Tyson Foods CEO, Noel King, stated that the company’s overall results for the first quarter of 2023 were affected by a multitude of factors such as consumer and customer demand trends, the beef cycle, and unpredictable market fluctuations across all industries.

This is the first time King has seen all markets negatively impact the company simultaneously and the market impacts are greater than the controllable factors.

For the first quarter ended Dec. 31, 2022, net income attributable to Tyson Foods was $316 million, or 88¢ per diluted share, down 72% from $1.12 billion, or $3.07 per diluted share, reported in the first quarter of 2022. GAAP operating income was $467 million, down 68% from the prior year.

Revenues for the quarter were $13.26 million up 2.5% or $12.93 billion recorded in the prior year.

Tyson Foods reported an adjusted operating income of $453 million, down 68% from a year ago. Adjusted earnings per share was 85¢, down 70% from 2022.

The decline in earnings was attributed to weaker results in the chicken, pork, and beef industries, despite strong performance in the Prepared Foods sector.

The Chicken business had a record-high first quarter with sales of $4.3 billion, up 9.6% from the previous year. The Beef business also had strong sales of $4.7 billion, but down 5.6% compared to the previous year’s record-high sales. The Pork industry saw a 6% decrease in sales compared to the record high in 2022. The Prepared Foods sector had a solid first quarter with growth in both revenue and volume.