Tyson Foods reported a net income of $196 million for the third quarter of the 2024 fiscal year, marking a major turnaround for the company.
Tyson on August 5 released its financial results for the period that ended on June 29.
The $196 million in net income marks a return to third-quarter profitability for Tyson, which one year ago reported a net loss of $417 million for the quarter. The first nine months of the year also represented a turnaround for Tyson, with a net income of $443 million for the first three quarters of 2024, compared to a net loss of $198 million for the first three quarters of 2023.
"Our disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business," Tyson Foods President and CEO Donnie King stated in a press release. "In Q3, we delivered the highest adjusted operating income in the last seven quarters while also generating strong free cash flow. Looking ahead, we will continue to strive to be best-in-class operators, drive efficiencies, value-up our portfolio, win with customers and consumers, and be disciplined in our capital deployment."
King highlighted improvements with the company’s Chicken segment, which recorded an operating income of $244 million, recovering from an operating loss of $314 million. This was achieved despite a 0.4 drop in sales volume and a 1.4% drop in average price change.
Also returning to profitability in the third quarter was Tyson’s International business segment, with an operating income of $25 million. One year ago, an operating loss of $234 million was reported.
The Prepared Foods segment saw a small year-over-year drop in operating income, goving from $206 million to $203 million. The Beef segment, however, declined from a $66 million operating income during the third quarter of 2023 to an operating loss of $69 million during the most recent quarter. The Pork segment continued to operate at a loss. During the most recent quarter the operating loss was $62 million, compared to a loss of $74 million during the same period of 2023.
Overall sales for the company for the quarter were $13.35 billion, improving from the $13.14 reported one year ago.
