Tyson Foods Inc (TSN)

Brazil’s farmers have long benefited from both the ability to produce 2-3 crops per year and relatively low land conversion costs. Technological improvements have fostered higher yields that have improved its cost profile further (BZ…

Overall domestic consumer demand has been broadly weak, but meat has fared better due to diet changes. Recently, there are even indications meat demand is slowing in response to torrid price gains, as well as…

Tyson reported strong Q2 results, $0.03 ahead of our Street-high estimate and more than a dime ahead of consensus. Yet, it did not raise full-year guidance and we view that as the primary cause of…

Our consolidated view for Tyson’s Q2 results is essentially unchanged, but the components have shifted from our last update. Beef trends were more challenged than expected during the quarter and we expect Tyson to generate…

Just three years ago, U.S. beef processors generated very robust margins that easily surpassed previous records. Now, the industry is beset by anemic cattle numbers, increased capacity and competitive threats on both the domestic and…

Our coverage universe never wants for drama, but the recent backdrop has been particularly tumultuous from supply backdrop to export prospects. YTD production has materially lagged expectations, but with the exception of turkey, the production…

The current domestic H5N1 outbreak could have been termed a crisis last year given the number of birds affected (about 40M table-egg layers alone), but little attention was paid outside industry circles. Following special call-outs…

Last week, Tyson posted strong Q1 results ahead of both HJR and consensus; it beat us and consensus by $0.07 and $0.23, respectively. EBITDA came in ~10% higher than our estimate (~16% higher than consensus). …

If Trump’s threat to impose sweeping 25% tariffs on imports from Canada and Mexico February 1 comes to fruition, it would potentially be hugely impactful to our coverage and a discussion is justified. It bears…

2024 animal protein production was heavily influenced by multiple factors including disease, hurricanes to new feed additives that drove strong weight gains in beef. Early 2025 production has proved far from normal, as well –…