by Kim Souza (ksouza@talkbusiness.net)
Tyson Foods on Monday (Nov. 13) reported an income loss in fiscal year 2023 of $648 million, well below the $3.238 billion of net income in fiscal 2022. Annual revenue was also lower at $52.881 billion, dipping 0.75% from the prior year.
For 2024, Tyson Foods said it expects revenue to remain flat in the $52.8 billion range, well below the $57.37 billion analysts had projected. Company executives said they expect better results in chicken and prepared foods with comparable results in pork and continued challenges in the beef segment during fiscal 2024.
“While economic headwinds persist, we are moving in the right direction and managing what we can control,” Tyson Foods President and CEO Donnie King said in prepared remarks. “The decisions we have taken have made us more operationally efficient and aided a second quarter of sequential improvement in adjusted operating income. The strategy and leadership team we have in place will allow us to take advantage of the long-term opportunities in front of us and drive shareholder value.”
