Tyson Foods, Inc. Q1 FY2024 results: revenue $13.3 billion, up 0.4% on the year

Tyson Foods, Inc. (TSN) reported revenue of $13.3 billion for Q1 FY2024, the quarter ended 30 December 2023, up 0.4% on the same quarter a year earlier. Net income was $107 million, down 66.1% on the year, and diluted earnings per share $0.30. The figures are the company's own, from the 10-Q it filed with the SEC on 5 February 2024.

Revenue$13.3 billionup 0.4%

Net income$107 milliondown 66.1%

Diluted EPS$0.30

QuarterQ1 FY2024ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	13,319	13,348	n/a	n/a
Cost of revenue	12,496	12,889	n/a	n/a
Gross profit	823	459	n/a	n/a
Gross margin	6.2%	3.4%	n/a
Selling, general and administrative	592	589	n/a	n/a
Operating income	231	-463	n/a	n/a
Operating margin	1.7%	-3.5%	n/a
Interest expense	105	93.0	n/a	n/a
Pre-tax income	161	-556	n/a	n/a
Income tax	47.0	-113	n/a	n/a
Effective tax rate	29.2%	n/a	n/a
Net income	107	-450	n/a	n/a
Net margin	0.8%	-3.4%	n/a
Diluted EPS	$0.30	-$1.29	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	1,300	323	n/a	n/a
Capital expenditure	354	375	n/a	n/a
Free cash flow	946	-52.0	n/a	n/a
Free cash flow margin	7.1%	-0.4%	n/a
Depreciation and amortisation	373	386	n/a	n/a
Dividends paid	171	167	n/a	n/a
Diluted shares, weighted	355m	284m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	36,746	36,251	n/a	n/a
Cash and equivalents	1,484	573	n/a	n/a
Receivables	2,263	2,476	n/a	n/a
Inventory	5,087	5,328	n/a	n/a
Goodwill	9,885	9,878	n/a	n/a
Long-term debt including finance leases	8,370	7,611	n/a	n/a
Operating lease liabilities	n/a	376	n/a	n/a
Finance lease liabilities	n/a	53.0	n/a	n/a
Shareholders' equity	18,150	18,133	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	13,348	13,319	13,072	13,353	13,565	13,623	13,074	13,884	13,860	14,313	13,653	13,868
Cost of revenue	12,889	12,496	12,206	12,475	12,505	12,528	12,474	12,743	13,134	13,505	12,691	12,947
Gross profit	459	823	866	878	1,060	1,095	600	1,141	726	808	962	921
Gross margin	3%	6%	7%	7%	8%	8%	5%	8%	5%	6%	7%	7%
SG&A	589	592	554	537	535	515	500	538	568	506	527	559
Operating income	-463	231	312	341	525	580	100	260	158	302	435	362
Operating margin	-3%	2%	2%	3%	4%	4%	1%	2%	1%	2%	3%	3%
Interest expense	93.0	105	111	135	130	120	110	113	106	104	97.0	98.0
Pre-tax income	-556	161	203	253	475	478	30.0	193	68.0	127	359	266
Tax rate	n/a	29%	27%	23%	23%	23%	53%	64%	15%	29%	26%	30%
Net income	-450	107	145	191	357	359	7.0	61.0	47.0	85.0	260	182
Net margin	-3%	1%	1%	1%	3%	3%	0%	0%	0%	1%	2%	1%
Diluted EPS	-$1.29	$0.30	$0.41	$0.54	$1.00	$1.01	$0.02	$0.17	$0.13	$0.24	$0.73	$0.52
Operating cash flow	323	1,300	-123	796	617	1,031	-185	774	535	942	-113	640
Capital expenditure	375	354	267	263	248	271	193	227	287	252	145	159
Free cash flow	-52.0	946	-390	533	369	760	-378	547	248	690	-258	481
Dividends paid	167	171	171	171	171	175	174	175	173	177	176	176
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 December 2023, filed 5 February 2024, accession 0000100493-24-000014: the filing on EDGAR. All of Tyson Foods, Inc.'s filings: EDGAR company page.

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