Tyson Foods reports earnings and CFO review
Tyson Foods said Monday that independent members of its board of directors will launch a "thorough review" of its chief financial officer's arrest last week.
- CEO Donnie King declined to address specifics about the board's audit or to speculate on ramifications, noting the company has a "robust governance program" in place and that he has confidence in the process.
Driving the news: CFO John R. Tyson, son of the company's chairman, was arrested Nov. 6 on public intoxication and criminal trespassing charges after being found asleep in the home of a woman who said she didn't know him.
- The Wall Street Journal reported last week that Tyson would seek counseling for alcohol usage, citing an internal memo.
What they're saying: "I'm embarrassed, and I want to let you know that I take full responsibility for my actions," Tyson said on a call with analysts Monday. "I also want to apologize to our investors, as I have to our employees."
- Tyson declined to answer additional questions from the media related to counseling or the incident.
Meanwhile, the company's net income for its fourth quarter that ended Oct. 1 fell to $538 million from $1.35 billion a year earlier.
- Sales volume for the fourth quarter in its pork and prepared foods segments were down, while beef volume was flat, the company said in its earnings release.
- Quarterly operating income from beef fell to $375 million from more than $1.1 billion a year earlier.
- The company's pork segment lost $55 million as hog herds shrank and labor and freight costs rose.
Yes, but: King said the meat company's results for the full year set sales and earnings records.
- Its annual net income was $3.23 billion, up 6% from $3.04 billion at the end of 2021.
- Tyson Foods reported year-end revenue of $53.28 billion, up from $47 billion in 2021.
Disclosure: Reporter Worth Sparkman formerly worked at Tyson Foods
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