Tyson Foods Inc. of Springdale (NYSE: TSN) reported Monday first-quarter net income of $107 million for fiscal 2024.
Income was down more than 66% from $316 million in the same quarter a year ago. But it was the first profitable period for Tyson Foods after three consecutive negative quarters to finish fiscal 2023.
On a per-share basis, the company said it had profit of 30 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 69 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
Tyson Foods reported revenue of $13.32 billion, up from $13.26 million in the same quarter a year ago.
Tyson Foods lost $648 million in 2023, closed six chicken processing facilities and cut leadership and corporate positions by 15% and 10%, respectively.
“Our team executed well in the quarter and delivered tangible results, including our third sequential quarter of adjusted operating income growth,” Tyson Foods CEO Donnie King said in a statement. “We saw the benefits of our diverse protein portfolio and realization of operational efficiencies from the strategic decisions we made in the past year.”
The beef segment reported sales of $5 billion, up from $4.7 billion a year ago. But the segment swung to a loss of $206 million, down from a profit of $166 million a year ago.
The chicken segment reported sales of $4 billion, down from $4.3 billion. Operating income was $177 million, an increase from $69 million a year ago.
The prepared food segment had sales of $2.54 billion, up slightly from $2.5 billion a year ago. Operating income was $243 million, down from $258 million.
The pork segment reported sales of $1.52 billion, down slightly from $1.53 billion. Operating income was $39 million, up from a loss of $21 million a year ago.
The international segment reported sales of $582 million, down from $612 million a year ago. The segment posted a loss of $22 million in the quarter, compared to a loss of $5 million a year ago.
“Although we still have work to do, I am pleased with our first-quarter results and am confident we are on the right path to deliver long-term shareholder value,” King said. “Going forward, we will continue to prioritize our liquidity and financial health, our focus on operational excellence, and our relentless pursuit to win with customers and consumers.”
Shares of Tyson Foods were flat Monday morning at $56.41. Year to date, shares were up about 2%.
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