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Leading Meat Packing Firm's Shares Rise 12% on Q1 Earnings and FY Outlook
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Tyson Foods Inc. shares traded to a new 52-week high after the refrigerated and frozen meat products company reported Q1/22 financial results that included a nearly 20% increase total revenue.

Earlier today, meat packaging and protein products company Tyson Foods Inc. (TSN:NYSE), producer of numerous leading brands including Tyson, Hillshire Farm, Wright, Aidells, ibp and others, today announced financial results for its first quarter of 2022 ended January 1, 2022.

Tyson Foods advised that driven by strong consumer demand it delivered strong operating results in Q1/22. The company stated that in Q1/22 total sales increased by 19.6% to $12.933 billion, compared to $10.460 billion in Q1/21.

The firm listed that GAAP operating income in Q1/22 increased by 106% to $1,455 million, versus $705 million in Q1/21. The company reported that it registered a 140% increase in GAAP earnings per share (EPS) of $3.07 in Q1/22, versus GAAP EPS of $1.28 in Q1/21.

Tyson Foods' President and CEO Donnie King commented, "We're pleased with the results of the first quarter and of the steps that we are taking to improve productivity…Our performance reflects the resilience of our multi-protein portfolio even with continued volatility in the marketplace."

The company provided a breakdown of its business lines by product line and noted that in the most recent quarter, volumes of beef products decreased by 6.2% and prepared foods volumes decreased 2.6%. The firm saw a 3.6% increase in sales of chicken products, a 0.20% increase in pork products and a 9.0% increase in international sales.

Although overall volumes increased slightly by just 0.3%, the firm indicated that on an aggregate basis, average prices for its products rose by 19.6%. The firm listed that its Beef and Chicken segments saw the highest average sales price increases of 31.7% and 19.9%, respectively in Q1/22.

The company advised that the United States Department of Agriculture (USDA) estimates that in 2022, overall U.S. domestic protein production of beef, pork, chicken and turkey is expected to remain unchanged compared to 2021.

The company stated that in its own operations it has launched a productivity and cost savings initiative that it believes will deliver $1 billion in productivity savings by FYE/24 and will add $300-$400 million in FY/22, versus FY/21.

The company offered some forward guidance and advised that for FY/22 it expects sales of between $49-51 billion.

The firm added that it intends to spend approximately $2 billion for capital expenditures during FY/22, which it plans to utilize for expanding capacity increasing automation to offset labor challenges and developing and marketing of new innovate brands and products.

Tyson Foods is headquartered in Springdale, Ark. and is one of the world's largest refrigerated and frozen food product companies. Tyson's line of products includes many well-known, household name brands such as Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, and others. The company employs a total of over 135,000 people.

Tyson Foods started the day with a market cap of around $32.1 billion with approximately 363.1 million shares outstanding. TSN shares opened more than 10% higher today at $97.40 (+$9.11, +10.32%) over Friday's $88.29 closing price and reached a new 52-week high price this afternoon of $99.30. The stock has traded today between $95.52 and $99.30 per share and is currently trading at $99.19 (+$10.90, +12.35%).


1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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