Operations

Tyson Foods boosts Q3 2021 sales, earnings

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August 10, 2021

Tyson Foods Inc. reported improved sales and earnings for the three months ending July 3, 2021 compared to Q3, 2020, according to a press release.

Company sales rose from $10.02 billion in Q3, 2020 to $12.4 billion for the Q3, 2021.

Net income rose from $526 million to $753 million in the comparative quarters.

Net income per share rose 42% from $1.44 to $2.05 while adjusted net income per share rose 98% from $1.40 to $2.70.

Beef and pork sales volume increased during the third quarter of fiscal 2021 due to strong global demand and reduced production inefficiencies associated with COVID-19.

Chicken sales volume increased primarily due to increased demand in the foodservice channel and reduced production inefficiencies associated with COVID-19.

Prepared food sales volume increased primarily due to increased demand in the foodservice channel and sustained retail demand as well as reduced production throughput disruptions associated with COVID-19.

"We delivered a strong performance in a strong protein market," Tyson Foods President and CEO Donnie King said in a prepared statement. "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."

The $12.4 billion in quarterly revenue beat analyst expectations by $960 million, while the non-GAAP of $2.70 beat expectations by $1.03 and the GAAP EPS of $2.05 beat expectations by 40 cents, according to Seeking Alpha.

Shares traded at $74.66 today against a 52-wek range of $55.82-$81.79.

The company expects sales to approximate $46 billion to $47 billion in fiscal 2021.