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- Tyson Foods Inc TSN reported first-quarter FY23 sales growth of 2.5% year-on-year to $13.26 billion, missing the consensus of $13.52 billion.
- Sales volume of Beef rose 2.9% Y/Y, Pork fell 7.4%, Chicken climbed 2.5%, and Prepared Foods increased 1.2%.
- Gross profit plunged from $2 billion to $968 million, with the margin contracting 830 basis points to 7.3%.
- The operating margin contracted 780 basis points to 3.5%, and operating income for the quarter decreased 67.9% to $467 million.
- Adjusted EPS of $0.85 missed the analyst consensus of $1.36.
- The company held $654 million in cash and equivalents as of Dec. 31, 2022.
- Adjusted EBITDA for the quarter decreased 54.7% to $796 million.
- "We faced some challenges in the first quarter. Market dynamics and some operational inefficiencies impacted our profitability," said CEO Donnie King.
- Outlook: Tyson Foods continues to expect FY23 sales of $55 billion - $57 billion versus the consensus of $55.13 billion.
- The company expects FY23 adjusted operating margin: Beef 2% - 4%, Pork 0% - 2%, Chicken 2% - 4%.
- Price Action: TSN shares are trading lower by 4.14% at $61.38 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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