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Tyson Foods Reports on Q3 of FY 2021
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08/09/2021 |
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 In a press release dated August 9th Tyson Foods Inc. (TSN) announced results for the Third Quarter ending July 30th 2021.
The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS)
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Quarter Ending
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July 3rd 2021
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June 27th 2020
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Difference (%)
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Sales:
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$12,478,000
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$10,022,000
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+24.5
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Gross profit:
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$1,620,000
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$1,313,000
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+23.4
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Operating income:
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$1,062,000
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$773,000
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+37.3
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Pre-tax Income
Net Income
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$966,000
$749,000
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$665,000
$526,000
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+45.3
+44.3
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Diluted earnings per share:
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$2.05
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$1.44
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+42.4
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Gross Margin (%)
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13.0
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13.1
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-0.8
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Operating Margin (%)
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8.5
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7.7
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+10.3
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Profit Margin (%)
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6.0
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5.2
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+15.4
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Long-term Debt:
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$10,478,000
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$12,519,000
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-16.3
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12 Months Trailing:
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Return on Assets (%)
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7.2
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Return on Equity (%)
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13.9
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Operating Margin (%)
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9.1
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Profit Margin (%)
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4.9
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Total Assets
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$35,663,000
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$34,456,000
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+3.5
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Market Capitalization
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$27,961,000
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52-Week Range in Share Price: $55.82 to $77.06 50-day Moving average $72.31
Market Close Friday Aug. 6th $71.10. Monday 9th post-release, noon $76.65 (+7.8%)
Forward P/E 10.9 Beta 0.8
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In commenting on results that beat consensus on both the top and bottom (adjusted) lines president and CEO Donnie King succinctly stated: “We delivered a strong performance in a strong protein market,” He added “With trusted brands that met strong consumer demand, we have delivered twelve consecutive quarters of share gains in core business lines at retail. Our foodservice volume improved as the restaurant industry began to reopen and recover. Our beef business increased production to meet strong U.S. and international demand for higher-quality products. And we continued to build financial strength, reducing our debt and investing in future growth by laying out plans to expand our business, both to address capacity constraints and meet growing demand.”
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Donnie King CEO Tyson Foods |
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The Chicken Segment attained sales of $3,476 million ($3,112 million in Q3 FY 2020) representing 27.9 percent of Company revenue. Operating income was $(279 million) adjusted to $27.0 million after non-recurring legal settlements. In Q3 of 2020 operating income was $120 million).
 In supplementing data on performance of the Chicken Segment during the most recent quarter, the Company statement noted: “Sales volume increased during the third quarter of fiscal 2021 primarily due to increased demand in the foodservice channel and reduced production inefficiencies associated with COVID-19 compared to the third quarter of fiscal 2020, a decline in hatch rate and a challenging labor environment, partially offset by increased demand. Average sales price increased in the third quarter of fiscal 2021 due to favorable sales mix and inflationary market conditions. Operating loss increased during the third quarter of fiscal 2021 primarily due to a $306 million loss from the recognition of legal contingency accruals and $270 million of higher feed ingredient costs, partially offset by $125 million of incremental net derivative gains as compared to the third quarter of fiscal 2020.
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Copyright © 2024 Simon M. Shane
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