TYSON FOODS: Tyson Foods Reports Third Quarter 2021 Results

By Press release submission

Aug 16, 2021

Tyson Foods issued the following announcement on Aug. 9.

Tyson Foods, Inc. (NYSE: TSN), one of the world’s largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair, today reported the following results

First Nine Months Highlights

GAAP EPS of $4.63, up 20% from prior year; Adjusted EPS of $5.98, up 61% from prior year
GAAP operating income of $2,487 million, up 22% from prior year; Adjusted operating income of $3,136 million, up 49% from prior year
Total Company GAAP operating margin of 7.3%; Adjusted operating margin of 9.0%
Generated approximately $2.7 billion of operating cash flows
Results impacted by approximately $270 million of direct incremental expenses related to COVID-19
Reduced total debt by approximately $1 billion

Third Quarter Highlights

GAAP EPS of $2.05, up 42% from prior year; Adjusted EPS of $2.70, up 93% from prior year
GAAP operating income of $1,062 million, up 37% from prior year; Adjusted operating income of $1,372 million, up 81% from prior year
Total Company GAAP operating margin of 8.5%; Adjusted operating margin of 10.8%
Liquidity of $3.4 billion at July 3, 2021
Entered into an agreement to sell our Pet Treats business for $1.2 billion; closed in the fourth quarter of fiscal 2021
Team member safety remains top priority; requiring vaccination for U.S. team members; nearly 50% vaccinated so far

“We delivered a strong performance in a strong protein market,” said Tyson Foods President & CEO Donnie King. “With trusted brands that met strong consumer demand, we have delivered 12 consecutive quarters of share gains in core business lines at retail. Our foodservice volume improved as the restaurant industry began to reopen and recover. Our beef business increased production to meet strong U.S. and international demand for higher-quality products. And we continued to build financial strength, reducing our debt and investing in future growth by laying out plans to expand our business, both to address capacity constraints and meet growing demand.”

Original source can be found here.