |
Twelve Months Ended |
| |
|
|
Adjusted Operating Margin (Non-GAAP) |
|
|
Adjusted Operating Margin (Non-GAAP) |
| |
|
2024 |
|
|
2023 |
|
20242 |
20232 |
|
2024 |
|
|
2023 |
|
20242 |
20232 |
|
Beef |
$ |
(71 |
) |
$ |
17 |
|
(1.3 |
)% |
0.3 |
% |
$ |
(291 |
) |
$ |
233 |
|
(1.4 |
)% |
1.2 |
% |
| Pork |
|
19 |
|
|
(8 |
) |
1.3 |
% |
(0.5 |
)% |
|
142 |
|
|
(128 |
) |
2.4 |
% |
(2.2 |
)% |
| Chicken |
|
356 |
|
|
75 |
|
8.4 |
% |
1.8 |
% |
|
1,015 |
|
|
(77 |
) |
6.2 |
% |
(0.4 |
)% |
| Prepared
Foods |
|
205 |
|
|
151 |
|
8.3 |
% |
6.0 |
% |
|
905 |
|
|
889 |
|
9.2 |
% |
9.0 |
% |
|
International/Other |
|
3 |
|
|
1 |
|
n/a |
n/a |
|
49 |
|
|
16 |
|
n/a |
n/a |
| Total |
$ |
512 |
|
$ |
236 |
|
3.8 |
% |
1.8 |
% |
$ |
1,820 |
|
$ |
933 |
|
3.4 |
% |
1.8 |
% |
2 Average Price Change and Adjusted Operating Margin (Non-GAAP)
exclude $118 million and $156 million in the Chicken segment and
Total Company for the three and twelve months ended
September 30, 2023, respectively, and $45 million in the Pork
segment and Total Company for the twelve months ended
September 28, 2024 of legal contingency accruals recognized as
reductions to Sales.
OUTLOOKFor fiscal 2025, the United States
Department of Agriculture (USDA) indicates domestic protein
production (beef, pork, chicken and turkey) should increase
compared to fiscal 2024 levels. The following is a summary of the
updated outlook for each of our segments, as well as an outlook for
revenue, capital expenditures, net interest expense, liquidity,
free cash flow, tax rate and dividends for fiscal 2025. Certain of
the outlook numbers include adjusted operating income (loss) (a
non-GAAP metric) for each segment. The Company is not able to
reconcile its full-year fiscal 2025 projected adjusted results to
its fiscal 2025 projected GAAP results because certain information
necessary to calculate such measures on a GAAP basis is unavailable
or dependent on the timing of future events outside of our control.
Therefore, because of the uncertainty and variability of the nature
of and the amount of any potential applicable future adjustments,
which could be significant, the Company is unable to provide a
reconciliation for these forward-looking non-GAAP measures without
unreasonable effort. Adjusted operating income (loss) should not be
considered a substitute for operating income (loss) or any other
measures of financial performance reported in accordance with GAAP.
Investors should rely primarily on the Company’s GAAP results and
use non-GAAP financial measures only supplementally in making
investment decisions.
BeefUSDA projects domestic production will
decrease approximately 2% in fiscal 2025 as compared to fiscal
2024. We anticipate adjusted operating loss between $(0.4) billion
and $(0.2) billion in fiscal 2025.
PorkUSDA projects domestic production will
increase approximately 2% in fiscal 2025 as compared to fiscal
2024. We anticipate adjusted operating income of $0.1 billion to
$0.2 billion in fiscal 2025.
ChickenUSDA projects chicken production will
increase approximately 3% in fiscal 2025 as compared to fiscal
2024. We anticipate adjusted operating income of $1.0 billion to
$1.2 billion for fiscal 2025.
Prepared FoodsWe anticipate adjusted operating
income of $0.9 billion to $1.1 billion in fiscal 2025.
International/OtherWe anticipate improved
results from our foreign operations in fiscal 2025 on an adjusted
basis.
Total CompanyWe anticipate total company
adjusted operating income of $1.8 billion to $2.2 billion for
fiscal 2025.
RevenueWe expect sales to be down 1% to flat in
fiscal 2025 as compared to fiscal 2024.
Capital ExpendituresWe expect capital
expenditures between $1.0 billion and $1.2 billion for fiscal 2025.
Capital expenditures include investments in profit improvement
projects as well as projects for maintenance and repair.
Net Interest ExpenseWe expect net interest
expense to approximate $380 million for fiscal 2025.
LiquidityWe expect total liquidity, which was
$4.0 billion as of September 28, 2024, to remain above our
minimum liquidity target of $1.0 billion.
Free Cash FlowWe expect free cash flow to be
greater than dividends for fiscal 2025.
Tax RateWe currently expect our adjusted
effective tax rate to be 24% to 25% for fiscal 2025
DividendsEffective November 8, 2024, the Board
of Directors increased the quarterly dividend previously declared
on August 8, 2024, to $0.50 per share on our Class A common stock
and $0.45 per share on our Class B common stock. The increased
quarterly dividend is payable on December 13, 2024, to shareholders
of record at the close of business on November 29, 2024. The Board
also declared on November 8, 2024 a quarterly dividend of $0.50 per
share on our Class A common stock and $0.45 per share on our Class
B common stock, payable on March 14, 2025, to shareholders of
record at the close of business on February 28, 2025. We anticipate
the remaining quarterly dividends in fiscal 2025 will be $0.50 and
$0.45 per share of our Class A and Class B common stock,
respectively. This results in an annual dividend rate in fiscal
2025 of $2.00 for Class A shares and $1.80 for Class B shares, or a
2% increase compared to the fiscal 2024 annual dividend rate.
|
TYSON FOODS, INC.CONSOLIDATED CONDENSED
STATEMENTS OF INCOME(In millions, except per share
data)(Unaudited) |
| |
| |
Three Months Ended |
|
Twelve Months Ended |
| |
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
|
September 30, 2023 |
|
Sales |
$ |
13,565 |
|
|
$ |
13,348 |
|
|
$ |
53,309 |
|
|
$ |
52,881 |
|
| Cost of Sales |
|
12,505 |
|
|
|
12,889 |
|
|
|
49,682 |
|
|
|
50,250 |
|
| Gross Profit |
|
1,060 |
|
|
|
459 |
|
|
|
3,627 |
|
|
|
2,631 |
|
| |
|
|
|
|
|
|
|
| Selling, General and
Administrative |
|
535 |
|
|
|
589 |
|
|
|
2,218 |
|
|
|
2,245 |
|
| Goodwill Impairment |
|
— |
|
|
|
333 |
|
|
|
— |
|
|
|
781 |
|
| Operating Income (Loss) |
|
525 |
|
|
|
(463 |
) |
|
|
1,409 |
|
|
|
(395 |
) |
| Other (Income) Expense: |
|
|
|
|
|
|
|
|
Interest income |
|
(29 |
) |
|
|
(8 |
) |
|
|
(89 |
) |
|
|
(30 |
) |
|
Interest expense |
|
130 |
|
|
|
93 |
|
|
|
481 |
|
|
|
355 |
|
|
Other, net |
|
(51 |
) |
|
|
8 |
|
|
|
(75 |
) |
|
|
(42 |
) |
| Total Other (Income)
Expense |
|
50 |
|
|
|
93 |
|
|
|
317 |
|
|
|
283 |
|
| Income (Loss) before Income
Taxes |
|
475 |
|
|
|
(556 |
) |
|
|
1,092 |
|
|
|
(678 |
) |
| Income Tax Expense
(Benefit) |
|
111 |
|
|
|
(113 |
) |
|
|
270 |
|
|
|
(29 |
) |
| Net Income (Loss) |
|
364 |
|
|
|
(443 |
) |
|
|
822 |
|
|
|
(649 |
) |
| Less: Net Income (Loss)
Attributable to Noncontrolling Interests |
|
7 |
|
|
|
7 |
|
|
|
22 |
|
|
|
(1 |
) |
| Net Income (Loss) Attributable
to Tyson |
$ |
357 |
|
|
$ |
(450 |
) |
|
$ |
800 |
|
|
$ |
(648 |
) |
| |
|
|
|
|
|
|
|
| Net Income (Loss) Per Share
Attributable to Tyson: |
|
|
|
|
|
|
|
|
Class A Basic |
$ |
1.03 |
|
|
$ |
(1.31 |
) |
|
$ |
2.31 |
|
|
$ |
(1.87 |
) |
|
Class B Basic |
$ |
0.92 |
|
|
$ |
(1.17 |
) |
|
$ |
2.06 |
|
|
$ |
(1.68 |
) |
|
Diluted |
$ |
1.00 |
|
|
$ |
(1.31 |
) |
|
$ |
2.25 |
|
|
$ |
(1.87 |
) |
| Dividends Declared Per
Share: |
|
|
|
|
|
|
|
|
Class A |
$ |
0.490 |
|
|
$ |
0.480 |
|
|
$ |
1.970 |
|
|
$ |
1.940 |
|
|
Class B |
$ |
0.441 |
|
|
$ |
0.432 |
|
|
$ |
1.773 |
|
|
$ |
1.746 |
|
| |
|
|
|
|
|
|
|
| Sales Growth |
|
1.6 |
% |
|
|
|
|
0.8 |
% |
|
|
| Margins: (Percent of
Sales) |
|
|
|
|
|
|
|
|
Gross Profit |
|
7.8 |
% |
|
|
3.4 |
% |
|
|
6.8 |
% |
|
|
5.0 |
% |
|
Operating Income (Loss) |
|
3.9 |
% |
|
(3.5 |
)% |
|
|
2.6 |
% |
|
(0.7 |
)% |
|
Net Income (Loss) Attributable to Tyson |
|
2.6 |
% |
|
(3.4 |
)% |
|
|
1.5 |
% |
|
(1.2 |
)% |
| Effective Tax Rate 3 |
|
23.3 |
% |
|
|
20.2 |
% |
|
|
24.8 |
% |
|
|
4.3 |
% |
3 The effective tax rate for the three and twelve months ended
September 30, 2023 was impacted by a $333 million and $781
million goodwill impairment, respectively, as the impairment charge
is non-deductible for income tax purposes.
|
TYSON FOODS, INC.CONSOLIDATED CONDENSED
BALANCE SHEETS(In
millions)(Unaudited) |
| |
| |
September 28, 2024 |
|
September 30, 2023 |
| Assets |
|
|
|
| Current Assets: |
|
|
|
|
Cash and cash equivalents |
$ |
1,717 |
|
$ |
573 |
|
Accounts receivable, net |
|
2,406 |
|
|
2,476 |
|
Inventories |
|
5,195 |
|
|
5,328 |
|
Other current assets |
|
433 |
|
|
345 |
| Total Current Assets |
|
9,751 |
|
|
8,722 |
| Net Property, Plant and
Equipment |
|
9,442 |
|
|
9,634 |
| Goodwill |
|
9,819 |
|
|
9,878 |
| Intangible Assets, net |
|
5,875 |
|
|
6,098 |
| Other Assets |
|
2,213 |
|
|
1,919 |
| Total Assets |
$ |
37,100 |
|
$ |
36,251 |
| |
|
|
|
| Liabilities and
Shareholders’ Equity |
|
|
|
| Current Liabilities: |
|
|
|
|
Current debt |
$ |
74 |
|
$ |
1,895 |
|
Accounts payable |
|
2,402 |
|
|
2,594 |
|
Other current liabilities |
|
2,311 |
|
|
2,010 |
| Total Current Liabilities |
|
4,787 |
|
|
6,499 |
| Long-Term Debt |
|
9,713 |
|
|
7,611 |
| Deferred Income Taxes |
|
2,285 |
|
|
2,308 |
| Other Liabilities |
|
1,801 |
|
|
1,578 |
| |
|
|
|
| Total Tyson Shareholders’
Equity |
|
18,390 |
|
|
18,133 |
| Noncontrolling Interests |
|
124 |
|
|
122 |
| Total Shareholders’
Equity |
|
18,514 |
|
|
18,255 |
| |
|
|
|
| Total Liabilities and
Shareholders’ Equity |
$ |
37,100 |
|
$ |
36,251 |
|
TYSON FOODS, INC.CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS(In
millions)(Unaudited) |
| |
| |
Twelve Months Ended |
| |
September 28, 2024 |
|
September 30, 2023 |
| Cash Flows From Operating
Activities: |
|
|
|
|
Net income (loss) |
$ |
822 |
|
|
$ |
(649 |
) |
|
Depreciation and amortization |
|
1,400 |
|
|
|
1,339 |
|
|
Deferred income taxes |
|
(45 |
) |
|
|
(183 |
) |
|
Impairment of goodwill |
|
— |
|
|
|
781 |
|
|
Other, net |
|
189 |
|
|
|
277 |
|
|
Net changes in operating assets and liabilities |
|
224 |
|
|
|
187 |
|
| Cash Provided by Operating
Activities |
|
2,590 |
|
|
|
1,752 |
|
| |
|
|
|
| Cash Flows From Investing
Activities: |
|
|
|
|
Additions to property, plant and equipment |
|
(1,132 |
) |
|
|
(1,939 |
) |
|
Purchases of marketable securities |
|
(38 |
) |
|
|
(34 |
) |
|
Proceeds from sale of marketable securities |
|
35 |
|
|
|
32 |
|
|
Proceeds from sale of business |
|
174 |
|
|
|
— |
|
|
Acquisitions, net of cash acquired |
|
— |
|
|
|
(262 |
) |
|
Acquisition of equity investments |
|
(29 |
) |
|
|
(115 |
) |
|
Other, net |
|
102 |
|
|
|
19 |
|
| Cash Used for Investing
Activities |
|
(888 |
) |
|
|
(2,299 |
) |
| |
|
|
|
| Cash Flows From Financing
Activities: |
|
|
|
|
Proceeds from issuance of debt |
|
2,415 |
|
|
|
1,130 |
|
|
Payments on debt |
|
(1,641 |
) |
|
|
(603 |
) |
|
Proceeds from issuance of commercial paper |
|
1,694 |
|
|
|
7,693 |
|
|
Repayments of commercial paper |
|
(2,285 |
) |
|
|
(7,103 |
) |
|
Purchases of Tyson Class A common stock |
|
(49 |
) |
|
|
(354 |
) |
|
Dividends |
|
(684 |
) |
|
|
(670 |
) |
|
Stock options exercised |
|
14 |
|
|
|
11 |
|
|
Other, net |
|
(45 |
) |
|
|
(16 |
) |
| Cash Provided by (Used for)
Financing Activities |
|
(581 |
) |
|
|
88 |
|
| Effect of Exchange Rate
Changes on Cash |
|
23 |
|
|
|
1 |
|
| Increase (Decrease) in Cash
and Cash Equivalents and Restricted Cash |
|
1,144 |
|
|
|
(458 |
) |
| Cash and Cash Equivalents and
Restricted Cash at Beginning of Year |
|
573 |
|
|
|
1,031 |
|
| Cash and Cash Equivalents and
Restricted Cash at End of Period |
|
1,717 |
|
|
|
573 |
|
| Less: Restricted Cash at End
of Period |
|
— |
|
|
|
— |
|
| Cash and Cash Equivalents at
End of Period |
$ |
1,717 |
|
|
$ |
573 |
|
| |
|
|
|
Non-GAAP Financial Measures
Adjusted Operating Income (Loss), Adjusted Income (Loss) before
Income Taxes, Adjusted Income Tax Expense (Benefit), Adjusted Net
Income (Loss) Attributable to Tyson and Adjusted EPS, EBITDA,
Adjusted EBITDA, net debt to EBITDA, net debt to Adjusted EBITDA
and Free Cash Flow are presented as supplemental financial measures
in the evaluation of our business that are not required by, or
presented in accordance with GAAP. The non-GAAP financial measures
are tools intended to assist our management and investors in
comparing our performance on a consistent basis for purposes of
business decision-making by removing the impact of certain items
that management believes do not directly reflect our core
operations on an ongoing basis. These non-GAAP measures should not
be a substitute for their comparable GAAP financial measures.
Investors should rely primarily on our GAAP results and use
non-GAAP financial measures only supplementally in making
investment decisions. We believe the presentation of these non-GAAP
financial measures helps management and investors to assess our
operating performance from period to period, including our ability
to generate earnings sufficient to service our debt, enhances
understanding of our financial performance and highlights
operational trends. These measures are widely used by investors and
rating agencies in the valuation, comparison, rating and investment
recommendations of companies. Our calculation of non-GAAP measures
may not be comparable to similarly titled measures reported by
other companies and other companies may not define these non-GAAP
financial measures in the same way, which may limit their
usefulness of comparative measures.
Definitions
EBITDA is defined as net income (loss) before
interest, income taxes (benefits), depreciation and amortization.
Net debt to EBITDA (Adjusted EBITDA) represents the ratio of our
debt, net of cash, cash equivalents and short-term investments, to
EBITDA (and to Adjusted EBITDA). EBITDA, Adjusted EBITDA, net debt
to EBITDA and net debt to Adjusted EBITDA are presented as
supplemental financial measurements in the evaluation of our
business.
Adjusted EBITDA, Adjusted Operating Income (Loss),
Adjusted Income (Loss) before Income Taxes, Adjusted Income Tax
Expense (Benefit), Adjusted Net Income (Loss) Attributable to Tyson
and Adjusted EPS are defined as EBITDA, Operating Income
(Loss), Income (Loss) before Income Taxes, Income Tax Expense
(Benefit), Net Income (Loss) Attributable to Tyson and diluted
earnings per share, respectively, excluding the impacts of any
items that management believes do not directly reflect our core
operations on an ongoing basis.
Free Cash Flow is defined as Cash Provided by
Operating Activities minus payments for Property, Plant and
Equipment.
|
TYSON FOODS, INC.GAAP Results to
Non-GAAP Results Reconciliations(In millions,
except per share data)(Unaudited) |
|
|
|
Results for the fourth quarter ended September 28,
2024 |
|
|
Sales |
Cost of Sales |
Selling, General and Administrative |
Goodwill Impairment |
Operating Income (Loss) |
Other (Income) Expense |
Income (Loss) before Income Taxes |
Income Tax Expense (Benefit) |
Net Income (Loss) Attributable to Tyson |
EPS Impact |
| GAAP Results |
|
|
|
|
$ |
525 |
|
|
$ |
475 |
|
$ |
111 |
|
$ |
357 |
|
$ |
1.00 |
|
|
Production facility fire insurance proceeds, net of costs8 |
— |
(51 |
) |
— |
— |
|
(51 |
) |
(31 |
) |
|
(82 |
) |
|
(19 |
) |
|
(63 |
) |
|
(0.18 |
) |
|
Plant closures and disposals |
— |
27 |
|
— |
— |
|
27 |
|
— |
|
|
27 |
|
|
(10 |
) |
|
37 |
|
|
0.10 |
|
|
The Netherlands facility9 |
— |
3 |
|
— |
— |
|
3 |
|
— |
|
|
3 |
|
|
11 |
|
|
(8 |
) |
|
(0.02 |
) |
|
Brand discontinuation |
— |
— |
|
8 |
— |
|
8 |
|
— |
|
|
8 |
|
|
2 |
|
|
6 |
|
|
0.02 |
|
| Adjusted Non-GAAP Results |
|
|
|
|
$ |
512 |
|
|
$ |
431 |
|
$ |
95 |
|
$ |
329 |
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for the fourth quarter ended September 30,
2023 |
|
|
Sales |
Cost of Sales |
Selling, General and Administrative |
Goodwill Impairment |
Operating Income (Loss) |
Other (Income) Expense |
Income (Loss) before Income Taxes |
Income Tax Expense (Benefit) |
Net Income (Loss) Attributable to Tyson |
EPS Impact |
| GAAP Results |
|
|
|
|
$ |
(463 |
) |
|
$ |
(556 |
) |
$ |
(113 |
) |
$ |
(450 |
) |
$ |
(1.31 |
) |
|
Production facilities fire costs, net of insurance proceeds8 |
— |
4 |
|
— |
— |
|
4 |
|
— |
|
|
4 |
|
|
1 |
|
|
3 |
|
|
0.01 |
|
|
Restructuring and related charges |
— |
6 |
|
25 |
— |
|
31 |
|
— |
|
|
31 |
|
|
8 |
|
|
23 |
|
|
0.06 |
|
|
Plant closures and disposals |
— |
215 |
|
— |
— |
|
215 |
|
— |
|
|
215 |
|
|
55 |
|
|
160 |
|
|
0.45 |
|
|
Legal contingency accruals |
118 |
— |
|
— |
— |
|
118 |
|
— |
|
|
118 |
|
|
30 |
|
|
88 |
|
|
0.25 |
|
|
China plant relocation remuneration4 |
— |
(19 |
) |
— |
— |
|
(19 |
) |
— |
|
|
(19 |
) |
|
(5 |
) |
|
(11 |
) |
|
(0.03 |
) |
|
Product line discontinuation |
— |
17 |
|
— |
— |
|
17 |
|
— |
|
|
17 |
|
|
4 |
|
|
13 |
|
|
0.04 |
|
|
Goodwill Impairment5 |
— |
— |
|
— |
333 |
|
333 |
|
— |
|
|
333 |
|
|
— |
|
|
333 |
|
|
0.93 |
|
|
Remeasurement of net deferred tax liabilities at lower enacted
state tax rates |
— |
— |
|
— |
— |
|
— |
|
— |
|
|
— |
|
|
26 |
|
|
(26 |
) |
|
(0.07 |
) |
|
Impact of antidilutive securities6 |
— |
— |
|
— |
— |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
| Adjusted Non-GAAP Results |
|
|
|
|
$ |
236 |
|
|
$ |
143 |
|
$ |
6 |
|
$ |
133 |
|
$ |
0.37 |
|
|
Results for the twelve months ended September 28,
2024 |
|
|
Sales |
Cost of Sales |
Selling, General and Administrative |
Goodwill Impairment |
Operating Income (Loss) |
Other (Income) Expense |
Income (Loss) before Income Taxes |
Income Tax Expense (Benefit) |
Net Income (Loss) Attributable to Tyson |
EPS Impact |
| GAAP Results |
|
|
|
|
$ |
1,409 |
|
|
$ |
1,092 |
|
$ |
270 |
|
$ |
800 |
|
$ |
2.25 |
|
|
Production facility fire insurance proceeds, net of costs8 |
— |
(70 |
) |
— |
— |
|
(70 |
) |
(34 |
) |
|
(104 |
) |
|
(24 |
) |
|
(80 |
) |
|
(0.23 |
) |
|
Restructuring and related charges |
— |
— |
|
31 |
— |
|
31 |
|
— |
|
|
31 |
|
|
8 |
|
|
23 |
|
|
0.06 |
|
|
Plant closures and disposals |
— |
182 |
|
— |
— |
|
182 |
|
— |
|
|
182 |
|
|
36 |
|
|
146 |
|
|
0.41 |
|
|
Legal contingency accruals |
45 |
129 |
|
— |
— |
|
174 |
|
— |
|
|
174 |
|
|
41 |
|
|
133 |
|
|
0.38 |
|
|
The Netherlands facility9 |
— |
86 |
|
— |
— |
|
86 |
|
— |
|
|
86 |
|
|
11 |
|
|
75 |
|
|
0.21 |
|
|
Brand discontinuation |
— |
— |
|
8 |
— |
|
8 |
|
— |
|
|
8 |
|
|
2 |
|
|
6 |
|
|
0.02 |
|
| Adjusted Non-GAAP Results |
|
|
|
|
$ |
1,820 |
|
|
$ |
1,469 |
|
$ |
344 |
|
$ |
1,103 |
|
$ |
3.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for the twelve months ended September 30,
2023 |
|
|
Sales |
Cost of Sales |
Selling, General and Administrative |
Goodwill Impairment |
Operating Income (Loss) |
Other (Income) Expense |
Income (Loss) before Income Taxes |
Income Tax Expense (Benefit) |
Net Income (Loss) Attributable to Tyson |
EPS Impact |
| GAAP Results |
|
|
|
|
$ |
(395 |
) |
|
$ |
(678 |
) |
$ |
(29 |
) |
$ |
(648 |
) |
$ |
(1.87 |
) |
|
Production facilities fire insurance proceeds, net of costs8 |
— |
(53 |
) |
— |
— |
|
(53 |
) |
(22 |
) |
|
(75 |
) |
|
(17 |
) |
|
(58 |
) |
|
(0.16 |
) |
|
Restructuring and related charges |
— |
29 |
|
95 |
— |
|
124 |
|
— |
|
|
124 |
|
|
29 |
|
|
95 |
|
|
0.26 |
|
|
Plant closures and disposals |
— |
322 |
|
— |
— |
|
322 |
|
— |
|
|
322 |
|
|
82 |
|
|
240 |
|
|
0.67 |
|
|
Legal contingency accruals |
156 |
— |
|
— |
— |
|
156 |
|
— |
|
|
156 |
|
|
39 |
|
|
117 |
|
|
0.33 |
|
|
China plant relocation remuneration4 |
— |
(19 |
) |
— |
— |
|
(19 |
) |
— |
|
|
(19 |
) |
|
(5 |
) |
|
(11 |
) |
|
(0.03 |
) |
|
Product line discontinuation |
— |
17 |
|
— |
— |
|
17 |
|
— |
|
|
17 |
|
|
4 |
|
|
13 |
|
|
0.04 |
|
|
Goodwill Impairment5 |
— |
— |
|
— |
781 |
|
781 |
|
— |
|
|
781 |
|
|
— |
|
|
757 |
|
|
2.13 |
|
|
Remeasurement of net deferred tax liabilities at lower enacted
state tax rates |
— |
— |
|
— |
— |
|
— |
|
— |
|
|
— |
|
|
26 |
|
|
(26 |
) |
|
(0.07 |
) |
|
Impact of antidilutive securities6 |
— |
— |
|
— |
— |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
| Adjusted Non-GAAP Results |
|
|
|
|
$ |
933 |
|
|
$ |
628 |
|
$ |
129 |
|
$ |
479 |
|
$ |
1.34 |
|
|
TYSON FOODS, INC.Adjusted Operating Income
(Loss) Non-GAAP Reconciliations(In
millions)(Unaudited) |
|
|
|
Adjusted Operating Income (Loss) |
|
(for the fourth quarter ended September 28, 2024) |
| |
Beef |
Pork |
Chicken |
Prepared Foods |
International/Other |
Total |
|
Reported operating income (loss) |
$ |
(71 |
) |
$ |
(16 |
) |
$ |
409 |
|
$ |
203 |
$ |
— |
$ |
525 |
|
|
Less: Production facility fire insurance proceeds, net of
costs8 |
|
— |
|
|
— |
|
|
(51 |
) |
|
— |
|
— |
|
(51 |
) |
|
Add/(Less): Plant closures and disposals |
|
— |
|
|
35 |
|
|
(8 |
) |
|
— |
|
— |
|
27 |
|
|
Add: the Netherlands facility9 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
3 |
|
3 |
|
|
Add: Brand discontinuation |
|
— |
|
|
— |
|
|
6 |
|
|
2 |
|
— |
|
8 |
|
| Adjusted operating income
(loss) |
$ |
(71 |
) |
$ |
19 |
|
$ |
356 |
|
$ |
205 |
$ |
3 |
$ |
512 |
|
|
Adjusted Operating Income (Loss) |
|
(for the fourth quarter ended September 30, 2023) |
| |
Beef |
Pork |
Chicken |
Prepared Foods |
International/Other |
Total |
|
Reported operating income (loss) |
$ |
(323 |
) |
$ |
(11 |
) |
$ |
(267 |
) |
$ |
118 |
$ |
20 |
|
$ |
(463 |
) |
|
Add: Production facility fire costs, net of insurance
proceeds8 |
|
— |
|
|
— |
|
|
4 |
|
|
— |
|
— |
|
|
4 |
|
|
Add: Restructuring and related charges |
|
7 |
|
|
3 |
|
|
5 |
|
|
16 |
|
— |
|
|
31 |
|
|
Add: Plant closures and disposals |
|
— |
|
|
— |
|
|
215 |
|
|
— |
|
— |
|
|
215 |
|
|
Add: Legal contingency accruals |
|
— |
|
|
— |
|
|
118 |
|
|
— |
|
— |
|
|
118 |
|
|
Less: China plant relocation remuneration |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(19 |
) |
|
(19 |
) |
|
Add: Product line discontinuation |
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
— |
|
|
17 |
|
|
Add: Goodwill Impairment |
|
333 |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
333 |
|
| Adjusted operating income
(loss) |
$ |
17 |
|
$ |
(8 |
) |
$ |
75 |
|
$ |
151 |
$ |
1 |
|
$ |
236 |
|
|
Adjusted Operating Income (Loss) |
|
(for the twelve months ended September 28, 2024) |
| |
Beef |
Pork |
Chicken |
Prepared Foods |
International/Other |
Total |
|
Reported operating income (loss) |
$ |
(381 |
) |
$ |
(40 |
) |
$ |
988 |
|
$ |
879 |
$ |
(37 |
) |
$ |
1,409 |
|
|
Less: Production facility fire insurance proceeds, net of
costs8 |
|
— |
|
|
— |
|
|
(70 |
) |
|
— |
|
— |
|
|
(70 |
) |
|
Add: Restructuring and related charges |
|
4 |
|
|
1 |
|
|
2 |
|
|
24 |
|
— |
|
|
31 |
|
|
Add: Plant closures and disposals |
|
41 |
|
|
108 |
|
|
33 |
|
|
— |
|
— |
|
|
182 |
|
|
Add: Legal contingency accruals |
|
45 |
|
|
73 |
|
|
56 |
|
|
— |
|
— |
|
|
174 |
|
|
Add: the Netherlands facility9 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
86 |
|
|
86 |
|
|
Add: Brand discontinuation |
|
— |
|
|
— |
|
|
6 |
|
|
2 |
|
— |
|
|
8 |
|
| Adjusted operating income
(loss) |
$ |
(291 |
) |
$ |
142 |
|
$ |
1,015 |
|
$ |
905 |
$ |
49 |
|
$ |
1,820 |
|
|
Adjusted Operating Income (Loss) |
|
(for the twelve months ended September 30, 2023) |
| |
Beef |
Pork |
Chicken |
Prepared Foods |
International/Other |
Total |
|
Reported operating income (loss) |
$ |
(91 |
) |
$ |
(139 |
) |
$ |
(770 |
) |
$ |
823 |
$ |
(218 |
) |
$ |
(395 |
) |
|
Less: Production facility fire insurance proceeds, net of
costs8 |
|
(42 |
) |
|
— |
|
|
(11 |
) |
|
— |
|
— |
|
|
(53 |
) |
|
Add: Restructuring and related charges |
|
33 |
|
|
11 |
|
|
16 |
|
|
49 |
|
15 |
|
|
124 |
|
|
Add: Plant closures and disposals |
|
— |
|
|
— |
|
|
322 |
|
|
— |
|
— |
|
|
322 |
|
|
Add: Legal contingency accruals |
|
— |
|
|
— |
|
|
156 |
|
|
— |
|
— |
|
|
156 |
|
|
Less: China plant relocation remuneration |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(19 |
) |
|
(19 |
) |
|
Add: Product line discontinuation |
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
— |
|
|
17 |
|
|
Add: Goodwill Impairment |
|
333 |
|
|
— |
|
|
210 |
|
|
— |
|
238 |
|
|
781 |
|
| Adjusted operating income
(loss) |
$ |
233 |
|
$ |
(128 |
) |
$ |
(77 |
) |
$ |
889 |
$ |
16 |
|
$ |
933 |
|
|
TYSON FOODS, INC.EBITDA and Adjusted
EBITDA Non-GAAP Reconciliations(In
millions)(Unaudited) |
| |
| |
Twelve Months Ended |
| |
September 28, 2024 |
|
September 30, 2023 |
| |
|
|
|
|
Net income (loss) |
$ |
822 |
|
|
$ |
(649 |
) |
| Less: Interest income |
|
(89 |
) |
|
|
(30 |
) |
| Add: Interest expense |
|
481 |
|
|
|
355 |
|
| Add/(Less): Income tax expense
(benefit) |
|
270 |
|
|
|
(29 |
) |
| Add: Depreciation |
|
1,159 |
|
|
|
1,100 |
|
| Add: Amortization7 |
|
229 |
|
|
|
229 |
|
| EBITDA |
$ |
2,872 |
|
|
$ |
976 |
|
| |
|
|
|
| Adjustments to EBITDA: |
|
|
|
| Less: Production facilities
fire insurance proceeds, net of costs8 |
$ |
(104 |
) |
|
$ |
(75 |
) |
| Add: Restructuring and related
charges |
|
31 |
|
|
|
124 |
|
| Add: Plant closures and
disposals |
|
182 |
|
|
|
322 |
|
| Add: Legal contingency
accruals |
|
174 |
|
|
|
156 |
|
| Add: The Netherlands
facility9 |
|
86 |
|
|
|
— |
|
| Add: Brand
discontinuation |
|
8 |
|
|
|
— |
|
| Add: Goodwill impairment |
|
— |
|
|
|
781 |
|
| Less: China plant relocation
remuneration |
|
— |
|
|
|
(19 |
) |
| Add: Product line
discontinuation |
|
— |
|
|
|
17 |
|
| Less: Depreciation and
amortization included in EBITDA adjustments10 |
|
(129 |
) |
|
|
(133 |
) |
| Total Adjusted EBITDA |
$ |
3,120 |
|
|
$ |
2,149 |
|
| |
|
|
|
| Total gross debt |
$ |
9,787 |
|
|
$ |
9,506 |
|
| Less: Cash and cash
equivalents |
|
(1,717 |
) |
|
|
(573 |
) |
| Less: Short-term
investments |
|
(10 |
) |
|
|
(15 |
) |
| Total net debt |
$ |
8,060 |
|
|
$ |
8,918 |
|
| |
|
|
|
| Ratio Calculations: |
|
|
|
| Gross debt/EBITDA |
3.4x |
|
9.7x |
| Net debt/EBITDA |
2.8x |
|
9.1x |
| |
|
|
|
| Gross debt/Adjusted
EBITDA |
3.1x |
|
4.4x |
| Net debt/Adjusted EBITDA |
2.6x |
|
4.1x |
4 The China plant relocation remuneration EPS impact was net of
$3 million associated with Net Income (Loss) Attributable to
Noncontrolling Interests.
5 Goodwill impairment was non-deductible for income tax purposes
and the EPS impact was net of $24 million associated with Net
Income (Loss) Attributable to Noncontrolling Interests.
6 GAAP EPS, Net Income (Loss) Per Share Attributable to Tyson,
excluded the impact of certain antidilutive securities given the
Company incurring a net loss for fiscal 2023. Adjusted Non-GAAP EPS
is in a net income position, and thus, the impact of the otherwise
antidilutive securities under GAAP EPS were added back in the
calculation of Adjusted Non-GAAP EPS.
7 Excludes the amortization of debt issuance and debt discount
expense of $12 million and $10 million for the twelve months ended
September 28, 2024 and September 30, 2023, respectively,
as it is included in interest expense.
8 Relates to fires at production facilities in Chicken in the
fourth quarter of fiscal 2021 and Beef in the fourth quarter of
fiscal 2019.
9 Relates to a fire at our production facility in the
Netherlands in the first quarter of fiscal 2024 and subsequent
decision to sell the facility.
10 Removal of accelerated depreciation of $127 million related
to plant closures and disposals for the twelve months ended
September 28, 2024 and $19 million related to restructuring
and related charges and $114 million related to plant closures and
disposals for the twelve months ended September 30, 2023 as they
are already included in depreciation expense. Removal of
accelerated amortization of $2 million related to brand
discontinuation for the twelve months ended September 28, 2024
as it is already included in amortization expense.
|
TYSON FOODS, INC.Free Cash Flow Non-GAAP
Reconciliation(In
millions)(Unaudited) |
| |
| |
Twelve Months Ended |
| |
September 28, 2024 |
|
September 30, 2023 |
|
Cash Provided by Operating Activities |
$ |
2,590 |
|
|
$ |
1,752 |
|
|
Additions to property, plant and equipment |
|
(1,132 |
) |
|
|
(1,939 |
) |
| Free cash flow |
$ |
1,458 |
|
|
$ |
(187 |
) |
| |
About Tyson Foods, Inc.Tyson Foods, Inc. (NYSE:
TSN) is a world-class food company and recognized leader in
protein. Founded in 1935 by John W. Tyson, it has grown under four
generations of family leadership. The Company is unified by this
purpose: Tyson Foods. We Feed the World Like Family™ and has a
broad portfolio of iconic products and brands including Tyson®,
Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®,
Aidells® and ibp®. Tyson Foods is dedicated to bringing
high-quality food to every table in the world, safely, sustainably,
and affordably, now and for future generations. Headquartered in
Springdale, Arkansas, the company had approximately 138,000 team
members on September 28, 2024. Visit www.tysonfoods.com.
Conference Call Information and Other Selected
DataA conference call to discuss the Company's financial
results will be held at 9 a.m. Eastern Monday, November 12, 2024. A
link for the webcast of the conference call is available on the
Tyson Investor Relations website at https://ir.tyson.com. The
webcast also can be accessed by the following direct link:
https://events.q4inc.com/attendee/102078426. For those who cannot
participate at the scheduled time, a replay of the live webcast and
the accompanying slides will be available at https://ir.tyson.com.
A telephone replay will also be available until December 12, 2024,
toll free at 1-877-344-7529, international toll 1-412-317-0088 or
Canada toll free 855-669-9658. The replay access code
is 1806944. Financial information, such as this news release,
as well as other supplemental data, can be accessed from the
Company's web site at https://ir.tyson.com.
Forward-Looking StatementsCertain information
in this release constitutes forward-looking statements as
contemplated by the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include, but are not limited
to, current views and estimates of our outlook for fiscal 2025,
other future economic circumstances, industry conditions in
domestic and international markets, our performance and financial
results (e.g., debt levels, return on invested capital, value-added
product growth, capital expenditures, tax rates, access to foreign
markets and dividend policy). These forward-looking statements are
subject to a number of factors and uncertainties that could cause
our actual results and experiences to differ materially from
anticipated results and expectations expressed in such
forward-looking statements. We wish to caution readers not to place
undue reliance on any forward-looking statements, which are
expressly qualified in their entirety by this cautionary statement
and speak only as of the date made. We undertake no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. Among the factors that may
cause actual results and experiences to differ from anticipated
results and expectations expressed in such forward-looking
statements are the following: (i) global pandemics have had, and
may in the future have, an adverse impact on our business and
operations; (ii) the effectiveness of financial excellence
programs; (iii) access to foreign markets together with foreign
economic conditions, including currency fluctuations, import/export
restrictions and foreign politics; (iv) cyber attacks, other cyber
incidents, security breaches or other disruptions of our
information technology systems; (v) risks associated with our
failure to consummate favorable acquisition transactions or
integrate certain acquisitions’ operations; (vi) the Tyson Limited
Partnership’s ability to exercise significant control over the
Company; (vii) fluctuations in the cost and availability of inputs
and raw materials, such as live cattle, live swine, feed grains
(including corn and soybean meal) and energy; (viii) market
conditions for finished products, including competition from other
global and domestic food processors, supply and pricing of
competing products and alternative proteins and demand for
alternative proteins; (ix) outbreak of a livestock disease (such as
African swine fever (ASF), avian influenza (AI) or bovine
spongiform encephalopathy (BSE)), which could have an adverse
effect on livestock we own, the availability of livestock we
purchase, consumer perception of certain protein products or our
ability to conduct our operations; (x) changes in consumer
preference and diets and our ability to identify and react to
consumer trends; (xi) effectiveness of advertising and marketing
programs; (xii) significant marketing plan changes by large
customers or loss of one or more large customers; (xiii) our
ability to leverage brand value propositions; (xiv) changes in
availability and relative costs of labor and contract farmers and
our ability to maintain good relationships with team members, labor
unions, contract farmers and independent producers providing us
livestock; (xv) issues related to food safety, including costs
resulting from product recalls, regulatory compliance and any
related claims or litigation; (xvi) compliance with and changes to
regulations and laws (both domestic and foreign), including changes
in accounting standards, tax laws, environmental laws, agricultural
laws and occupational, health and safety laws; (xvii) the effect of
climate change and any legal or regulatory response thereto;
(xviii) adverse results from litigation; (xix) risks associated
with leverage, including cost increases due to rising interest
rates or changes in debt ratings or outlook; (xx) impairment in the
carrying value of our goodwill or indefinite life intangible
assets; (xxi) our participation in a multiemployer pension plan;
(xxii) volatility in capital markets or interest rates; (xxiii)
risks associated with our commodity purchasing activities; (xxiv)
the effect of, or changes in, general economic conditions; (xxv)
impacts on our operations caused by factors and forces beyond our
control, such as natural disasters, fire, bioterrorism, pandemics,
armed conflicts or extreme weather; (xxvi) failure to maximize or
assert our intellectual property rights; (xxvii) effects related to
changes in tax rates, valuation of deferred tax assets and
liabilities, or tax laws and their interpretation; and (xxviii) the
other risks and uncertainties detailed from time to time in our
filings with the Securities and Exchange Commission, including
those included under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in our most recent Annual Report on Form 10-K and
Quarterly reports on Form 10-Q.
|
Media Contact: Laura Burns, 479-713-9890Investor Contact: Sean
Cornett, 479-466-0401 |
Source: Tyson Foods, Inc.Category: IR, Newsroom |
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