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Tyson Foods' Q1 Results Miss Estimates by Wide Margin

Feb. 6, 2023
Tyson Foods' first-quarter 2023 earnings missed consensus estimates by a wide margin and were significantly lower than last year’s Q1 results.

Springdale, Ark., meat processor Tyson Foods reported net income of $316 million, or 88 cents a share, for the first quarter of fiscal 2023 — missing consensus estimates by nearly 50 cents a share and coming in significantly lower than last year’s Q1 results.

The company cited “market dynamics and some operational inefficiencies” as the primary issues impacting profitability, and CEO Donnie King told analysts the company got “hit in the mouth” by a severe oversupply in protein on the market.

Tyson reported sales volume gains in its beef (2.9%), chicken (2.5%), prepared foods (1.2%) and international and other foods (6.4%) divisions, while sales in its pork division slid 7.4% in the quarter.

This year’s results represented a 68% decline off last year’s Q1 results of $1.12 billion — which were nearly three times higher than 2021 Q1 results, driven predominantly by higher prices and consistently high demand for meat and poultry products.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.

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