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Tyson Foods Inc. (TSN+1.48%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $13,623 million from $13,319 million in the same quarter the previous year. The increase is attributed to higher sales in the Beef, Pork, and Chicken segments, partially offset by a decrease in the Prepared Foods segment.
Cost of sales for the quarter was $12,528 million, representing 92.0% of sales, compared to 93.8% in the same quarter of the previous year. The decrease in cost ratio is due to lower input costs, including decreased feed ingredient costs.
The company reported a gross profit of $1,095 million for the quarter, compared to $823 million in the previous year, with the increase attributed to improved operational execution and reduced costs.
Selling, general, and administrative expenses decreased to $515 million from $592 million, primarily due to lower restructuring costs and reduced marketing expenses.
Net income for the quarter was $359 million, up from $107 million in the previous year. After preferred dividends, net income attributable to common stockholders was $359 million, compared to $107 million in the previous year.
Cash provided by operating activities was $1,031 million, while cash used in investing and financing activities was $233 million and $195 million, respectively.
Tyson had a working capital of $5,302 million as of December 28, 2024. The company continues to focus on optimizing its global operations and logistics network.
The filing also details various financial agreements, including the repayment of a $750 million term loan using cash on hand.
Tyson does not anticipate significant changes in its capital expenditure plans, expecting to invest between $1 billion and $1.2 billion for fiscal 2025.
The company identified no material weaknesses in its internal controls over financial reporting during the quarter.
Tyson continues to focus on its core protein business and aims to grow its branded portfolio and scale in international markets.
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. quarterly 10-Q report dated February 3, 2025. To report an error, please email earnings@qz.com.