The company said diluted earnings per share for fiscal 2024 Q1 were $0.40, flat from a year earlier, and adjusted diluted earnings per share were $0.41. Net sales rose 1% and segment profit rose 3%.

1. 01

   The company said diluted earnings per share for fiscal 2024 Q1 were $0.40, flat from a year earlier, and adjusted diluted earnings per share were $0.41. Net sales rose 1% and segment profit rose 3%.

2. 02

   The company said Foodservice segment profit rose, driven by higher sales and lower logistics expenses. It said Retail segment profit fell, as lower commodity turkey pricing and lower equity in earnings from MegaMex Foods more than offset the benefit from higher sales and lower logistics expenses.

3. 03

   The company said year-to-date cash flow from operations was $404 million, up 98% from a year earlier. Cash and cash equivalents increased $227 million in Q1. The company said cash from operating activities was sufficient to cover dividend payments and capital expenditures.

4. 04

   The company said its Board of Directors approved up to $500 million of new long-term financing on January 30, 2024. It said it intends to use this, along with cash on hand, to pay the $950 million notes due June 2024 upon maturity.

Key figures

Quarter ended January 28, 2024

Revenue

$3.0B

Operating income

$284M

Net income

$219M

EPS

$0.40

Gross profit

$509M

Operating cash flow

$404M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.