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What to expect when Tyson Foods (TSN) reports Q1 2023 earnings next week

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Shares of Tyson Foods Inc. (NYSE: TSN) were down 1% on Friday. The stock has dropped 27% over the past 12 months. The company is scheduled to report its first quarter 2023 earnings results on Monday, February 6. Here’s a look at what to expect from the report:

Revenue

Analysts estimate sales of $13.5 billion for Tyson Foods in Q1 2023. This compares to sales of $12.9 billion reported in Q1 2022. In the fourth quarter of 2022, Tyson reported sales of $13.7 billion, which was up 7% year-over-year, benefitting from price increases and volume growth.

Profits

Analysts are projecting EPS of $1.36 for Q1 2023. This compares to adjusted EPS of $2.87 reported in the first quarter of 2022. For the fourth quarter of 2022, Tyson reported adjusted EPS of $1.63, which was down 29% YoY.

Points to note

Even in the current inflationary environment, demand for protein has remained relatively steady and Tyson has benefited from this trend thanks to its diverse portfolio of products. In Q4, total company volume increased 2%. Chicken and beef volumes rose helped by higher domestic production and head throughput, but pork volumes declined due to limited hog supply and lower export demand. Volumes in the international segment rose the highest at 7% due to investments in capacity and brands.

Tyson expects chicken and beef volumes to remain steady in 2023 but pork volumes are likely to be affected by the same challenges it saw last year. In Q4, volumes in Prepared Foods gained from brand investments and market share growth. Volumes are expected to grow in the coming year as well helped by these brand investments and a pickup in the foodservice business.

Tyson is seeing strong growth in its retail and foodservice channels as well. Its core business lines grew volume share by 2.6 points in Q4 and it gained share in the majority of its core categories, including frozen protein breakfast, smoked sausage and corn dogs.

The company is taking several measures to drive volume growth and margin improvement and to generate cost savings. It is also implementing various degrees of pricing in its key categories to tackle inflationary pressures. These efforts are likely to have benefited results in the first quarter.

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