Tyson Foods Inc. reported fourth-quarter income for fiscal year 2021 as $1.36 billion ($2.30 per share), 26 percent higher than the same quarter last year, beating analysts’ expectations of $2.20 per share.
Sales for the fourth quarter were $12.81 billion compared to $10.64 billion last year.
The company’s beef segment reported quarterly revenue of $5.01 billion, up from $4.3 billion last year, and operating income of $1.15 billion, up from $466 million. Sales volume dropped more than 15 percent in the quarter but was offset by a 32.7 percent rise in sale price. The beef segment’s operating income was $3.24 billion for the fiscal year on an operating margin of 18 percent. Beef volume for the fiscal year was 7.3 billion pounds, up from 7.1 billion lbs. in 2020 and down from 7.6 billion lbs. reported in fiscal year 2019.
In a call with analysts, Donnie King, president and CEO, mentioned the challenges of the past year, including a labor shortage, higher costs for feed, transportation and freight costs, and ongoing challenges related to COVID-19, which resulted in volume decreases and challenges in several business segments.
