The company said operating income for the first quarter of fiscal 2024 fell 51% to $231 million. It said lower operating income in its Beef segment was partially offset by improved operating income in its Pork and Chicken segments.

1. 01

   The company said operating income for the first quarter of fiscal 2024 fell 51% to $231 million. It said lower operating income in its Beef segment was partially offset by improved operating income in its Pork and Chicken segments.

2. 02

   Tyson said its operating income for the first quarter of fiscal 2024 reflected plant closure charges of $75 million, legal contingency accruals of $73 million and restructuring and related charges of $30 million.

3. 03

   The company cited compressed beef margins, an inventory lower of cost or net realizable value adjustment of $56 million, a legal contingency accrual of $45 million and plant closure-related costs of $40 million as factors in the decline in Beef segment operating income.

4. 04

   The company said it had liquidity of $3.7 billion and current debt of $1.3 billion as of December 30, 2023, and no commercial paper outstanding. It also said it borrowed the full $750 million under the term loan facility due May 2028 to repay $592 million of commercial paper.

Key figures

Quarter ended December 30, 2023

Revenue

$13.3B

Operating income

$231M

Net income

$107M

EPS

$0.30

Gross profit

$823M

Operating cash flow

$1.3B

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

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