Q4 Fiscal 2023 Certain information in this presentation constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2023, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt levels, return on invested capital, value-added product growth, capital e ...

Financial Performance - Sales decreased slightly to $52.9 billion in fiscal 2023 compared to $53.3 billion in fiscal 2022, reflecting a 0.8% decline[151]. - The company incurred an operating loss of $395 million in fiscal 2023, down from an operating income of $4.41 billion in fiscal 2022[151]. - Total operating margin was (0.7)% in fiscal 2023, with the Prepared Foods segment being the only one to report positive operating income[154]. - The company recorded a net income loss of $648 million in 2023, compared to a net income of $3,238 million in 2022, resulting in a loss of $1.87 per diluted share[175]. - The company reported a net loss of $649 million for 2023, compared to a net income of $3,249 million in 2022[223]. Sales and Segment Performance - Total sales for 2023 were $52,881 million, a decrease from $53,282 million in 2022, with a notable decline in the Beef segment sales to $19,325 million from $19,854 million[177]. - The Beef segment faced reduced supply of market-ready cattle and increased live cattle costs, while the Pork segment saw reduced live hog costs but softening global demand[152]. - The Chicken segment reported sales of $17,060 million in 2023, a slight increase from $16,961 million in 2022, but operating income dropped to a loss of $770 million[183]. - The Pork segment's sales decreased to $5,768 million in 2023 from $6,414 million in 2022, with an operating loss of $139 million[182]. - Prepared Foods segment sales reached $9,845 million in fiscal 2023, a 1.6% increase from $9,689 million in fiscal 2022, with operating income rising to $823 million[187]. - International segment sales increased to $2,515 million in fiscal 2023, up $160 million from $2,355 million in fiscal 2022, but operating income fell to a loss of $218 million[190]. Costs and Expenses - Cost of sales increased to $50.25 billion in fiscal 2023, representing 95.0% of sales, up from 87.5% in fiscal 2022[161]. - The company faced a $6,091 million increase in the cost of sales, driven by higher input costs, particularly in the Beef segment, which saw a $1,950 million increase in live cattle costs[28]. - Operating income for fiscal 2023 decreased significantly, impacted by $300 million in higher feed ingredient costs and $80 million in net derivative losses, compared to $195 million in net derivative gains in fiscal 2022[186]. - The average sales price decreased by 1.5% in fiscal 2023, driven by lower prices in the Pork and Chicken segments[158]. Restructuring and Charges - Restructuring charges amounted to $124 million in fiscal 2023, compared to $66 million in fiscal 2022, with cumulative pretax charges expected to reach approximately $224 million[156]. - The company executed two new term loan facilities totaling $1.75 billion in fiscal 2023 to refinance short-term promissory notes and for general corporate purposes[200]. - The company recorded a $448 million goodwill impairment charge in Q3 2023, followed by an additional $333 million charge in Q4 2023 due to increased discount rates[169]. - A goodwill impairment charge of $448 million was recognized, including $210 million for a Chicken segment reporting unit and $238 million for two International/Other reporting units[251]. Liquidity and Debt - The company had $3.0 billion in liquidity and $1.9 billion in current debt as of September 30, 2023, indicating a strong liquidity position[153]. - As of September 30, 2023, total liquidity was $2,996 million, including cash and cash equivalents, short-term investments, and available credit facilities[198]. - The current ratio decreased to 1.3 to 1 as of September 30, 2023, down from 1.8 to 1 a year earlier, primarily due to decreased cash and increased current debt[200]. - The company's total gross debt increased to $9,506 million in 2023 from $8,321 million in 2022, while total net debt rose to $8,918 million from $7,289 million[223]. - As of September 30, 2023, the company's net debt to EBITDA ratio increased to 9.1x from 1.3x in the previous year, due to a net debt increase of $1,629 million and a decrease in EBITDA of $4,712 million[205]. Pension and Benefits - The company expects to contribute approximately $15 million to its pension plans in fiscal 2024, following a contribution of $13 million in fiscal 2023[214]. - The funded status of the company's defined benefit pension plans showed an underfunded position of $149 million at the end of fiscal 2023, an improvement from $159 million at the end of fiscal 2022[214]. - The projected benefit obligation for the defined benefit pension plans was $176 million at the end of fiscal 2023, with net periodic benefit cost of $6 million[243]. - The company expects net periodic benefit cost associated with pension plans to be approximately $7 million in fiscal 2024[243]. Risk Management - The company is exposed to interest rate risk related to pension and post-retirement benefit obligations, which can affect liabilities and cash contribution requirements[280]. - Foreign currency exposure arises from fluctuations in exchange rates, with a hypothetical 10% change impacting pretax income by $17 million and $25 million at September 30, 2023, and October 1, 2022, respectively[281]. - The company utilizes foreign exchange forward and option contracts to hedge some of its foreign currency exposure[281]. - The financial instruments exposed to credit risk primarily consist of cash equivalents and trade receivables, with cash equivalents held in high-quality securities[282]. - The company performs periodic credit evaluations of customers' financial conditions and generally does not require collateral[282]. Customer Concentration - As of September 30, 2023, 15.9% of net accounts receivable was due from Walmart Inc., compared to 16.4% on October 1, 2022, indicating a slight decrease in concentration risk[282]. - No single customer or customer group, apart from Walmart Inc., represented 10% or greater of net accounts receivable, indicating a diversified customer base[282].

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended July 1, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to 001-14704 (Commission File Number) ______________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q TYSON FOODS, INC. (Exact name of registrant as specified in its charter) _____________ ...

Tyson Foods, Inc. (NYSE:TSN) Q3 2023 Earnings Conference Call August 7, 2023 9:00 AM ET Company Participants Sean Cornett - VP, IR Donnie King - President, CEO John Tyson - EVP, CFO Brady Stewart - Group President, Fresh Meat Stewart Glendinning - Group President, Prepared Foods Wes Morris - Group President, Poultry Conference Call Participants Alexia Howard - Bernstein Ben Bienvenu - Stephens Peter Galbo - Bank of America Adam Samuelson - Goldman Sachs Andrew Strelzik – BMO Benjamin Theurer - Barclays Mich ...

August 7, 2023 — 3Q Fiscal 2023 Supplemental Information Forward-Looking Statements Certain information in this presentation constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2023, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt leve ...

— 2Q Fiscal 2023 Supplemental Information May 8, 2023 Forward-Looking Statements Certain information in this presentation constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2023, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt levels, ...

Tyson Foods, Inc. (NYSE:TSN) Q2 2023 Results Conference Call May 8, 2023 9:00 AM ET Company Participants Sean Cornett - VP, IR Donnie King - President, CEO John Tyson - EVP, CFO Brady Stewart - Group President, Fresh Meat Stewart Glendinning - Group President, Prepared Foods Wes Morris - Group President, Poultry Conference Call Participants Ben Bienvenu - Stephens Adam Samuelson - Goldman Sachs Andrew Strelzik – BMO Alexia Howard - Bernstein Ken Goldman - JP Morgan Peter Galbo - Bank of America Ben Theure ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended April 1, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to 001-14704 (Commission File Number) ______________________________________________ TYSON FOODS, INC. (Exact name of registrant as specified in its charter) ____________ ...

Financial Data and Key Metrics - Sales increased by 2.5% year-over-year, with record first-quarter revenue in Chicken, Prepared Foods, and International Other segments [74] - Adjusted operating income declined by $979 million compared to the prior year, driven by underperformance in Chicken, Pork, and Beef segments [81] - Chicken revenue increased by 9.6% year-over-year, driven by volume growth and pricing initiatives [30] - Beef revenue decreased by 5.6% year-over-year, with lower average sales prices offsetting increased volume [49] - Pork revenue decreased by 6% year-over-year, with volume declines offsetting higher average sales prices [50] - Prepared Foods revenue increased by 8.8% year-over-year, driven by volume growth and pricing actions [42] Business Line Data and Key Metrics - Chicken segment sales reached a record $4.3 billion, up 9.6% year-over-year, with volume up 2.5% and pricing up 7.1% [51] - Beef segment sales were $4.7 billion, down 5.6% year-over-year, with volume up 2.9% but average sales price down 8.5% [49] - Pork segment sales were $1.5 billion, down 6% year-over-year, with volume down 7.4% and average sales price up 1.4% [50] - Prepared Foods segment sales were $2.5 billion, up 8.8% year-over-year, with volume up 1.2% and pricing up 7.6% [85] Market Data and Key Metrics - USDA projects Q2 chicken availability to be around 2%, significantly lower than the 77% increase in Q1 [2] - Beef availability is expected to decline by 4% to 5%, with cattle supplies tightening [2] - International business showed volume and sales growth, with expectations of improved profitability in fiscal 2023 [56] Company Strategy and Industry Competition - The company is focused on transforming team member experience, growing with customers, investing in digital and automation, restoring competitiveness in Chicken, and leveraging financial strength [28] - The company is modernizing operations with a productivity program aimed at delivering $1 billion in recurring savings [45] - The company is investing heavily in automation, including automated sandwich hand wrap and burrito assembly capabilities [33] - The company is optimizing its plant network and portfolio mix to maximize profitability, particularly in the Chicken segment [84] Management Commentary on Operating Environment and Future Outlook - The company expects Q2 to be softer but anticipates a recovery in Q3 and Q4 [3] - The company is optimistic about the long-term outlook for Beef, supported by strategic supplier relationships and growing global demand [82] - The company expects total company volume, revenue, and operating income to be stronger in the second half of the year compared to the first half [57] Other Important Information - The company returned nearly $500 million in cash to shareholders through dividends and share repurchases [55] - The company expects full-year margins for the Poultry business to be between 2% and 4%, with momentum building through the year [56] - The company is maintaining its total company sales guidance of $55 billion to $57 billion for fiscal 2023 [88] Q&A Session Summary Question: What caused the underperformance in the Chicken segment in Q1? - The underperformance was due to a combination of market dynamics, operational inefficiencies, and a miss in fresh chicken demand at retail [120] - The company had to resell excess fresh chicken at lower prices, impacting margins [120] Question: What is the outlook for the Beef segment? - The company expects Beef segment margins to be between 2% and 4% for the fiscal year, with long-term normalized margins expected to be between 5% and 7% [88] - The company is monitoring beef cutout value and balancing supply with customer demand during a period of margin compression [82] Question: How is the company managing risk with derivatives? - The company uses derivatives as a margin management tool rather than for speculative purposes, with coverage coordinated with sales forecasts [117] Question: What is the strategy for the International business? - The company is investing in international markets, particularly in Asia, with a focus on branded products and smart factories [100] - The company expects the International business to deliver improved profitability in fiscal 2023 [56]

— TM Tyson 1Q Fiscal 2023 Supplemental Information February 6, 2023 Forward-Looking Statements Certain information in this presentation constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2023, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g. ...