Tyson Foods’ inventory soars 5% after revenue beat offsets fifth straight gross sales miss

Sales rose to $13.319 billion from $13.260 billion a 12 months in the past, slightly below the $13.338 billion FactSet consensus.

Overall, common costs rose 0.4% and volumes had been flat. That improved from the prior quarter, when common costs declined 1.4% from a 12 months in the past and quantity was down 0.6%. That was the third straight quarter of value declines and the primary drop in quantity because the fiscal third quarter of 2022.

By section, beef costs rose 10.5%, as volumes fell 4.1%, whereas gross sales rose to $5.023 billion from $4.723 billion a 12 months in the past.

Pork gross sales fell to $1.517 billion from $1.529 billion as common costs fell 8.5%. and volumes rose 7.7%.

Chicken gross sales fell to $4.033 billion from $4.263 billion as common costs fell 3.9% and volumes fell 1.5%. Prepared-foods gross sales rose to $2.453 billion from $2.538 billion as common costs fell 2.3% and quantity rose 2.5%.

In the corporate’s worldwide enterprise, costs fell a median of seven.1%, as volumes rose 2.2%. Sales fell to $582 million from $612 million.

The firm stated it expects gross sales to be “relatively flat” in fiscal 2024 versus the 12 months earlier, whereas FactSet is anticipating a decline.

Tyson expects to spend $1.0 billion to $1.5 billion on capex.

The inventory has fallen 12% within the final 12 months, whereas the S&P 500
SPX,
+1.07%
has gained 19.9%.

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