Delivers Strong Earnings Driven by Prepared Foods and Beef Segments
SPRINGDALE, AR (STL.News) Tyson Foods, Inc. (NYSE: TSN), one of the world’s largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp, and State Fair, today reported the First Quarter 2021 Results. Below is only a summary.
Tyson Foods, Inc. First Quarter Highlights
- GAAP EPS of $1.28, down 7% from the prior year; Adjusted EPS of $1.94, up 28% from the prior year
- GAAP operating income of $705 million, down 7% from the prior year; Adjusted operating income of $1,025 million, up 24% from the prior year
- Total Company GAAP operating margin of 6.7%; Adjusted operating margin of 9.5%
- Liquidity of $4.2 billion at January 2, 2021
- Results impacted by approximately $120 million of direct incremental expenses related to COVID-19.
- Repaid $750 million of our $1.5 billion outstanding term loan in February 2021
“We delivered strong operating earnings performance, exceeding $1 billion in operating income for the quarter,” said Dean Banks, president, and CEO of Tyson Foods. “This performance was driven by higher earnings in our Prepared Foods, Beef, and Chicken segments and demonstrates our effectiveness in addressing customer and consumer needs while continuing to manage the ongoing effects of the global pandemic. I am exceptionally proud of our global team for their contributions to this strong result.”
“As we navigate continued market volatility, our multi-protein portfolio creates the fuel for disciplined investments in higher-margin, higher growth opportunities ahead. We will continuously seek to remove unnecessary costs from the business and invest in the right areas. Looking forward, I’m confident that our team is executing on the right priorities to meet our commitments and drive shareholder value creation.”
“We’re optimistic about the continued success of Tyson Foods, and we are positioned for long-term, sustainable growth. We have an incredible opportunity through our leadership in sustainability and social responsibility to drive a more sustainable future for our company and our planet.”
NOTE: This is NOT the complete release, but a summary of the report.