SPRINGDALE, Ark. (KNWA/KFTA) — Tyson Foods, the Arkansas-based protein company, delivered record-breaking performances in sales and earnings in 2022, according to its latest quarterly fiscal report.
The report pegs fourth-quarter sales at $13.737 billion compared to $12.811 billion during the same fiscal period in 2021. Fiscal year (FY) sales checked in at $53.282 billion, compared to $47.049 billion in FY 2021.
“We delivered record sales and earnings for the full year, which was supported by our diverse portfolio and continued strength in consumer demand for protein,” said Donnie King, president and CEO of Tyson Foods. “Our results were supported by historically strong operations in our Beef segment and improved performance in our Chicken segment. We also experienced share gains in both our food service Focus 6 categories and retail core business lines, which include our Tyson, Jimmy Dean, Hillshire Farm and Ball Park iconic brands.”
The report also noted that Tyson repurchased 8.2 million shares of stock for $702 million and reduced total debt by approximately $1 billion in FY 2022. The company also launched a new productivity program which it says resulted in more than $700 million of savings.
“Our productivity program, announced one year ago and designed to deliver more than $1 billion in recurring annual savings by the end of 2024, has accelerated ahead of schedule and is now expected to be achieved by the end of FY23,” said King. “The focus of this plan includes operational and functional excellence, digital solutions, and automation and advanced technologies.”
While sales exceeded forecasts, profits fell short of expectations, and Tyson stock was down over 2.5% during midday trading. CFO John Tyson apologized to investors during the Nov. 14 earnings call following his Nov. 6 arrest for allegedly entering someone else’s residence while intoxicated.
According to a preliminary arrest report, at approximately 2:05 a.m. on Sunday, Nov. 6, Tyson, 32, was found asleep in a woman’s bed at her home, located on the 400 block of N. Mock Ave. The woman called the police when she arrived and found Tyson, whom she did not know.
“I’m embarrassed, and I want to let you know that I take full responsibility for my actions,” Tyson said on the company’s quarterly conference call, according to CNBC. “I just wanted you guys to hear this directly from me and to know that I’m committed to making sure this never happens again,” he added.
Tyson, 32, is the great-grandson of founder Jon W. Tyson. He was appointed as CFO on Oct. 2 and also serves as executive vice president.