Tyson Foods' Q3 sees increased sales, volume growth; vaccines required for all employees

Springdale, AK-based Tyson Foods Inc. (NYSE: TSN), one of the world’s largest protein food companies, generated increased sales, volume growth and stronger operating results, according to its latest financial report.

KEY POINTS

• GAAP EPS of $2.05, up 42% from prior year; Adjusted EPS of $2.70, up 93% from prior year.
• GAAP operating income of $1,062 million, up 37% from prior year; Adjusted operating income of $1,372 million, up 81% from prior year.
• Total company GAAP operating margin of 8.5%; Adjusted operating margin of 10.8%.
• Liquidity of $3.4 billion on July 3, 2021.
• Entered into an agreement to sell our Pet Treats business for $1.2 billion; closes in the fourth quarter of fiscal 2021.
• Team member safety remains top priority; requiring vaccination for U.S. team members; nearly 50% vaccinated so far.

The company’s leading brands include Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair, in addition to Tyson.

In a separate announcement, Tyson Foods said it is requiring its team members at U.S. office locations to be fully vaccinated against COVID-19 by Oct. 1, 2021. All other team members are required to be fully vaccinated by Nov. 1. The mandate is subject to ongoing discussions with locations represented by unions.

This action makes Tyson Foods the largest U.S. food company to require COVID-19 vaccinations for its entire workforce.

“Getting vaccinated against COVID-19 is the single most effective thing we can do to protect our team members, their families and their communities,” said Dr. Claudia Coplein, Tyson’s chief medical officer.

“With rapidly rising COVID-19 case counts of contagious, dangerous variants leading to increasing rates of severe illness and hospitalization among the U.S. unvaccinated population, this is the right time to take the next step to ensure a fully vaccinated workforce,” Coplein added.

A memo about vaccines to Tyson Foods team members from president and chief executive Donnie King can be found here.