Feb 5, 2024 - News

Tyson Foods beats expectations to report Q1 profit

A photo of Tyson Foods World Headquarters with a green lawn in front of a brown building.

Photo: Worth Sparkman/Axios

Tyson Foods on Monday reported better-than-expected earnings for its first quarter.

  • It was the first profitable period for Tyson after three consecutive negative quarters in fiscal 2023.

Yes, but: First-quarter net income of $107 million for fiscal 2024 was down more than 66% from $316 million in the same quarter a year ago.

  • Tyson's beef segment reported a loss of $206 million, down from a profit of $166 million a year ago.
  • Chicken sales were down slightly and the company's international segment lost $22 million, compared to $5 million a year ago.

Flashback: Disappointing earnings, corporate job cuts, office consolidations and announcements to shutter several processing plants have dominated news for the company over the past year and a half.

  • More shutdowns are still possible, John R. Tyson, great-grandson of the company's founder, told Reuters.
  • The company opened a $300 million chicken plant in Danville, Virginia, in November and a $355 million bacon plant in Bowling Green, Kentucky, last month.

The bottom line: "Although we still have work to do, I am pleased with our first quarter results and am confident we are on the right path to deliver long-term shareholder value," CEO Donnie King said in the company's earnings release.

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