NYSE$TSN
Tyson Foods Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Tyson Foods reported solid results in Q3 2022, focusing on operational excellence and aggressive cost management. The turnaround of the chicken business continued, and the company maintained its market share leadership in many retail business lines.
Tyson Foods delivered solid results in the third quarter, driven by operational excellence and aggressive cost management. The chicken business turnaround continued, and the company maintained its market share leadership in key retail business lines. The company is progressing toward its goal of delivering over $1 billion in recurring productivity savings by the end of fiscal 2024.
- GAAP EPS of $2.07, up 1% from prior year; Adjusted EPS of $1.94, down 28% from prior year
- GAAP operating income of $1,033 million, down 3% from prior year; Adjusted operating income of $998 million, down 27% from prior year
- Total Company GAAP operating margin of 7.7%; Adjusted operating margin of 7.4%
- Liquidity of $3.3 billion at July 2, 2022
Headline financials
Revenue & EPS history
Tyson Foods · Revenue · Quarterly
$13.5B
Revenue by segment
Tyson Foods · $14B total across 5 segments · Q3 2022
- Beef$4.96B+0.1%35.4%
- Chicken$4.37B+25.6%31.2%
- Prepared Foods$2.45B+5.3%17.5%
- Pork$1.62B-5.6%11.6%
- International$602M+23.4%4.3%
Forward guidance
For fiscal 2022, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) should be relatively flat compared to fiscal 2021 levels. We are targeting $1 billion in productivity savings by the end of fiscal 2024 and more than $400 million in fiscal 2022, relative to a fiscal 2021 cost baseline. We expect sales to be $52 billion to $54 billion in fiscal 2022.
Tailwinds
- USDA projects domestic beef production will increase approximately 1% in fiscal 2022 as compared to fiscal 2021.
- We anticipate another strong year with adjusted operating margin between 11% and 13% in fiscal 2022 for Beef.
- USDA projects chicken production will increase approximately 1% in fiscal 2022 as compared to fiscal 2021.
- We anticipate an adjusted operating margin of 5% to 7% for fiscal 2022 for Chicken.
- We will remain disciplined in our revenue management to ensure that additional inflationary pressures are mitigated by sales price increases, while also working diligently to deliver productivity savings to reduce costs for Prepared Foods.
Headwinds
- USDA projects domestic pork production will decrease approximately 3% in fiscal 2022 as compared to fiscal 2021.
- We believe our Pork segment's adjusted operating margin will be 3% to 5% in fiscal 2022.
- We anticipate lower results from our foreign operations in fiscal 2022 due to supply chain disruptions and other impacts related to COVID-19 for International/Other.
- We expect net interest expense to approximate $350 million for fiscal 2022.
- We currently expect our adjusted effective tax rate to approximate 22.5% in fiscal 2022.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+0.6%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-0.5%
Avg return
30 days after
58%
38 / 65 earnings
Positive
+15.8%
Q1 2016
Best reaction
-19.6%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +0.2% | +7.4% | -11.3% | |
| Q1 2026 | +0.3% | -0.1% | -3.7% | |
| Q4 2025 | +2.3% | +2.5% | +9.5% | |
| Q2 2025 | -7.6% | -9.0% | -8.5% | |
| Q1 2025 | +2.2% | +2.6% | +7.5% | |
| Q4 2024 | +7.6% | +9.4% | +4.1% | |
| Q3 2024 | +0.5% | +0.8% | +7.3% | |
| Q2 2024 | -5.0% | -3.8% | -9.1% | |
| Q1 2024 | -1.7% | -6.7% | -5.3% | |
| Q4 2023 | +1.7% | +3.8% | +11.4% | |
| Q3 2023 | -2.5% | -2.2% | -8.7% | |
| Q2 2023 | -19.6% | -19.5% | -15.4% | |
| Q1 2023 | -4.1% | -5.7% | -8.6% | |
| Q4 2022 | -4.6% | -2.8% | -4.5% | |
| Q3 2022 | -8.6% | -6.5% | -15.5% | |
| Q2 2022 | +1.4% | -0.9% | -3.9% | |
| Q1 2022 | +11.8% | +11.0% | +2.7% | |
| Q4 2021 | +2.9% | +0.3% | +5.8% | |
| Q3 2021 | +11.9% | +15.2% | +7.1% | |
| Q2 2021 | +0.8% | +1.9% | -1.8% | |
| Q1 2021 | -5.4% | -5.2% | +9.0% | |
| Q4 2020 | +2.3% | -2.6% | +4.6% | |
| Q3 2020 | +6.0% | +2.2% | +3.2% | |
| Q2 2020 | -5.0% | +0.6% | +0.1% | |
| Q1 2020 | -4.5% | -3.7% | -23.1% | |
| Q4 2019 | +7.4% | +9.2% | +5.8% | |
| Q3 2019 | +6.6% | +10.8% | +7.9% | |
| Q2 2019 | +2.3% | +6.3% | +7.4% | |
| Q1 2019 | -2.6% | +0.8% | +3.1% | |
| Q4 2018 | -4.6% | -2.3% | -9.0% | |
| Q3 2018 | +3.7% | +4.2% | +8.2% | |
| Q2 2018 | -0.5% | +1.9% | +1.8% | |
| Q1 2018 | +2.0% | +1.8% | +3.1% | |
| Q4 2017 | +2.6% | +5.2% | +11.5% | |
| Q3 2017 | +2.7% | +3.6% | +2.6% | |
| Q2 2017 | -8.6% | -8.0% | -4.5% | |
| Q1 2017 | -1.1% | -0.5% | -5.3% | |
| Q4 2016 | -12.5% | -11.4% | -8.0% | |
| Q3 2016 | +1.1% | +2.3% | +2.2% | |
| Q2 2016 | +3.0% | — | — | |
| Q1 2016 | +15.8% | — | — | |
| Q4 2015 | +12.5% | — | — | |
| Q3 2015 | -6.2% | — | — | |
| Q2 2015 | +0.4% | — | — | |
| Q1 2015 | -1.6% | — | — | |
| Q4 2014 | +4.9% | — | — | |
| Q3 2014 | -0.9% | — | — | |
| Q2 2014 | -10.3% | — | — | |
| Q1 2014 | +4.4% | — | — | |
| Q4 2013 | +7.0% | — | — | |
| Q3 2013 | +7.7% | — | — | |
| Q2 2013 | -1.3% | — | — | |
| Q1 2013 | +3.2% | — | — | |
| Q4 2012 | +13.0% | — | — | |
| Q3 2012 | -4.1% | — | — | |
| Q2 2012 | +6.7% | — | — | |
| Q1 2012 | +2.8% | — | — | |
| Q4 2011 | -0.5% | — | — | |
| Q3 2011 | +2.5% | — | — | |
| Q2 2011 | -5.0% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2010 | +3.5% | — | — | |
| Q3 2010 | -6.2% | — | — | |
| Q2 2010 | -3.2% | — | — | |
| Q1 2009 | +7.9% | — | — |
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