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Tyson Foods, Inc. has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements for the year, showing an increase in sales to $53.3 billion from $52.9 billion in the previous year. The increase is attributed to higher average sales prices in the Beef segment.
Cost of sales for the year was $49.7 billion, representing 93.2% of sales, compared to 95.0% in the previous year. This decrease in cost ratio is due to lower input costs.
The company reported an operating income of $1,409 million for the year, compared to an operating loss of $395 million in the previous year, with the improvement attributed to increased sales prices and reduced cost of sales.
Net income for the year was $800 million, compared to a net loss of $648 million in the previous year. The improvement in net income is attributed to increased operating income and reduced cost of sales.
Tyson Foods had a working capital of $4,964 million as of September 28, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a revolving credit facility with a committed capacity of $2.25 billion and a commercial paper program with a maximum borrowing capacity of $1.5 billion.
Tyson does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Tyson continues to focus on marketing its protein products to a broader customer base and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tyson Foods Inc. annual 10-K report dated November 12, 2024. To report an error, please email earnings@qz.com.