Tyson Foods Inc (TSN)

2024 has borne a striking resemblance to 2014/2015 – sharp contraction in cattle herd (bottomed in 2014, down 9% from 2007 peak), dropping feed costs, bird flu and supply challenges within the broiler industry. This…

Tyson reported stronger-than-expected Q3 results; the Chicken segment modestly underperformed our Street-high projection, while Pork drove the upside. Due to an improved outlook for Pork (efficiencies from Perry plant closure and ample hog supply), as…

Over the past few months, there has been a marked inflection in domestic broiler demand that, combined with constrained supply, has resulted in robust pricing and thereby, margins.  Margins have also been bolstered by a…

With the exception of beef processors, the protein industry is enjoying strong, even robust, profitability. Supply has been the key factor, but demand seems to have positively inflected, as well. In our view, this should…

As expected, TSN reported strong Q2 upside relative to our estimate. The Chicken performance was much improved from the prior year, but the upside relative to us was driven by a much smaller-than-expected loss in…

With the exception of beef packers (est losses in the $200-ish/head range), the protein complex has enjoyed robust margins. We estimate that the average BB broiler producer is generating profits approaching $0.30/lb, while small- and…

As we noted in our industry notes published earlier today, we are not utilizing the typical rating system, but instead, are using a forced rank process. This note shows current ranking based upon Friday’s close.

Tyson has long been known as a ‘chicken’ company, but over the past several years, Beef carried the day, as certain other key businesses struggled, reflecting both challenging industry fundamentals and company-specific issues. The task…