Tyson Foods Works On Improving Chicken Operations Amid High Demand: WSJ

Tyson Foods Inc TSN Chief Executive Officer Donnie King has reiterated his commitment to turn over the company's chicken business, the Wall Street Journal reported.
"We've not been where we want to be from a performance perspective, from an execution perspective," the report quoted King.
The biggest U.S. chicken processor has been struggling to fulfill growing customer orders as it incurred more costs for chicken feeds and employee wages.
In the Chicken segment, the company experienced $285 million of higher feed ingredient costs and $159 million in net derivative gains in the first six months of fiscal 2022.
In its Q2 report, the company said it is working to drive costs down by increasing efficiency, productivity and bringing more capacity online.
The company is targeting $1 billion in productivity savings by the end of fiscal 2024 and more than $400 million in fiscal 2022, relative to a fiscal 2021 cost baseline.
Price Action: TSN shares closed lower by 2.28% at $84.11 on Friday.

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