Growth begets growth, and Tyson Foods hits that point on the head as it recently released its third quarter 2021 results. The protein provider announced it had achieved $12.4 billion in sales revenue with a GAAP operating income of $1.0 billion, which is up 22 percent from the previous year.
“We delivered a strong performance in a strong protein market,” said Tyson Foods President and Chief Executive Officer Donnie King in the earnings report. “With trusted brands that met strong consumer demand, we have delivered 12 consecutive quarters of share gains in core business lines at retail.”
According to the highlights, Tyson achieved liquidity of $3.4 billion on July 3, 2021 in its third quarter. Cumulatively, Tyson was able to reduce its total debt by approximately $1 billion in its first nine months this year.
Tyson’s results comprise of five segments: beef, pork, chicken, prepared foods, and international/other. Some key takeaways include:
“Our foodservice volume improved as the restaurant industry began to reopen and recover,” King continued. “Our beef business increased production to meet strong U.S. and international demand for higher-quality products. And we continued to build financial strength, reducing our debt and investing in future growth by laying out plans to expand our business, both to address capacity constraints and meet growing demand.”
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