Tyson Foods Inc. (NYSE: TSN) reported its financial results for the fourth quarter on Monday that beat Wall Street estimates. Shares of the company are up more than 1.0% this morning on the launch of a new productivity programme.
Q4 financial results
Tyson said its net income more than doubled on a year-over-year basis to $136 billion in Q4. On an adjusted basis, it earned $2.30 per share. The world’s second-largest processor and marketer of chicken, beef, and pork generated $12.81 billion in sales versus the year-ago figure of $11.45 billion.
According to FactSet, experts had forecast $2.22 of adjusted EPS on $12.66 billion in sales. Notable brands under Tyson Foods’ umbrella include Jimmy Dean sausages and Ball Park hot dogs.
Last month, the U.S. firm announced a $355 million investment to set up a new manufacturing facility in Bowling Green, Kentucky.
Savings programme and dividend
Tyson Foods introduced a new productivity programme on Monday, which will focus on several business areas, including automation and operations. The food company expects it to deliver up to $400 million in annual savings next year and over $1.0 billion by the end of 2024.
Tyson will now pay its Class A shareholders a raised dividend of 46 cents per share, and its Class B shareholders will receive 41.4 cents per share in dividend.
CEO’s remarks on future outlook
CEO Donnie King is confident that performance will remain strong in fiscal 2022. In the earnings press release, he said:
We have tremendous opportunity ahead as we work to fulfil growing global demand for safe and nutritious protein products. We’re entering fiscal 2022 with great momentum and are committed to delivering strong returns for shareholders into the future.
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