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Tyson Foods Q4 net income $1.12 billion

Christian Fernsby ▼ |
Tyson Foods reported Monday a profit for the first quarter that more than doubled from last year, reflecting sales growth amid strong consumer demand.

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Topics: TYSON FOODS   

Tyson Foods also maintained its sales guidance range for the full-year 2022, but now expects it at the upper end of the range.

"Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace," said Donnie King, President and CEO of Tyson Foods.

Tyson Foods reported net income attributable to the company for the quarter of $1.12 billion or $1.90 per share, up from $467 million or $1.28 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $2.87 per share, compared to $1.94 per share in the year-ago quarter.

Sales for the quarter edged up 0.3 percent to $12.93 billion from $10.46 billion in the same quarter last year.

Beef sales volume decreased 6.2 percent to $5.0 billion, primarily due to challenging labor environment and increased supply chain constraints, partially offset by strong global demand.

Pork sales volume edged up 0.2 percent to $1.63 billion, as strong global demand was offset by the impacts associated with a challenging labor environment.

Chicken sales volume increased 3.6 percent to $3.89 billion, primarily due to increased live production and a strong demand environment.

Prepared Foods sales volume decreased 2.6 percent to $2.33 billion, due to the divestiture of our pet treats business in the fourth quarter of fiscal 2021 as well as lower production throughput primarily associated with a challenging labor and supply environment.

Looking ahead to fiscal 2022, the company projects sales to be at the upper end of the $49 billion to $51 billion range.

The company also expects capital expenditures of approximately $2 billion for fiscal 2022. ■

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