Tyson Foods Inc. of Springdale (NYSE: TSN) on Tuesday capped its 2024 fiscal year with fourth-quarter income of $357 million, an improvement from a loss of $450 million in the same quarter a year ago.
Earnings per share came to $1, up from a loss of $1.31 a year ago. Earnings, adjusted for non-recurring gains, were 92 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.
Revenue in the fourth quarter was $13.57 billion, up from $13.35 billion a year ago.
For the fiscal year, income totaled $800 million, an improvement from a loss of $648 million in 2023. The company reported full-year revenue of $53.3 billion, up from $52.9 million in fiscal 2023.
Per share, full-year earnings came to $2.25, up from a loss of $1.87.
The company said it expects revenue to remain flat or decrease slightly in fiscal 2025, with adjusted operating income of $1.8 billion to $2.2 billion
Still, investors were pleased with the results. Shares of the company jumped 9% Tuesday morning to $64.15. Year to date, shares were up more than 15%.
“We delivered significant improvement in profitability for the fourth quarter and full year,” CEO Donnie King said in a statement. “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.”
The turnaround was led by the company’s chicken segment, which reported adjusted operating income of $988 million for fiscal 2024 after a loss of $770 million a year ago. The segment reported fiscal sales of $16.4 billion, down from $17.1 billion. For the fourth quarter, the chicken segment reported sales of $4.3 billion, up from $4.2 billion, and operating income of $409 million, up from a loss of $267 million.
The beef segment reported quarterly sales of $5.26 billion, up from $5.03 billion. For the year, sales were $20.5 billion, up from $19.3 billion. Quarterly operating income was a loss of $71 million, an improvement from a loss of $323 million. Fiscal operating income was a loss of $381 million, a decrease from a loss of $91 million.
The pork segment reported quarterly sales of $1.4 billion, down from $1.5 billion. Fiscal sales were $5.9 billion, up from $5.8 billion. Quarterly operating income was a loss of $16 million, down from a loss of $11 million. Fiscal operating incomes was a loss of $40 million, an improvement from a loss of $139 million.
The prepared foods segment reported quarterly sales of $2.47 billion, a decrease from $2.5 billion. Yearly sales were $9.85 million, an improvement from $9.845 billion. Quarterly operating income was $203 million, up from $118 million. Fiscal operating income was $879 million, up from $823 million.
The international segment reported quarterly sales of $609 million, down from $636 million. Fiscal sales were $2.4 billion, down from $2.5 billion. Operating income for the year was a loss of $37 million, an improvement from a loss of $218 million.
Tyson’s financial recovery comes after the company announced multiple plant closures in 2023 and in early 2024 that resulted in thousands of lost jobs. The company said it was shutting down old or inefficient plants to streamline operations.
Tyson also faced questions about its corporate governance in the fiscal year. Tyson heir John R. Tyson was arrested in June for driving while intoxicated, his second alcohol-related arrest in under two years. In the fourth quarter, he was replaced as CFO with Curt Calaway, a company veteran who has held leadership roles in accounting, auditing and compliance.
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