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Tyson Foods Reports Third Quarter 2021 Results

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Tyson Foods Reports Third Quarter 2021 Results TYSON FOODS REPORTS THIRD QUARTER 2021 RESULTS Generates Increased Sales, Volume Growth and Strong Operating Results Springdale, Arkansas – August 9, 2021 – 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 following results: (in millions, except per share data) Third Quarter Nine Months Ended 2021 2020 1 2021 2020 1 Sales $ 12,478 $ 10,022 $ 34,238 $ 31,725 Operating Income 1,062 773 2,487 2,046 Net Income 753 526 1,702 1,414 Less: Net Income Attributable to Noncontrolling Interests 4 — 10 7 Net Income Attributable to Tyson $ 749 $ 526 $ 1,692 $ 1,407 Net Income Per Share Attributable to Tyson $ 2.05 $ 1.44 $ 4.63 $ 3.85 Adjusted2 Operating Income $ 1,372 $ 758 $ 3,136 $ 2,099 Adjusted2 Net Income Per Share Attributable to Tyson $ 2.70 $ 1.40 $ 5.98 $ 3.72 1 Certain items for the third quarter and nine months of fiscal 2020 have been revised as described in Part I, Item 1. Notes to Consolidated Condensed Financial Statements in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended July 3, 2021. 2 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Adjusted operating income and adjusted net income per share attributable to Tyson (Adjusted EPS) are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures. First Nine Months Highlights • GAAP EPS of $4.63, up 20% from prior year; Adjusted EPS of $5.98, up 61% from prior year • GAAP operating income of $2,487 million, up 22% from prior year; Adjusted operating income of $3,136 million, up 49% from prior year • Total Company GAAP operating margin of 7.3%; Adjusted operating margin of 9.0% • Generated approximately $2.7 billion of operating cash flows • Results impacted by approximately $270 million of direct incremental expenses related to COVID-19 • Reduced total debt by approximately $1 billion Third Quarter Highlights • GAAP EPS of $2.05, up 42% from prior year; Adjusted EPS of $2.70, up 93% from prior year • GAAP operating income of $1,062 million, up 37% from prior year; Adjusted operating income of $1,372 million, up 81% from prior year • Total Company GAAP operating margin of 8.5%; Adjusted operating margin of 10.8% • Liquidity of $3.4 billion at July 3, 2021 • Entered into an agreement to sell our Pet Treats business for $1.2 billion; closed in the fourth quarter of fiscal 2021 • Team member safety remains top priority; requiring vaccination for U.S. team members; nearly 50% vaccinated so far “We delivered a strong performance in a strong protein market,” said Tyson Foods President & CEO Donnie King. “With trusted brands that met strong consumer demand, we have delivered 12 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.” 1 SEGMENT RESULTS (in millions) Sales (for the third quarter ended July 3, 2021, and June 27, 2020) Third Quarter Nine Months Ended Volume Avg. Price Volume Avg. Price 2021 2020 1 Change Change 3 2021 2020 1 Change Change 3 Beef $ 4,954 $ 3,653 24.0 % 11.6 % $ 12,987 $ 11,470 6.6 % 6.6 % Pork 1,715 1,115 14.5 % 39.3 % 4,631 3,760 2.9 % 20.3 % Chicken 3,476 3,112 3.3 % 15.6 % 9,860 9,801 (2.4) % 8.5 % Prepared Foods 2,323 2,035 4.5 % 9.7 % 6,600 6,255 (3.0) % 8.5 % International/Other 488 402 1.8 % 19.6 % 1,444 1,365 (1.5) % 7.3 % Intersegment Sales (478) (295) n/a n/a (1,284) (926) n/a n/a Total $ 12,478 $ 10,022 9.7 % 17.1 % $ 34,238 $ 31,725 0.1 % 9.5 % Operating Income (Loss) (for the third quarter ended July 3, 2021, and June 27, 2020) Third Quarter Nine Months Ended Operating Margin Operating Margin 2021 2020 1 2021 2020 1 2021 2020 1 2021 3 2020 1 Beef $ 1,120 $ 649 22.6 % 17.8 % $ 2,093 $ 1,114 16.1 % 9.7 % Pork 67 107 3.9 % 9.6 % 250 391 5.4 % 10.4 % Chicken (279) (120) (8.0) % (3.9) % (489) 36 (5.0) % 0.4 % Prepared Foods 150 145 6.5 % 7.1 % 633 494 9.6 % 7.9 % International/Other 4 (8) n/a n/a — 11 n/a n/a Total $ 1,062 $ 773 8.5 % 7.7 % $ 2,487 $ 2,046 7.3 % 6.4 % ADJUSTED SEGMENT RESULTS (in millions) Adjusted Operating Income (Loss) (Non-GAAP) (for the third quarter ended July 3, 2021, and June 27, 2020) Third Quarter Nine Months Ended Adjusted Operating Adjusted Operating Margin (Non-GAAP) Margin (Non-GAAP) 2021 2020 1 2021 2020 1 2021 2020 1 2021 3 2020 1 Beef $ 1,120 $ 634 22.6 % 17.4 % $ 2,093 $ 1,120 16.1 % 9.8 % Pork 67 107 3.9 % 9.6 % 250 393 5.4 % 10.5 % Chicken 27 (120) 0.7 % (3.9) % 137 57 1.3 % 0.6 % Prepared Foods 150 145 6.5 % 7.1 % 633 516 9.6 % 8.2 % International/Other 8 (8) n/a n/a 23 13 n/a n/a Total $ 1,372 $ 758 10.8 % 7.6 % $ 3,136 $ 2,099 9.0 % 6.6 % 3 Average Price Change and Adjusted Operating Margin for the Chicken Segment and Total Company excludes $225 million and $545 million for the three and nine months ended July 3, 2021, respectively, of legal contingency accruals recognized as a reduction to Sales. COVID-19 EXPENSES We incurred direct incremental expenses associated with the impact of COVID-19 totaling approximately $55 million and $270 million for the third quarter and first nine months of fiscal 2021, respectively. These direct incremental expenses primarily included team member costs associated with worker health and availability including direct costs for personal protection equipment, production facility sanitization, COVID-19 testing, donations, product downgrades, rendered product and certain professional fees, partially offset by CARES Act credits. Other indirect costs associated with COVID-19 are not reflected in this amount, including costs associated with raw materials, distribution and transportation, plant underutilization and reconfiguration, premiums paid to cattle producers and pricing discounts. 2 SUMMARY OF SEGMENT RESULTS Beef Sales volume increased during the third quarter of fiscal 2021 due to strong global demand and reduced production inefficiencies associated with COVID-19 compared to the third quarter of fiscal 2020. Sales volume increased for the first nine months of fiscal 2021 due to strong global demand and increased cattle processed in the third quarter of fiscal 2021 as compared to fiscal 2020, partially offset by the impacts associated with severe weather in the second quarter of fiscal 2021 and a challenging labor environment. Additionally, sales volume for the first nine months of fiscal 2021 was impacted by a fire, which caused the temporary closure of a production facility for the majority of the first quarter of fiscal 2020. Average sales price increased in the third quarter and first nine months of fiscal 2021 as demand for our beef products remained strong. Operating income increased in the third quarter and first nine months of fiscal 2021 due to strong demand as we continued to optimize revenues relative to live cattle supply, partially offset by production inefficiencies and a net increase in direct incremental expenses related to COVID-19 in the first nine months of fiscal 2021. Additionally, operating income in the first nine months of fiscal 2021 was impacted by a cattle supplier's misappropriation of Company funds, which resulted in a $55 million gain related to the recovery of cattle inventory as compared to a $56 million loss recognized in the first nine months of fiscal 2020. Pork Sales volume increased during the third quarter of fiscal 2021 due to strong global demand and reduced production inefficiencies associated with COVID-19 compared to the third quarter of fiscal 2020. Sales volume increased for the first nine months of fiscal 2021 due to strong global demand and increased live hogs processed in the third quarter of fiscal 2021 as compared to fiscal 2020, partially offset by the impacts of a challenging labor environment. Average sales price increased in the third quarter and first nine months of fiscal 2021 due to strong demand. Operating income decreased in the third quarter and first nine months of fiscal 2021 primarily due to lower hog supplies relative to industry capacity as well as production inefficiencies related to COVID-19 and a challenging labor environment, partially offset by a reduction in direct incremental expenses related to COVID-19 in the third quarter of fiscal 2021 as compared to fiscal 2020. Additionally, operating income in the third quarter and first nine months of fiscal 2021 was impacted by approximately $45 million and $115 million, respectively, of incremental net derivative losses as compared to the third quarter and first nine months of fiscal 2020.
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