Tyson Foods, Inc. - Ordinary Shares - Class A

Strong Financial Performance in FY 2024: Tyson Foods reported significant growth with an adjusted operating income (AOI) exceeding $1.8 billion, nearly doubling compared to FY 2023. Adjusted earnings per share (EPS) reached $3.10, representing over a 130% increase year-over-year, driven primarily by a turnaround in the chicken segment, as well as strong performance in prepared foods and improvements in pork.

Positive Outlook for FY 2025: The company anticipates AOI growth in FY 2025, projecting a range from $1.8 billion to $2.2 billion, which reflects approximately 10% growth at the midpoint. Prepared foods and chicken segments are expected to contribute significantly to this growth, with combined AOI expectations surpassing $2 billion.

Challenges in Beef Segment: Despite some improvement in Q4, the beef segment continues to face challenges due to compressed spreads and a difficult cattle supply cycle. The forecast for beef AOI in FY 2025 indicates a potential loss ranging from $400 million to $200 million, reflecting ongoing market dynamics and uncertainties.