Sales volume of Beef rose 5.1% Y/Y, Pork fell 1.1%, Chicken climbed 1.1%, and Prepared Foods increased 0.3%.
Gross profit plunged from $2.5 billion to $1.3 billion, with the margin contracting 980 basis points to 9.5%.
The operating margin contracted 930 basis points to 5.6%, and operating income for the quarter decreased 59.8% to $766 million.
Adjusted EPS of $1.63 missed the analyst consensus of $1.73.
The company held $1.03 billion in cash and equivalents as of October 1, 2022. Cash provided by operating activities for twelve months amounted to $2.7 billion.
Adjusted EBITDA for twelve months ended October 1, 2022, increased 2.4% to $5.6 billion.
The Board of Directors increased the quarterly dividend previously declared on August 11, 2022, to $0.48 per Class A share, payable on December 15, 2022, to shareholders of record at the close of business on December 1, 2022.
Outlook: Tyson Foods expects FY23 sales of $55 billion – $57 billion, versus the consensus of $53.61 billion.
It sees FY23 capital expenditure of $2.5 billion.
Price Action: TSN shares are trading higher by 1.25% at $68.25 in premarket on the last check Monday.
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