For the fiscal year, Tyson Foods had revenue of $53.3 billion, up from $47 billion a year ago, and it had income of $3.2 billion, up from $3.1 billion.
For the quarter, Tyson Foods reported revenue of $13.7 billion, up from $12.8 billion. Income was $538 million, down more than 60% from $1.4 billion in the same quarter a year ago.
Earnings per share for the quarter was $1.63, down from $2.30. For the fiscal year, EPS was $8.73, up from $8.28.
The quarterly income results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.70 per share.
The revenue numbers exceeded the forecast of three analysts who predicted $13.29 billion.
“We delivered record sales and earnings for the full year, which was supported by our diverse portfolio and continued strength in consumer demand for protein,” Tyson Foods CEO Donnie King said. “Our results were supported by historically strong operations in our beef segment and improved performance in our chicken segment. We also experienced share gains in both our foodservice Focus 6 categories and retail core business lines, which include our Tyson, Jimmy Dean, Hillshire Farm and Ball Park iconic brands.”
Tyson Foods said it expects revenue for fiscal 2023 to be between $55 and $57 billion.
The company’s beef segment reported quarterly revenue of $4.9 billion for the quarter, down from $5 billion, and fiscal revenue of $19.9 billion, up from $17.99 billion. Quarterly operating income was $375 million down from $1.2 billion, and fiscal operating income was $2.5 billion, down from $3.2 billion.
The company’s chicken segment reported quarterly revenue of $4.6 billion, up from $3.9 billion, and fiscal revenue of $16.9 billion, up from $13.7 billion. Quarterly operating income was $340 million, up from a loss of $136 million, and fiscal operating income was $955 million, up from a loss of $625 million.
The company’s prepared foods segment reported quarterly revenue of $2.5 billion, up from $2.3 billion, and fiscal revenue of $9.7 billion, up from $8.9 billion. Quarterly operating income was $111 million, down from $823 million, and fiscal operating income was $746 million, down from $1.5 billion.
The company’s pork segment reported quarterly revenue of $1.6 billion, down from $1.65 billion, and fiscal revenue of $6.4 billion, up from $6.3 billion. Quarterly operating income was a loss of $55 million, down from $78 million, and fiscal operating income was $193 million, down from $328 million.
The earnings report was the first for new company CFO John R. Tyson, the 32-year-old son of Chairman of the Board and former CEO John Tyson. John R. Tyson was promoted to CFO in September 2022 after having joined the company as chief sustainability officer in September 2019.
During a conference call with industry analysts Monday morning, John R. Tyson made a statement regarding his arrest by Fayetteville police in the early morning hours of Nov. 6. He faces misdemeanor charges of public intoxication and criminal trespassing after police alleged he entered a stranger’s home and passed out in her bed on Mock Street shortly before 2 a.m.
“I want to take a moment to address an important issue,” Tyson said. “I’m embarrassed and I want to let you know I take full responsibility for my actions. I also want to apologize to our investors, as I have to our employees. This was an incident inconsistent with our company values as well as my personal values.
“I am committed to making sure this never happens again.”
John R. Tyson didn’t address his arrest during the media conference call later Monday morning and declined to answer questions about it, including his reportedly seeking counseling, saying he didn’t have “anything else to add at this point in time.”
King said the company had a “strong, robust corporate governance process” and that John R. Tyson’s arrest was being reviewed by independent members of the board of directors. He did not identify which independent board members were handling the review, but said everyone should let it “run its course.”
“Like John, this company takes this matter seriously,” King said. “I am confident in the independent process.”