Tyson Foods Inc (TSN)

TSN reported Q1 results modestly below our expectations, with the miss almost entirely attributable to Beef; other segments exceeded expectations. TSN implemented a change to its segment-level accounting (moved corp expense/amortization out of segments and…

S&D dynamics should remain favorable for much of our coverage in 2026, but we continue to believe full-year conditions will be looser than last year in both the U.S. and ROW. Given disease and weather,…

Tyson’s Q4 results handily exceeded our estimate, which was materially higher than consensus. The upside was driven by Chicken, which generated EBIT nearly $100M higher than early-August guidance. Much better-than-expected late quarter growing conditions likely…

A late quarter move in beef margins likely pushed Q4 results ahead of our prior projection. Despite a late-quarter swoon, chicken pricing was also somewhat higher than we had anticipated. Consequently, we have raised our…

Total domestic meat supply conditions have begun to ease in recent weeks despite tighter beef conditions. That largely reflects expanded chicken production, but is compounded by continued yr/yr deterioration in total net exports (exports less…

Tyson reported strong Q3 upside driven by better-than-expected performance in every segment, particularly Beef and Chicken. It boosted its full-year consolidated EBIT view reflecting meaningfully stronger expectations for Chicken and Pork, offset somewhat by a…

New World Screwworm (NWS) has garnered significant media attention over the past weeks, particularly following the second closure of US-Mexico livestock crossings in early July. The lack of live cattle entering the US has exacerbated…

For multiple oft-discussed reasons, U.S. protein availability has been constrained which, combined with robust demand, has driven extremely strong pricing (and margins for chicken companies and hog producers). In recent months, supply conditions have loosened…

Q3 beef market conditions were more challenged than we had anticipated and the disrupted flow of cattle from Mexico was likely the primary cause. It is true that exports continue to be weak (could weaken…

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…