Food Business News - May 12, 2020 - 8

Tyson Foods adapting to
'dramatic changes'

Tyson Foods
management sees any
meat shortages as a
short-term issue.

TYSON FOODS

TYSON FOODS

SPRINGDALE, ARK. - The coronavirus
(COVID-19) has added several levels of complexity to managing Tyson Foods, Inc. The
dramatic acceleration of demand at retail
combined with the deceleration at foodservice and mixed with operational supply
chain challenges is pressuring and will
continue to pressure company performance.
Of immediate concern is the disruption caused by intermittent plant closings
due to COVID-19 infection rates in the
communities near Tyson Foods' processing
plants. Analysts participating in a May 4
conference call to discuss second-quarter financial results sought clarification
from management about the costs
involved with the temporary plant closings. The response was that it is a fluid
situation.
"As you can imagine, the slowdowns
and temporary closures related to the
pandemic drive higher production costs,
and we expect to see those until we
resume under more normal conditions,"
said Stewart F. Glendinning, chief financial officer. "Also, our COVID-19 risk mitigation activities have added costs on the
broad range of safety measures we have
implemented and continued to support."
He added that the company's fiscal
third quarter has begun with higher levels
of volatility.
"Early in the quarter, we saw huge
volume pulls in our retail channel," Mr.
Glendinning said. "This demand partially
offset declines in our foodservice channel.
In recent weeks, we've seen a leveling off
followed by another surge in retail demand.
"The volume shift from foodservice
to retail is likely to be a net negative. The
major challenge facing us currently is the
degree to which our plants are able to operate. All plants are experiencing varying

8

Food Business News

levels of crewing. We will continue to operate our plants with team member health
and safety as a top priority."
Ironically, while the phrase "meat
shortage" has appeared in headlines
across the country, Tyson Foods management sees any such shortages as a shortterm issue. They are expecting an increase
in protein supplies through the balance of
the calendar year.
"Total number of animals available

footprint between the foodservice and
retail channels is limited," said Samuel
Dean Banks, executive president. "Consequently, we currently believe the full effect
of these new consumption patterns will result in a net reduction in volume. Looking
forward, our market insights, channel flexibility, access to raw materials and growing
demand give us long-term optimism."
Tyson Foods' net income for the second
quarter ended March 28 totaled $364 million,
equal to $1 per share on the common stock,
and a decline when compared with the same
period of fiscal 2019 when the company
earned $426 million, or $1.17 per share.
Sales rose 3% during the quarter to
$10.9 billion.
The company's Beef business unit had
sales of $4 billion, a 3% increase over the
year prior period. Operating income fell to
$109 million from $156 million in 2019.
"Commodity volatility during the
quarter resulted in a negative impact of

Tyson Foods share price
$100
$80
$60
$40

May
2019

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.
2020

Feb. March

April

May

Source: New York Stock Exchange

has not changed at this point," said Noel
W. White, chief executive officer. "So,
whether it's beef, pork or chicken, we're
looking at increased supply. So most
recently, in the market, over the course of
the last couple of weeks, there have been
some shortages in some specific categories. However, in total, as we go into Q4,
we expect supplies to be increasing and
therefore not any pricing recovery."
Historically, approximately 45% of company sales were to retail, 40% to foodservice
and 15% to international. Since the pandemic started, two-thirds of Tyson's sales have
shifted to retail, according to the company.
"Our ability to flex our production

$55 million in derivative mark-to-market adjustments," Mr. Banks said. "Beef
exports remained strong, posting double-digit increases compared to the same
quarter last year, which have exceeded
industry growth rates."
The Chicken business unit sales
during the quarter were basically flat at
$3.4 billion. Operating income fell to $99
million from $141 million.
"Operating income was negatively affected by a $40 million increase in net feed
ingredient costs and negative derivative
mark-to-market adjustments," Mr. Banks
said. "This, along with weaker pricing
from increased domestic availability of
May 12, 2020



Food Business News - May 12, 2020

Table of Contents for the Digital Edition of Food Business News - May 12, 2020

Food Business News - May 12, 2020 - 1
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