泰森食品 (TSN) 2024 Q3 法說會逐字稿

Good day, and welcome to the Tyson Foods third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Sean Cornett, VP, Investor Relations. Please go ahead.

美好的一天，歡迎參加泰森食品 2024 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係副總裁 Sean Cornett。請繼續。

Good morning, and welcome to Tyson Foods' fiscal third quarter 2024 earnings conference call. On this call, Tyson's President and Chief Executive Officer, Donnie King; and Interim Chief Financial Officer, Curt Calaway, will provide some prepared remarks followed by Q&A. Additionally, joining us today are Brady Stewart, Group President, Beef, Pork and Chief Supply Chain Officer; Melanie Boulden, Group President, Prepared Foods and Chief Growth Officer; Wes Morris, Group President Poultry; and Devin Cole, President, International and Golden McDonald’s.

早安，歡迎參加泰森食品 2024 年第三季財報電話會議。泰森食品總裁兼執行長唐尼金 (Donnie King) 出席了本次電話會議；臨時財務長 Curt Calaway 將發表一些準備好的講話，然後進行問答。此外，今天加入我們的還有牛肉、豬肉業務集團總裁兼首席供應鏈長 Brady Stewart； Melanie Boulden，預製食品集團總裁兼首席成長長； Wes Morris，家禽集團總裁；以及國際和金色麥當勞總裁德文·科爾 (Devin Cole)。

We have also provided a supplemental presentation, which may be referenced on today's call and is available on Tyson's Investor Relations website and via the link in our website. During today's call, we will make forward-looking statements regarding our expectations for the future. These forward-looking statements made during this call are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

我們還提供了補充演示文稿，可在今天的電話會議中參考，也可在泰森食品投資者關係網站上或透過我們網站中的連結取得。在今天的電話會議中，我們將就我們對未來的期望發表前瞻性聲明。本次電話會議期間所做的這些前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款提供的。

Forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events or performance that do not relate solely to historical periods. These forward-looking statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections. Please refer to our forward-looking statement disclaimers on slide 2 as well as our SEC filings for additional information concerning risk factors that could cause our actual results to differ materially from our projections.

前瞻性陳述包括反映我們對未來事件或績效的預期、假設或信念的所有評論，這些評論不僅僅與歷史時期相關。這些前瞻性陳述受到風險、不確定性和假設的影響，可能導致實際結果與我們目前的預測有重大差異。請參閱投影片 2 上的前瞻性聲明免責聲明以及我們向 SEC 提交的文件，以了解有關可能導致我們的實際結果與我們的預測有重大差異的風險因素的更多資​​訊。

We assume no obligation to update any forward-looking statements. Please note that references to earnings per share, operating income, and operating margin in our remarks are on an adjusted basis unless otherwise noted. For reconciliations of these non-GAAP measures to their corresponding GAAP measures please refer to our earnings press release. Now I'll turn the call over to Donnie.

我們不承擔更新任何前瞻性陳述的義務。請注意，除非另有說明，否則我們的評論中提及的每股收益、營業收入和營業利潤率均經過調整。有關這些非公認會計準則衡量標準與其相應公認會計準則衡量標準的調節表，請參閱我們的收益新聞稿。現在我將把電話轉給唐尼。

Thanks, Sean, and thank you to everyone for joining us this morning. Q3 was another solid quarter as momentum continues to build. Compared to the third quarter of last year, AOI is up more than $300 million, growing nearly 175% and adjusted EPS increased by more than $0.70 or almost 500%. Q3 not only dramatically improved versus last year, but also marked the highest profitability in the last seven quarters. What's even more impressive is that we delivered these results despite well-known headwinds in the cattle cycle as we benefited from our diverse portfolio.

謝謝肖恩，也謝謝大家今天早上加入我們。隨著勢頭持續增強，第三季又是一個穩健的季度。與去年第三季相比，AOI 成長超過 3 億美元，成長近 175%，調整後每股盈餘成長超過 0.70 美元，近 500%。第三季不僅比去年大幅改善，而且獲利能力也創下了過去七個季度的最高水準。更令人印象深刻的是，儘管養牛週期存在眾所周知的不利因素，但我們仍取得了這些成果，因為我們受益於我們多樣化的投資組合。

I want to take this opportunity to thank all of our team members across every segment and function for their hard work in contributing to these results. in Q3 and for their dedication to driving operational excellence, which, as you know, has been a priority for us.

我想藉此機會感謝我們各部門和職能部門的所有團隊成員為實現這些成果所做的辛勤工作。感謝他們在第三季度致力於推動卓越運營，正如您所知，這一直是我們的首要任務。

Let me highlight the performance in chicken. We delivered segment AOI of more than $300 million, the best third quarter profit resulted in eight years. We are raising our guidance in chicken for the third consecutive quarter. The midpoint of our outlook is now $350 million better than our initial expectations coming into the fiscal year. I want to emphasize that the operational improvements we've been driving are enabling us to benefit from the market tailwinds, invest in our value-added portfolio while also enhancing our results.

讓我重點介紹雞肉的表現。我們交付了超過 3 億美元的細分市場 AOI，實現了八年來最好的第三季利潤。我們連續第三個季度提高對雞肉的指導。我們對本財年前景的中位數目前比我們最初的預期高出 3.5 億美元。我想強調的是，我們一直在推動的營運改善使我們能夠從市場順風中受益，投資於我們的增值投資組合，同時也提高了我們的績效。

In fact, all of our businesses are more agile, collaborative, and disciplined than they have been in some time. Beyond the strong results in chicken in Q3, pork also came in better than we anticipated, while beef and prepared foods were in line with our expectations. Our disciplined approach to capital allocation continues to improve cash flow. Year-to-date free cash flow is better by more than $1.2 billion compared to last year. This growth was driven by improved profitability and our focus on managing working capital and controlling capital expenditures.

事實上，我們所有的業務都比以往任何時候都更加敏捷、協作和自律。除了第三季雞肉的強勁表現之外，豬肉的表現也優於我們的預期，而牛肉和預製食品則符合我們的預期。我們嚴格的資本配置方法持續改善現金流。年初至今的自由現金流比去年增加了 12 億美元以上。這一增長是由於盈利能力的提高以及我們對管理營運資本和控制資本支出的關注所推動的。

While still investing for profitable growth, and again, we're delivering these results in the face of a challenging environment for beef, better performance has helped us to reduce our net leverage ratio for the third consecutive quarter. Before I talk more about the performance in the quarter by segment, let me remind you that we have some of the most iconic retail brands in all of food with top brands and protein. Behind Tyson, Jimmy Dean, Hillshire Farm, and Ball Park, we have the number one or number two market share in eight of our core business lines and enjoy favorite brand status in key categories. I remain highly confident in our strategy and optimistic about our future and the ability to drive long-term value for shareholders.

雖然我們仍在為獲利成長進行投資，但面對牛肉產業充滿挑戰的環境，我們再次取得了這些成果，更好的業績幫助我們連續第三個季度降低了淨槓桿率。在我詳細討論本季各細分市場的表現之前，請容我提醒您，我們在所有食品中擁有一些最具標誌性的零售品牌，其中包括頂級品牌和蛋白質。我們在八個核心業務線中擁有第一或第二的市場份額，僅次於泰森食品、吉米迪恩、Hillshire Farm 和 Ball Park，並在關鍵類別中享有最受歡迎的品牌地位。我對我們的策略仍然充滿信心，對我們的未來以及為股東帶來長期價值的能力持樂觀態度。

Let's move to segment performance, starting with prepared foods. In foodservice, we continue to broaden our core base, growing margin-accretive channels, and expand our presence in broadline distribution categories. This led to overall volume and sales growth in Q3. AOI for the quarter was right in line with our expectations. Operational execution, including supply chain improvements and more efficient and effective marketing support through digital are delivering results.

讓我們從預製食品開始細分錶現。在餐飲服務領域，我們繼續擴大我們的核心基礎，發展利潤成長管道，並擴大我們在廣泛的分銷類別中的影響力。這導致第三季的整體銷量和銷售額成長。本季的 AOI 完全符合我們的預期。營運執行，包括供應鏈改進以及透過數位化提供更有效率和有效的行銷支持，正在取得成果。

In addition, we are leaning into our top-performing SKUs to capture opportunities to expand distribution. While our brands remain strong, we are continually focused on new innovations to expand the appeal and market opportunities for our products. For instance, the Jimmy Dean Griddle Cake's platform is an innovation we're very proud of. We've launched two flavors: maple and blueberry, and we're seeing an exceptionally strong repeat rate and customer adoption, making it one of the most successful prepared foods innovation over the past five years. Our focus on execution and innovation are keeping us on track to deliver another solid performance for the year.

此外，我們正在依靠表現最好的 SKU 來抓住擴大分銷的機會。在我們的品牌保持強大的同時，我們不斷專注於新的創新，以擴大我們產品的吸引力和市場機會。例如，Jimmy Dean Griddle Cake 的平台是我們非常自豪的創新。我們推出了兩種口味：楓糖和藍莓，我們看到了異常強勁的重複率和客戶採用率，使其成為過去五年中最成功的預製食品創新之一。我們對執行和創新的關注使我們能夠在今年再創佳績。

As I mentioned, chicken had one of its best quarters in some time. While we are clearly benefiting from better market conditions, including lower grain costs, our actions and focus on the fundamentals across all aspects of the value chain are also contributing to these strong results. Our live operations continue to improve with hatch rates and livability up year over year. We've generated efficiencies and improved utilization in our plants by optimizing our network. Our demand planning and customer service have also taken significant steps forward as we improve order fill rates and continue to build long-term partnerships with customers, all while reducing inventory.

正如我所提到的，雞肉是一段時間內最好的季度之一。雖然我們顯然受益於更好的市場條件，包括較低的糧食成本，但我們的行動和對價值鏈各個方面基本面的關注也為這些強勁業績做出了貢獻。我們的現場營運持續改善，孵化率和宜居性逐年提高。透過優化網絡，我們提高了工廠的效率並提高了利用率。隨著我們提高訂單履行率並繼續與客戶建立長期合作夥伴關係，同時減少庫存，我們的需求規劃和客戶服務也取得了重大進展。

We've reinvested some of the proceeds from these improvements into the long-term growth of our value-added chicken business. For instance, we've accelerated the ramp-up of our Danville fully cooked facility and launch new products like Honey Bites and restaurant quality wings. In summary, our focus on the basics has built a fundamentally stronger chicken business with an eye on the future.

我們已將這些改進的部分收益再投資於增值雞肉業務的長期成長。例如，我們加快了丹維爾全熟工廠的建設速度，並推出了 Honey Bites 和餐廳品質雞翅等新產品。總之，我們對基礎的關注已經建立了一個從根本上更強大、著眼於未來的雞肉業務。

Moving to beef. As expected, elevated cattle costs continue to compress spreads in fiscal Q3. While pasture conditions have improved this year, clear signs of meaningful herd rebuilding have not emerged. We continue to be laser-focused on the things we can control, such as labor utilization, yields, and mix management to meet consumer demand and customer needs as we manage through the challenges of the cattle cycle.

轉向牛肉。正如預期的那樣，養牛成本上漲繼續壓縮第三財季的利差。儘管今年牧場條件有所改善，但有意義的牛群重建的明顯跡象尚未出現。我們繼續專注於我們可以控制的事情，例如勞動力利用率、產量和混合管理，以滿足消費者的需求和客戶的需求，同時我們應對養牛週期的挑戰。

Turning to pork. The overall health of the herd and the productivity of sales remain strong, driving an ample supply of lean hog combined with solid demand and the benefits of our improved operational execution. AOI increased noticeably versus last year.

轉向豬肉。豬群的整體健康狀況和銷售生產力仍然強勁，推動了瘦肉型生豬的充足供應，加上穩定的需求以及我們改進的營運執行的好處。 AOI 與去年相比明顯增加。

Now let me take a moment to reflect on who we are. Our purpose is to feed the world like family, where protein remains clearly at the center of the plate. In fact, protein is the largest category in the retail food and beverage sector, accounting for about one-third of sales in the US. We believe protein plays a central role in any healthy diet. This is why we see consumption growth is up 1.3% across beef, chicken, and pork in fiscal Q3 per Nielsen and is also why we have protein as a foundational core. Our strategy encompasses our differentiated capabilities and scale and our diverse portfolio across channels, categories, and eating occasions.

現在讓我花點時間思考我們是誰。我們的目標是像家庭一樣養活世界，其中蛋白質顯然是盤子的中心。事實上，蛋白質是零售食品和飲料領域最大的類別，約占美國銷售額的三分之一。我們相信蛋白質在任何健康飲食中都發揮著核心作用。這就是為什麼我們認為第三財季牛肉、雞肉和豬肉的消費增加了 1.3%，也是我們將蛋白質作為基本核心的原因。我們的策略涵蓋了我們的差異化能力和規模以及跨通路、品類和飲食場合的多樣化產品組合。

Our strategic pillars are supported by key enablers of operational excellence, customer and consumer obsession, along with data and digital. One key goal is building on our iconic brands to value up our core proteins. Today, Tyson, Jimmy Dean, and Hillshire Farm are 3 of the top 10 protein brands with room to expand household penetration. Brands are our best opportunity to drive faster growth, higher margins, and stronger returns and its most effective way to generate long-term shareholder value. As I've emphasized all year, our priorities are centered on controlling the controllables, including cash management.

我們的策略支柱得到卓越營運、客戶和消費者關注以及數據和數位化等關鍵推動因素的支持。一個關鍵目標是建立我們的標誌性品牌來提升我們的核心蛋白質的價值。如今，泰森食品、吉米迪恩和 Hillshire Farm 已成為十大蛋白質品牌中的三個，並且還有擴大家庭滲透率的空間。品牌是我們推動更快成長、更高利潤和更強回報的最佳機會，也是創造長期股東價值最有效的方式。正如我全年強調的那樣，我們的首要任務是控制可控因素，包括現金管理。

Our cash flow performance this year demonstrates the success we've had on this front. We're also focused on operational excellence by continuously improving chicken, strengthening prepared foods, navigating be it through a difficult cattle cycle and driving efficiencies in pork. We came into fiscal '24 with plans to deliver against these priorities. Our focus on being intentional and deliberate on executing those plans is delivering tangible results. With that, I'll turn the call over to Curt to review our financial performance in more detail.

我們今年的現金流表現證明了我們在這方面的成功。我們也致力於透過不斷改進雞肉、強化預製食品、度過艱難的養牛週期以及提高豬肉生產效率來實現卓越運作。我們在進入 24 財年時制定了這些優先事項的計劃。我們專注於有意識地、深思熟慮地執行這些計劃，以取得實際的成果。這樣，我會將電話轉給 Curt，以更詳細地審查我們的財務表現。

Thanks, Donnie. Total company net sales of $13.35 billion in Q3 were up 1.6% year over year. The increase was led by beef with contributions from pork and prepared foods, partially offset by declines in chicken and international. Adjusted operating income improved $312 million to nearly $500 million, driven primarily by another quarter of substantial increase in chicken profitability.

謝謝，唐尼。第三季公司淨銷售額總額為 133.5 億美元，較去年同期成長 1.6%。成長主要由牛肉帶動，豬肉和預製食品也有所貢獻，但部分被雞肉和國際食品的下降所抵消。調整後的營業收入增加了 3.12 億美元，達到近 5 億美元，這主要是由於雞肉盈利能力又一個季度大幅增長所致。

Operational improvements and substantially higher AOI led to a $0.72 increase in adjusted EPS, which came in at $0.87 in Q3. As Donnie mentioned earlier, this is our best AOI, AOI margin, and adjusted EPS in the past seven quarters.

營運改善和 AOI 大幅提高導致調整後每股收益增加 0.72 美元，第三季為 0.87 美元。正如 Donnie 之前提到的，這是我們過去七個季度中最好的 AOI、AOI 利潤率和調整後每股盈餘。

Now let's review our segment results, starting with prepared foods. In prepared foods, Q3 revenue grew 2.1% versus last year, driven by volume growth in foodservice. As we expected, AOI in Q3 was down modestly. Higher raw material costs were partially offset by lower MAP spend versus an elevated level last year and the benefits of operational efficiencies and top line growth.

現在讓我們回顧一下我們的細分結果，從預製食品開始。在預製食品領域，受餐飲服務銷售成長的推動，第三季營收較去年成長 2.1%。正如我們預期的那樣，第三季的 AOI 略有下降。較高的原材料成本被相對於去年較高水準的 MAP 支出減少以及營運效率和營收成長的好處部分抵消。

Moving to chicken. Sales in Q3 declined 3.2%, primarily due to the pass-through of lower input costs and pricing. While volume was roughly flat year-over-year as we continue to better align supply with customer demand, it was up approximately 2% from Q3 of fiscal '22. AOI increased $370 million versus last year to $307 million.

轉向雞肉。第三季銷售量下降 3.2%，主要是因為投入成本和定價下降的影響。雖然隨著我們繼續更好地調整供應與客戶需求，銷量與去年同期基本持平，但較 22 財年第三季度增長了約 2%。 AOI 比去年增加了 3.7 億美元，達到 3.07 億美元。

Lower input costs, net of pass-through pricing, along with the benefits of the strategic actions we have taken and the efficiencies the business has driven across our operations, drove the growth in AOI. We also experienced favorable year-over-year derivative impacts of $63 million, primarily related to a $65 million net derivative loss in Q3 last year.

較低的投入成本（扣除轉嫁定價後），加上我們採取的策略行動的好處以及業務在整個營運過程中提高的效率，推動了 AOI 的成長。我們也經歷了 6,300 萬美元的年比衍生性影響，主要與去年第三季 6,500 萬美元的衍生性商品淨損失有關。

In beef, revenue was up 5.8% year-over-year in the quarter, primarily due to the volume impact of higher average carcass waste with pricing increasing 1.4%. While revenue increased, AOI decreased primarily reflecting compressed spreads as expected, which more than offset our continued progress on operational efficiencies.

在牛肉方面，本季營收年增 5.8%，主要是由於平均胴體廢棄物量增加帶來的銷售影響，價格上漲 1.4%。雖然收入增加，但 AOI 下降主要反映了預期的價差壓縮，這遠遠抵消了我們在營運效率方面的持續進步。

Moving to pork. Q3 revenue increased a net 10.4%, driven by higher price per pound, reflecting healthy global demand. AOI also increased $92 million year-over-year, benefiting from improved spreads and better operational execution.

轉向豬肉。由於每磅價格上漲，第三季營收淨成長 10.4%，反映出健康的全球需求。受益於利差改善和營運執行改善，AOI 也比去年同期增加了 9,200 萬美元。

Shifting to our financial position and capital allocation. Our commitment to disciplined capital allocation remains unchanged. Our priorities are to maintain financial strength, invest in the business, and return cash to shareholders, all while maintaining our investment-grade credit rating.

轉向我們的財務狀況和資本配置。我們對嚴格資本配置的承諾保持不變。我們的首要任務是維持財務實力、投資業務並向股東返還現金，同時維持我們的投資等級信用評等。

Cash flow from operations remained strong with year-to-date approaching $2 billion, highlighting improved profitability and working capital management. Operating cash flows was more than double our CapEx, which came in at $884 million year to date. CapEx in Q3 of $263 million declined sequentially for the sixth consecutive quarter, reflecting our focus on controlling capital deployment while continuing to invest for profitable growth.

營運現金流依然強勁，今年迄今已接近 20 億美元，凸顯獲利能力和營運資本管理的改善。營運現金流是我們資本支出的兩倍多，今年迄今為 8.84 億美元。第三季的資本支出為 2.63 億美元，連續第六個季度下降，反映出我們在繼續投資以實現獲利成長的同時注重控制資本部署。

Year-to-date free cash flow of $1.1 billion is more than 2.5 times better than the previous two fiscal years combined over the same period. We ended Q3 with $4.8 billion of liquidity. Improving profits and strong cash management are also benefiting our net leverage, which declined sequentially, again, coming in at 3 times in Q3, more than a full turn lower than where we exited fiscal '23.

年初至今的自由現金流為 11 億美元，比前兩個財年同期的總和高出 2.5 倍以上。第三季結束時，我們的流動資金為 48 億美元。利潤的提高和強有力的現金管理也有利於我們的淨槓桿率，淨槓桿率再次連續下降，在第三季度達到 3 倍，比我們 23 財年結束時的水平低了整整一圈。

We continue focusing on returning net leverage to our long-term target of at or below 2 times net debt to adjusted EBITDA. We entered fiscal '24 with a plan of applying our controlling the controllables approach to enhance free cash flow generation. We've over-delivered on that plan and remain committed to deploying resources to maximize long-term shareholder value.

我們持續致力於將淨槓桿率恢復到等於或低於調整後 EBITDA 淨負債 2 倍的長期目標。進入 24 財年，我們計劃應用可控方法來增強自由現金流的產生。我們已經超額實現了該計劃，並將繼續致力於部署資源以實現長期股東價值最大化。

Now let's look at our updated outlook for fiscal '24. We are reiterating our overall sales guidance at roughly flat year over year. Based primarily on our improved outlook for chicken, we are raising our AOI guidance and tightening the range. For the total company, we now expect between $1.6 billion and $1.8 billion.

現在讓我們來看看我們對 24 財年的最新展望。我們重申我們的整體銷售指引與去年同期基本持平。主要基於我們對雞肉前景的改善，我們正在提高 AOI 指引值並收緊範圍。對於整個公司來說，我們現在預計收入將在 16 億至 18 億美元之間。

Moving to the segments. In chicken, given the strong performance, we're raising our AOI guidance range to be between $850 million and $950 million. For prepared foods, we are reiterating our AOI outlook of $850 million to $950 million, as we continue to perform in line with expectations.

轉向細分市場。鑑於雞肉的強勁表現，我們將 AOI 指引範圍提高到 8.5 億美元至 9.5 億美元之間。對於預製食品，我們重申 AOI 前景為 8.5 億至 9.5 億美元，因為我們的表現持續符合預期。

In beef, we are tightening our AOI guidance range to a loss between $400 million and $300 million, reflecting well-known challenges in the cattle cycle. In pork, we are raising our AOI outlook to be between $100 million and $200 million highlighted improved year-to-date results versus expectations.

在牛肉方面，我們將 AOI 指引範圍收緊至虧損 4 億至 3 億美元之間，反映了養牛週期中眾所周知的挑戰。在豬肉方面，我們將 AOI 前景提高至 1 億至 2 億美元之間，突顯了今年迄今的業績較預期有所改善。

To round out the key P&L items, we continue to anticipate interest expense to be roughly $395 million and our tax rate to be between 23% and 24%. Turning CapEx we are maintaining our tight controls on spending in line with profitability and cash flows and are narrowing our CapEx range to be between $1.2 billion and $1.3 billion this year.

為了完善關鍵損益項目，我們繼續預期利息支出約為 3.95 億美元，稅率將在 23% 至 24% 之間。在資本支出方面，我們將根據獲利能力和現金流量保持對支出的嚴格控制，並將今年的資本支出範圍縮小到 12 億美元至 13 億美元之間。

Before I turn the call back over to Donnie, I want to emphasize that our multi-protein multichannel strategy is enabling us to raise the midpoint of our full year AOI guidance by $100 million. Now I'll hand it over to Donnie to wrap up before we move to Q&A.

在我將電話轉回給 Donnie 之前，我想強調一下，我們的多蛋白多通路策略使我們能夠將全年 AOI 指導的中點提高 1 億美元。現在我將把它交給 Donnie 來總結，然後再進行問答。

Thanks, Curt. Before we get to your questions, I want to express my deep gratitude to our incredible team members. Their dedication and hard work are the driving forces behind our mission to feed the world like family and bring high-quality food to every table in the world. Together, we have achieved a remarkable turnaround and our momentum continues. Finally, I am grateful to our customers and consumers for their trust, loyalty and partnership. I couldn't be more excited for the opportunities ahead of us and remain confident that our strategy will enable us to deliver long-term shareholder value. Now I'll turn the call back over to Sean for Q&A instructions.

謝謝，柯特。在回答您的問題之前，我想對我們出色的團隊成員表示深深的謝意。他們的奉獻和辛勤工作是我們像家人一樣養活世界並將高品質食品帶到世界每一張餐桌的使命背後的驅動力。我們共同實現了顯著的轉變，並且我們的勢頭仍在繼續。最後，我感謝我們的客戶和消費者的信任、忠誠和合作。我對我們面前的機會感到無比興奮，並堅信我們的策略將使我們能夠實現長期股東價值。現在我將把電話轉回 Sean 以獲取問答說明。

Thanks, Donnie. We will now move to your questions. Please recall that our cautions on forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A. Operator, please provide the Q&A instruction.

謝謝，唐尼。我們現在將回答您的問題。請記住，我們對前瞻性陳述和非公認會計原則措施的警告適用於我們準備好的評論和以下問答。運營商，請提供問答說明。

(Operator Instructions) Ken Goldman, JPMorgan.

（操作員指示）Ken Goldman，摩根大通。

Hi, good morning and thank you. I wanted to ask; I appreciate a lot of the information you gave about each segment. Thank you for that. Donnie, as you think about taking a step back, looking at kind of the underlying fundamentals, especially in your two biggest segments, chicken and beef, but across the company, kind of what were the more important puts and takes in the quarter versus your expectations? Just in terms of how fundamentals came in against what you were initially anticipating.

你好，早安，謝謝你。我本來想問;我很感謝您提供的有關每個部分的大量資訊。謝謝你。唐尼，當你考慮退後一步時，看看潛在的基本面，特別是在你的兩個最大的細分市場，雞肉和牛肉，但在整個公司範圍內，與你的公司相比，本季度更重要的看跌期權和賣出期權是什麼？只是就基本面如何與你最初的預期相反而言。

Good morning, Ken, and thank you for the question. Let me start with we are pleased with our Q3 results, which is the best quarter in the last seven. We're seeing the benefits of our multi-protein portfolio for chicken, prepared, and pork are offsetting the headwinds in beef.

早安，肯，謝謝你的提問。首先，我們對第三季的業績感到滿意，這是過去七個季度中最好的季度。我們看到我們的多蛋白產品組合對雞肉、熟食和豬肉的好處正在抵消牛肉的不利因素。

In Q3, momentum continues to strengthen, and all of our businesses are executing better than they have in quite some time. We're executing against the priorities we laid out for fiscal year '24. In short, we are controlling the controllables, we are optimizing our network, and we remain focused on operational excellence. We have taken decisive action to drive performance and to build financial strength. Our performance has given us confidence to raise our guidance again.

第三季度，勢頭繼續增強，我們所有業務的執行情況都比相當長一段時間要好。我們正在執行我們為 24 財年制定的優先事項。簡而言之，我們正在控制可控因素，我們正在優化我們的網絡，並且我們仍然專注於卓越營運。我們已採取果斷行動來提高業績並增強財務實力。我們的表現讓我們有信心再次提高指導值。

Now let me step into the segments, and I'll start with chicken. Our focus on the fundamentals behind the number one brand is delivering results. Chicken had a strong Q3. We had the best adjusted operating income since fiscal year '16. It was eight years ago. Best capacity utilization since Q4 of 2018, six years ago. The best livability since fiscal year '20. Supply chain and S&OP processes, allowing us to improve order fill rate while simultaneously lowering our inventory and working capital.

現在讓我進入各個部分，我將從雞肉開始。我們對第一品牌背後的基礎的關注正在交付成果。雞肉有很強的Q3。我們擁有自 16 財年以來最好的調整後營業收入。那是八年前的事了。六年前，自 2018 年第四季以來產能利用率最高。自 20 財年以來的最佳宜居性。供應鏈和 S&OP 流程使我們能夠提高訂單履行率，同時降低庫存和營運資金。

In Beef, we're managing through volatility and spread tightening. We continue to focus on operational excellence. In pork, better spreads and ongoing operational execution led to better profitability. In prepared foods, our results were in line with our expectations. Our brands are strong, and our share remains healthy.

在牛肉方面，我們正在應對波動和價差收緊。我們持續專注於卓越營運。在豬肉方面，更好的價差和持續的營運執行帶來了更好的獲利能力。在預製食品中，我們的結果符合我們的預期。我們的品牌很強大，我們的市場佔有率也保持健康。

Okay. Thank you for that, Donnie. And then I had a quick follow-up. As a company, you have a unique view into how restaurants are performing, particularly quick service. And I'm just wondering, we've heard from some quick service restaurants lately, that they're not necessarily seeing real improvements in traffic yet, but maybe there are some green shoots, just as we -- as they experience some of the initial early benefits as the companies lean harder into promotions and actions that appeal to maybe some lower income consumers. So I'm just curious what you're seeing from your perspective from the restaurant industry in general, how it affects you? And if there's any real changes to your outlook in QSRs or future QSRs in particular? Thank you.

好的。謝謝你，唐尼。然後我進行了快速跟進。作為一家公司，您對餐廳的表現（尤其是快速服務）有獨特的看法。我只是想知道，我們最近從一些快餐店聽說，他們不一定能看到客流量的真正改善，但也許有一些萌芽，就像我們一樣——因為他們經歷了一些最初的早期效益是因為公司更努力地進行促銷和行動，以吸引一些低收入消費者。所以我只是好奇你從整個餐飲業的角度看到了什麼，它對你有何影響？您對 QSR 或未來 QSR 的看法是否有任何真正的改變？謝謝。

So thanks, Ken. Just as a reminder, in the protein space, there typically are lower levels of elasticity. And protein is a consumer staple. And I'd also remind you, Ken, and then I'll pass this over to Melanie to add a little more color on food service. But in retail, we hold leadership positions in 8 of 10 categories, and 3 of the top 10 brands in protein. So with that, Melanie, why don't you speak a little bit to --

謝謝，肯。提醒一下，在蛋白質領域，彈性水平通常較低。蛋白質是一種消費必需品。我還要提醒你，肯，然後我會將其傳遞給梅蘭妮，為餐飲服務增添更多色彩。但在零售領域，我們在 10 個類別中的 8 個類別中佔據領先地位，並且在蛋白質領域排名前 10 的品牌中佔據了 3 個領先地位。那麼，梅蘭妮，你為什麼不說一點——

Thank you, Donnie. Happy to do so. And Ken, I'm going to talk to you with my enterprise as CGO hat on. So first of all, the foodservice industry, as you know, is large. And demand for protein is strong as consumers see protein as an essential staple in their diets and meal routine. And at Tyson Foods we're advantaged because Tyson's diverse food service portfolio spans major proteins, chicken, beef, and pork. And this year, we've also seen a particular interest in our poultry offerings as quick-serve restaurants have been emphasizing value menu offerings.

謝謝你，唐尼。很高興這樣做。 Ken，我將以 CGO 身分與您談談我的企業。首先，如您所知，餐飲服務業規模很大。由於消費者將蛋白質視為飲食和日常飲食中的重要主食，因此對蛋白質的需求強勁。在泰森食品公司，我們的優勢在於泰森食品多元化的食品服務組合涵蓋主要蛋白質、雞肉、牛肉和豬肉。今年，我們也發現人們對我們的家禽產品特別感興趣，因為快餐店一直強調提供超值菜單。

These factors, combined with our large and flexible manufacturing infrastructure, have been instrumental in driving our performance. For example, our ability to quickly partner with customers on LTOs or limited time offerings to meet their business objectives, we're operating its best-in-class. At the same time, that flexibility is also helping us to better partner with our customers to quickly develop innovation.

這些因素與我們龐大且靈活的製造基礎設施相結合，對推動我們的績效發揮了重要作用。例如，我們能夠在 LTO 或限時產品上快速與客戶合作，以滿足他們的業務目標，我們正在經營一流的業務。同時，這種靈活性也幫助我們更好地與客戶合作，快速開發創新。

Now our commercial scale is also a strategic advantage. On any given day, you'll find our products in school lunch programs, quick-serve restaurants, fine dining establishments, and hospitals. You'll also find us in travel and entertainment venues such as airports, cruise ships, movie theaters, amusement parks, and concert venues. This allows us to meet consumers where they are.

現在我們的商業規模也是一個策略優勢。在任何一天，您都會在學校午餐計劃、快餐店、高級餐廳和醫院中找到我們的產品。您還會在機場、遊輪、電影院、遊樂園和音樂會場地等旅遊和娛樂場所找到我們的身影。這使我們能夠滿足消費者所在的位置。

Look, we remain focused on what we can control in foodservice, including improving our product pipeline with innovation to drive operator value and new customer acquisition. We're also focused on leveraging the diversity and flexibility of our broad manufacturing base to better serve our partners. And finally, we're focused on shifting the mix to advantaged channels. So because of these actions, we're building momentum going into fiscal year 2025 and are positioned well for continued growth.

看，我們仍然專注於我們在餐飲服務中可以控制的事情，包括透過創新來改善我們的產品管道，以推動營運商價值和新客戶獲取。我們也致力於利用我們廣泛的製造基地的多樣性和靈活性來更好地為我們的合作夥伴服務。最後，我們專注於將組合轉移到優勢管道。因此，由於這些行動，我們正在為 2025 財年積蓄動力，並為持續成長做好準備。

Adam Samuelson, Goldman Sachs.

亞當·薩繆爾森，高盛。

Yes, thank you. Good morning, everyone.

是的，謝謝。大家，早安。

Morning, Adam.

早安，亞當。

Good morning. I was hoping to dig into the results in chicken a bit more and really parse some of the drivers of operating margin improvement between the lower grain costs, which I believe, at least on a gross basis in the Q were quantified at $305 million versus some of the underlying cost and mix actions that you've been undertaking? And how should we think about that progressing? There's obviously implication in the guidance for 4Q, but help us think about what's embedded in the fourth quarter guidance from a net grain cost tailwind would be helpful? Thank you.

早安.我希望進一步深入研究雞肉的結果，並真正分析穀物成本降低之間營業利潤率改善的一些驅動因素，我相信，至少在 Q 的總體基礎上，這些因素被量化為 3.05 億美元，而您一直在採取的基本成本和混合行動是什麼？我們該如何看待這項進展？第四季的指導顯然有影響，但幫助我們思考第四季度指引中包含的淨穀物成本順風因素會有所幫助嗎？謝謝。

So Ken, thank you for the question. Let me start by saying, I'm going to take this opportunity to pass this question over to our Chief Architect in Poultry, Wes Morris. He's been the person responsible. He and his team for the chicken turnaround that we have seen. So Wes?

肯，謝謝你的提問。首先我要說的是，我將藉此機會將這個問題轉交給我們家禽部門的首席架構師 Wes Morris。他才是負責人。他和他的團隊為我們看到了雞的轉變。那麼韋斯？

Yeah. Thanks, Donnie. Overall, I'd say I'm very pleased with the improvement in our cost fundamentals, and we're well poised for growth. Nothing's really changed. The big three areas that we've talked about the last few quarters around our live plant S&OP. Our live results continued to improve. Our hatch was up 360 basis points versus a year ago, just short of 83. Our livability improved 50 points to 93, 71 in a pretty tough grow-out environment. And then our Cobb500 on the index mail and then a very deliberate focus on our life fundamentals are paying big dividends.

是的。謝謝，唐尼。總的來說，我對我們成本基本面的改善感到非常滿意，並且我們已經為成長做好了準備。一切都沒有真正改變。過去幾季我們圍繞現場工廠 S&OP 討論了三大領域。我們的即時結果持續改善。我們的孵化率比一年前提高了 360 個基點，略低於 83 個基點。然後我們的 Cobb500 指數郵件，然後非常刻意地關注我們的生活基本面正在帶來巨大的紅利。

The network changes that are paying off. Capacity utilization, as Donnie said, continues to improve sequentially. And we still have room to grow. And then our S&OP process continues to add value. Service was up 100 basis points on order field, while reducing our working capital around $260 million. We have a really highly functioning demand planning and supply planning team, and our total poultry group engaged in that area.

網路變革正取得成效。正如唐尼所說，產能利用率持續改善。我們還有成長的空間。然後我們的 S&OP 流程會繼續增加價值。訂單領域的服務提高了 100 個基點，同時我們的營運資本減少了約 2.6 億美元。我們擁有一支非常有效率的需求規劃和供應規劃團隊，我們的整個家禽團隊也致力於這個領域。

Now we invested some of that operational improvements back into the business. As you know, we have the number one share in retail and foodservice, and we're focused on investing there. So our Danville fully cooked plant is well started up, that location is about a year ahead of schedule from what we originally anticipated.

現在，我們將部分營運改善投入業務。如您所知，我們在零售和餐飲服務領域擁有第一大份額，並且我們專注於在這兩個領域進行投資。因此，我們的丹維爾全熟工廠已啟動良好，該地點比我們最初的預期提前了大約一年。

We've got a strong innovation pipeline. We've invested in quality and consumer promotions. And so I think our range is good. We've raised our guidance state 50 to 950. Historically, Q1 and 3 is our best quarters with 2 and 4 being a little softer and then the ongoing investments. So I feel well balanced at the midpoint.

我們擁有強大的創新管道。我們在品質和消費者促銷方面進行了投資。所以我認為我們的產品範圍很好。我們將指導狀態提高了 50 至 950。所以我在中間感覺很平衡。

Okay. That's helpful. And then if I could just ask a follow-up on beef. And Donnie, you alluded to in the prepared remarks, no obvious signs of herd rebuilding. Just as we think about the implication of that over the next couple of years with just fewer cattles that are still going to be not coming to market. How do we think about your own capacity utilization and industry capacity utilization in the sector and kind of if you reach a breaking point there that we might have to see some capacity rationalization?

好的。這很有幫助。然後我是否可以詢問有關牛肉的後續情況。唐尼，你在準備好的演講中提到，沒有明顯的牛群重建跡象。正如我們思考這對未來幾年的影響一樣，仍然不會進入市場的牛隻數量將會減少。我們如何看待該產業本身的產能利用率和產業產能利用率？

Well, thanks, Adam, for the question. And I'll just start with saying that it's going to be very challenging to continue to really forecast the outcomes relative to this beef cycle. Every beef cycle has some differences embedded within it. And one of the key indicators relative to the cycle is droughts and monitoring drought in specific areas. So as you alluded to, we haven't seen really any notable retention to date. We've seen some differences relative to specific regions. And I would say that correlates really well relative to what those specific regions have from a climate and drought perspective.

嗯，謝謝亞當提出的問題。我首先要說的是，繼續真正預測與本次牛肉週期相關的結果將非常具有挑戰性。每個牛肉週期都有一些差異。與週期相關的關鍵指標之一是乾旱和監測特定地區的乾旱。正如您所提到的，迄今為止我們還沒有看到任何顯著的保留。我們已經看到了與特定地區相關的一些差異。我想說，從氣候和乾旱的角度來看，這與這些特定地區的情況確實有很好的相關性。

So when you definitely -- really evaluate as we move forward, what we do know is we're not expecting any incremental supply here in the short term, which is consistent with these cycles. However, we're really focused on what we can control. And the highlights for our beef team have been decreased costs year-over-year relative to our manufacturing and our efficiencies have improved in our assets. We continue to see improvements in our yields, in our plants. We're doing a better job of balancing our supply and demand of cattle to beef and what our consumers and customers are demanding as well. So when you parlay all of those things together, we'll continue to manage what we can control and focus on really indications in the future on this rebuild.

因此，當你確實——真正評估我們的前進時，我們所知道的是，我們預計短期內不會出現任何增量供應，這與這些週期是一致的。然而，我們真正關注的是我們可以控制的事情。我們的牛肉團隊的亮點是相對於我們的製造成本逐年下降，並且我們的資產效率得到了提高。我們的工廠產量不斷提高。我們在平衡牛和牛肉的供需以及消費者和客戶的需求方面做得更好。因此，當你將所有這些事情結合在一起時，我們將繼續管理我們可以控制的事情，並專注於未來重建的真正跡象。

So if I could add one thing to that. Thank you, Brady. Our asset base is we're well invested, and we are capable of running with the very best in the industry. I'll remind you, Adam and others that the benefits of our multi-protein portfolio, which is driving our momentum. With the strength in chicken and prepared foods and pork, and we see that offsetting challenges in beef. We see that continuing for the balance of the year.

所以如果我可以添加一件事的話。謝謝你，布雷迪。我們的資產基礎是我們投資充足，我們有能力與業內最優秀的公司合作。我會提醒您，亞當和其他人，我們的多蛋白質產品組合的好處正在推動我們的發展勢頭。憑藉雞肉、預製食品和豬肉的優勢，我們看到這抵消了牛肉的挑戰。我們認為這種情況將持續到今年剩餘時間。

Andrew Strelzik, BMO.

安德魯‧斯特雷齊克 (Andrew Strelzik)，BMO。

Hey, good morning. Thanks for taking my questions. (multiple speakers) So my first question on the chicken business, you're certainly seeing very strong improvements. But my question is about opportunities for -- yes, further improvement from here. And where I'm coming from is the margins were in the lower end of what typically is your normal range despite those internal improvements, the seasonality benefits in the quarter, the strong external environment. So can you maybe reflect on where the business is versus where it needs to be longer term and the path to more sustainably getting into that kind of normal chicken margin range?

嗨，早安。感謝您回答我的問題。 （多個發言者）所以我關於雞肉業務的第一個問題，您肯定會看到非常強勁的改進。但我的問題是關於——是的，從這裡進一步改進的機會。我的觀點是，儘管有這些內部改進、本季的季節性優勢以及強勁的外部環境，但利潤率仍處於正常範圍的下限。那麼，您是否可以思考一下業務現狀與長期需求以及更可持續地進入正常雞利潤範圍的路徑？

Yeah, this is Wes. I would say that we continue to focus on the fundamentals we got a little different business mix and business volatility than some of the commodity players as we don't sell a lot of outside raw materials where price is immediate. We've got several pricing models. Some are grain-based. And so as grain has come off, we pass that on to the customers, and that's fair. And then we have a high percentage of packaged goods. And so we're going to stay focused on stabilization of earnings over time, strong relationships with key customers and sustainable value creation. So regardless of what markets are doing, I expect us to deliver best-in-class results over time and stay focused on the controllables.

是的，這是韋斯。我想說的是，我們繼續專注於基本面，與一些大宗商品參與者相比，我們的業務組合和業務波動性略有不同，因為我們不出售大量價格即時的外部原材料。我們有多種定價模式。有些是以穀物為基礎的。因此，當穀物脫落時，我們會將其傳遞給客戶，這是公平的。然後我們有很高比例的包裝商品。因此，我們將繼續專注於收益的長期穩定性、與主要客戶的牢固關係以及可持續的價值創造。因此，無論市場在做什麼，我都希望我們能夠隨著時間的推移提供一流的結果，並專注於可控因素。

Okay. That's helpful. And then on beef, I guess the guidance implies for the fourth quarter, bigger losses. And so I guess just directionally, and I appreciate your comments on the difficulties with forecasting this part of the beef cycle here. I guess, is there any way that you want us to think about directionally '25 versus '24, what the implications are for the fourth quarter into next year? And then when you talk about controlling the controllables in beef, what are some of those key controllables that you're most focused on or the levers that you can pull from here? Thank you.

好的。這很有幫助。然後在牛肉方面，我猜該指導意味著第四季度將出現更大的損失。所以我想只是方向性的，我感謝你對預測牛肉週期這一部分的困難的評論。我想，您是否希望我們以任何方式思考「25」與「24」的方向性問題，這對明年第四季有何影響？然後，當您談論控制牛肉的可控因素時，您最關注的一些關鍵可控因素或您可以從這裡拉動的槓桿是什麼？謝謝。

Sure. Andrew, let me just say this. In terms of '25 outlook, it's a little bit early for us. We'll be happy to discuss at length in Q4. So look forward to that. Just a reminder, there is no -- data doesn't support herd rebuild at this point and -- but on a positive note, pasture conditions and feed costs are supportive of a herd rebuild. Interest rates, for example, might be a headwind, but there's no clear sign of herd retention. Brady, why don't you go deeper into that?

當然。安德魯，讓我這麼說。就 25 年的前景而言，現在對我們來說還為時過早。我們很樂意在第四季進行詳細討論。所以期待這一點。只是提醒一下，目前沒有數據不支持牛群重建，但從積極的角度來看，牧場條件和飼料成本支持牛群重建。例如，利率可能是一個阻力，但沒有明顯的跡象表明羊群會保留。布雷迪，為什麼不深入探討一下呢？

Sure. And thanks for the question, Andrew. And specifically on our beef performance, we are completely dialed in to making sure that we have cost-effective operations. And so everything from our harvest efficiencies and our assets to our yields to making sure that we are dialed in with our customers and consumers and balancing that to the type and kind of cattle that we're procuring and making sure that we understand those value equations, it's where we've seen improvements in our operations. And the real call out for us, again, is the significant year-over-year decrease in our manufacturing cost in our assets. We're running a much better operation today than we were a year ago, and we're certainly proud of that and thank the team for their continued improvements in these areas.

當然。謝謝你的提問，安德魯。特別是在我們的牛肉績效方面，我們完全致力於確保我們的營運具有成本效益。因此，從我們的收穫效率、我們的資產到我們的產量，再到確保我們與客戶和消費者保持聯繫，並根據我們採購的牛的類型和種類進行平衡，並確保我們理解這些價值方程式，這是我們在營運中看到的改進。對我們來說真正的挑戰是我們的資產製造成本比去年同期大幅下降。今天我們的營運比一年前好得多，我們當然為此感到自豪，並感謝團隊在這些領域的持續改進。

Heather Jones, Vertical Group.

希瑟·瓊斯，垂直組。

Good morning. Congratulations on the quarter. I want to start with chicken and specifically the strong improvements you all made there. And Wes, I think you said hatch was up 360 bps year-on-year, it's nearly 83%, which is far better than the industry is doing. So just wondering if you could help us understand how much of that is sustainable improvements in the breed or in husbandry versus -- I would assume there's been some early liquidation of flocks related to plant closures. And so I'm just trying to figure out how to model that going forward.

早安.恭喜本季。我想從雞肉開始，特別是你們在那裡所做的巨大改進。 Wes，我想你說孵化率同比增長了 360 個基點，接近 83%，這遠遠好於行業的表現。因此，我想知道您是否可以幫助我們了解其中有多少是在品種或畜牧業方面的可持續改進，而不是——我認為與工廠關閉相關的雞群已經有一些早期的清算。所以我只是想找出未來如何建模。

Yes, sure, Heather. Thank you for the question. We see the USDA data and no question the industry exits and wages are well up, but the bird simply aren't making it to the plant. And so our genetics and strategic focus are just the opposite. I did say our hatch is up 360 basis points. I do believe it is sustainable. I think we've got the right programs in place. We're seeing intense focus on the execution. Our grower partners are buying into the performance and our livability is up 50 points even in a tough grow-out environment. So we're obviously outperforming in life. And yes, I believe that to be not only sustainable when we hit the fall or cooler weather, I expect it to improve.

是的，當然，希瑟。感謝你的提問。我們看到美國農業部的數據，毫無疑問，產業退出，薪資大幅上漲，但這隻鳥根本無法到達工廠。所以我們的基因和策略重點恰恰相反。我確實說過我們的孵化率上升了 360 個基點。我確實相信它是可持續的。我認為我們已經制定了正確的計劃。我們看到人們對執行的高度關注。我們的種植者合作夥伴對我們的業績表示認可，即使在艱難的種植環境中，我們的宜居性也提高了 50 個百分點。所以我們在生活中顯然表現出色。是的，我相信，當我們進入秋天或涼爽的天氣時，這不僅是可持續的，我預計它還會有所改善。

Okay. Thank you for that. And then my follow-up is on beef, and I just -- I hate to beat a dead horse, but just there's some big differences between the last cycle. So the rebuild has been very slow in coming and it's likely to be more extended. You've got plants being added this time. Your imports are far larger than they were last time. So I was just wondering if you have a sense of how long you think this downturn can last? And if Tyson needs to maybe permanently reduce days of slaughter at certain plants? Or just how are you all planning on tackling that?

好的。謝謝你。然後我的後續行動是牛肉，我只是——我討厭打敗一匹死馬，但上一個週期之間有一些很大的差異。因此，重建工作進展非常緩慢，而且可能會延長。這次你已經添加了植物。你們的進口量比上次大得多。所以我想知道您是否知道這種低迷會持續多久？泰森食品是否需要永久減少某些工廠的屠宰天數？或者你們打算如何解決這個問題？

Thanks for the question. And again, I just go back to that drought monitor, the USDA and NOAA published and produced. And so through the last cycle, obviously, we saw a drought in that 2012, 2013 and then a relatively good rebound in '14, '15 and '16. And then really, from a drought perspective in beef cow country, really, really low persistence relative to drought in the '19 that led into some really good numbers here within the last three to five years. And so we'll continue to evaluate and understand and focus on it. That's really a prerequisite to this rebuild.

謝謝你的提問。我再次回到美國農業部和美國國家海洋暨大氣總署發布和製作的乾旱監測儀。因此，在上一個週期中，顯然，我們在 2012 年、2013 年看到了乾旱，然後在 14 年、15 年和 16 年出現了相對較好的反彈。然後，實際上，從肉牛國家的乾旱角度來看，相對於 19 年的乾旱，持續性真的非常低，而在過去的三到五年內，這裡的乾旱數字確實非常好。因此，我們將繼續評估、理解並關注它。這確實是這次重建的先決條件。

Donnie outlined some of the other factors that are in play relative to the rebuild as well. But just to reiterate what Donnie said as well, we've made really good investments in our beef operations, and we like our asset base. We like our team. We like the supply partnerships we have, both on the cattle supply and the partnerships we have with our customers as well and really have laid out a variety of range of outcomes and understanding where the cycle really go and win most importantly, and we'll continue to evaluate that as we move forward.

唐尼還概述了與重建相關的一些其他因素。但重申一下唐尼所說的，我們在牛肉業務上進行了非常好的投資，而且我們喜歡我們的資產基礎。我們喜歡我們的團隊。我們喜歡我們所擁有的供應合作夥伴關係，無論是在牛的供應方面還是我們與客戶的合作夥伴關係，並且確實列出了各種結果並了解週期的真正走向並最重要的是獲勝，我們將在我們前進的過程中繼續評估這一點。

And if I could, I would add this to Brady's comments, once again, Heather, the benefits of our multi-protein portfolio the momentum and the strength which we have there. Where chicken prepared foods, pork and even our international business offsetting those -- this cattle cycle that we're in. So we've been able to do that, did that well in Q3, and I would expect that for the balance of the year, and we think we will have a good overall fiscal '25. It's too early to talk about that in great detail, but we're very optimistic about '25.

如果可以的話，我會在布雷迪的評論中添加這一點，希瑟，我們的多蛋白質產品組合的好處以及我們在那裡擁有的動力和實力。雞肉準備食品，豬肉，甚至我們的國際業務抵消了這些——我們所處的牛週期。 所以我們已經能夠做到這一點，在第三季度做得很好，我預計這對於平衡今年，我們認為我們將有一個良好的整體財政'25。現在詳細討論這個還為時過早，但我們對 25 年非常樂觀。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good morning.

謝謝。早安.

Morning. (multiple speakers)

早晨。 （多個發言者）

Just wanted to come back to prepared foods. You said the volume growth was driven by foodservice, but overall price was pretty flat. I'm just trying to get a sense of the promotional environment. And maybe if you could give us a little split between foodservice and retail, how they looked and just what sort of price expectations you have going forward? Are you seeing -- we're hearing from a lot of companies that consumers are kind of balking at some of the prices. Are you having to promote a little bit more? Can you just give us kind of a finger on the pulse of where the consumer is these days?

只是想回到準備好的食物。您說銷量成長是由餐飲服務推動的，但整體價格相當平穩。我只是想了解促銷環境。也許您可以為我們介紹一下餐飲服務和零售之間的區別，它們的外觀如何以及您對未來的價格預期是什麼？您是否看到了——我們從許多公司聽說消費者對某些價格有些猶豫。還需要多做一點宣傳嗎？您能否讓我們了解一下當今消費者的動向？

Yes. So thanks, Michael. Let me give you first an overview of our Q3 performance, and then I'll dive a little bit deeper into kind of the promotional environment that we're seeing. So overall, our prepared foods third quarter performance, as you know, was in line with our expectations, and we're pleased with the results as we delivered both volume and sales growth.

是的。謝謝，麥可。讓我先向您概述我們第三季的表現，然後我將更深入地探討我們所看到的促銷環境。因此，總體而言，如您所知，我們的預製食品第三季業績符合我們的預期，我們對結果感到滿意，因為我們實現了銷售和銷售額的成長。

But as you know, we made a number of investments in our plans to add new capacity and capabilities. That's important to remember, as our profit was roughly flat a year ago when you adjust for the incremental expenses associated with the ramp-up of those additions. Also important to note is that our results were accomplished despite lapping a period of higher merchandising levels and lower input costs.

但如您所知，我們在增加新產能和能力的計劃中進行了大量投資。記住這一點很重要，因為當您對與這些增加的增加相關的增量費用進行調整時，我們的利潤一年前大致持平。同樣值得注意的是，儘管經歷了一段時期的銷售水平較高和投入成本較低，但我們仍然取得了成果。

And there's really three key factors that drove our performance in the quarter: First, our operational excellence has improved dramatically. We've had tremendous commercial success. And then as you noted, our foodservice volume growth was strong. Now as I think about our promotional environment, please know that our teams closely monitor in market pricing dynamics, elasticities and promotional performance at a granular level. We have a disciplined approach to pricing and promotions, and we make changes to our strategy as the consumer landscape evolves.

確實有三個關鍵因素推動了我們本季的業績：首先，我們的卓越營運得到了顯著改善。我們取得了巨大的商業成功。正如您所指出的，我們的餐飲服務量成長強勁。現在，當我想到我們的促銷環境時，請注意，我們的團隊會密切監控市場定價動態、彈性和促銷績效。我們對定價和促銷採取嚴格的方法，並隨著消費者格局的變化而改變我們的策略。

Now this doesn't mean that we're just reactive. The strength of our brands our customer relationships, our data-driven consumer insights, and our leadership position across multiple categories, affords us the opportunity to act fast when the marketplace changes. And now pricing and promotion, there are a couple of the key levers, but we're also focused on ensuring that our items are in the right package and in the right channel to meet consumers' needs.

現在這並不意味著我們只是被動反應。我們的品牌優勢、客戶關係、數據驅動的消費者洞察以及我們在多個類別中的領導地位，使我們有機會在市場變化時快速採取行動。現在的定價和促銷有幾個關鍵槓桿，但我們也專注於確保我們的產品採用正確的包裝和正確的管道，以滿足消費者的需求。

I would say it's also important to remember what Donnie highlighted that protein, which consumers see as an essential staple, enjoy lower elasticities than other food categories. Therefore, we believe consumers will continue to prioritize protein. I'd point to all these factors is the reason that Tyson's retail volume grew in the quarter.

我想說，記住唐尼強調的也很重要的一點是，消費者將蛋白質視為必需的主食，但它的彈性比其他食品類別要低。因此，我們相信消費者將繼續優先考慮蛋白質。我想指出所有這些因素是泰森食品本季零售量成長的原因。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Thank you.

謝謝。

Ben Theurer, Barclays.

本‧瑟雷爾，巴克萊銀行。

Yeah, good morning. Donnie and Curt, thanks for taking my question. So I just wanted to dig a little bit into like the cadence 3Q into 4Q because if I remember right, roughly three months ago, you've talked about potential downside risk in the third fiscal quarter, atypical seasonality, it seems like that did turn out. So maybe can you help us understand what was different in the quarter versus would you initially expect it to come out to that close to $500 million in operating income? And how that then relates into, call it, maybe the higher end was the lower end of that remaining guidance for 4Q? That would be my first question. Thank you.

是的，早安。唐尼和柯特，謝謝你們提出我的問題。所以我只是想深入研究一下第三季到第四季的節奏，因為如果我沒記錯的話，大約三個月前，你談到了第三財季的潛在下行風險，非典型的季節性，似乎確實發生了轉變。那麼，您能否幫助我們了解本季的營業收入與您最初預期的接近 5 億美元的營業收入有何不同？那麼，這與第四季度剩餘指引的高端有何關聯？這是我的第一個問題。謝謝。

Yeah. Thanks. This is Curt. I'll kick it over to Wes in just a minute. But principally speaking, right, we talked about the back half of the year and a little bit of seasonality challenges that we perhaps could have. But to be specific on your question before I turn it over to Wes, it was really some stronger chicken performance than we had anticipated when we talked three months ago. But overall, kind of the construct that we thought about the back half of the year relatively in line. But certainly, as we said earlier, increased the overall midpoint of our guidance by $100 million, really with the strength of Q3 and I'll turn it over to Wes to talk a little bit about chickens' performance.

是的。謝謝。這是柯特。一分鐘後我會把它交給韋斯。但主要來說，我們討論了下半年以及我們可能面臨的一些季節性挑戰。但在我把你的問題轉交給韋斯之前，要具體說明一下，這確實是比我們三個月前談話時預期的更強的雞表現。但整體而言，我們認為下半年的結構相對一致。但當然，正如我們之前所說，我們的指導總體中點增加了 1 億美元，確實憑藉第三季度的實力，我將把它交給 Wes 來談談雞的表現。

Yeah. I'll take a big part of that change. And it's pretty simple. Our poultry team is improving faster than I expected or that we modeled in a lot of different areas. Like, for instance, that we just talked about or our supply demand planning group. And so we haven't called a different play. We've just executed it faster than I expected.

是的。我將承擔這項改變的很大一部分。這非常簡單。我們的家禽團隊的進步速度比我預期的要快，或比我們在許多不同領域建模的速度還要快。例如，就像我們剛才談到的或我們的供需計畫小組。所以我們沒有叫不同的劇本。我們執行的速度比我預期的還要快。

Okay. And then my follow-up, I know it tends to not get that much of attention, but it feels like it's coming together a little bit better on the international side. Could you share some of the initiatives you're currently doing and how that international business, how you think about this in the medium term? Because I know, Donnie, you always talk about the growth -- demand growth is in the international market. So just to understand how you think of investing and positioning yourself to even further accelerate the growth in the international segment?

好的。然後是我的後續行動，我知道它往往不會受到太多關注，但感覺它在國際方面融合得更好了。您能否分享一下您目前正在採取的一些舉措以及國際業務的情況，以及您在中期對此有何看法？因為我知道，唐尼，你總是談論成長——國際市場的需求成長。那麼，只是想了解您如何看待投資和定位自己以進一步加速國際市場的成長？

Sure. Our international business does continue to grow. And if you'll recall, over the last couple of years, we've invested heavily behind a number of assets in China and Southeast Asia. I would tell you, in those marketplaces, there are a number of macroeconomic and geopolitical headwinds. We have seen a little better improvement in raw materials. But to go any deeper into that, let me introduce Devin Cole, who is new to this call, but not new to Tyson and he's just returned to our company in March. He's been the head of our Global McDonald's business. And now we've added the international business on to him. And so with that, Devin, welcome, and please go ahead.

當然。我們的國際業務確實在持續成長。如果你還記得，在過去幾年中，我們在中國和東南亞的許多資產上進行了大量投資。我想告訴你，在這些市場中，存在著許多宏觀經濟和地緣政治阻力。我們看到原料有了一些更好的改善。但為了更深入地探討這個問題，讓我介紹一下德文·科爾(Devin Cole)，他是這次電話會議的新人，但對泰森來說並不陌生，他於三月剛剛回到我們公司。他一直是我們麥當勞全球業務的負責人。現在我們為他增加了國際業務。德文，歡迎，請繼續。

Thank you, Donnie. And of course, it's pretty early in the process of evaluating this business from my standpoint. But I would tell you, I'm encouraged by the quality of our team, assets that I've had the chance to see around the world. We're really focused on some very key metrics, and that's just keep our team members safe, make sure we've got the best food safety. The best product quality innovation for all of our customers around the world, but also focused highly on operational excellence as we bring these new facilities up to speed. I am convinced that we have the assets and the team to deliver the portfolio of products to meet both customer and consumer needs around the world. And really what this will allow us to do is to provide the growth and results that we expect and that we need to drive the operational efficiencies and capacity utilization in these assets.

謝謝你，唐尼。當然，從我的角度來看，現在還處於評估這項業務的早期階段。但我想告訴你，我們團隊的素質和我有機會在世界各地看到的資產讓我深受鼓舞。我們確實專注於一些非常關鍵的指標，這只是為了確保我們團隊成員的安全，確保我們擁有最好的食品安全。為我們全球所有客戶提供最佳的產品品質創新，但在我們加快這些新設施的建設過程中，我們也高度專注於卓越營運。我堅信，我們擁有足夠的資產和團隊來提供產品組合，以滿足世界各地客戶和消費者的需求。實際上，這將使我們能夠提供我們期望的成長和成果，以及我們需要提高這些資產的營運效率和產能利用率。

So if I may just add one other thing to that, Devin and thank you. As many of you will recall, Amy, too, was the leader of our international business. Since we were together last, Amy has decided to retire. And I know she is probably listening today, and I just want to say that we miss her and thank her for many contributions to the company. We wish Amy and her husband Christian well. But we have Devin in the seat now and look forward to many exceptional things as it relates to international.

所以，如果我可以添加另一件事，德文，謝謝你。你們許多人都記得，艾米也是我們國際事業的領導者。自從我們上次在一起以來，艾米決定退休。我知道她今天可能正在聽，我只想說我們想念她並感謝她為公司做出的許多貢獻。我們祝福艾米和她的丈夫克里斯蒂安一切順利。但我們現在有德文在位，並期待著許多與國際有關的非凡事情。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Hey, guys, good morning. Thanks for taking the questions. Donnie and Wes, maybe just a quick one on chicken because I know we've spent quite a bit of time on it on the call. Just help us parse out maybe as we think about sustainability of chicken profitability into '25. How much in the quarter kind of you attribute to market factors relative kind of to the underlying and not looking for specific numbers, but if it's percentages or however you kind of think about what drove the Q3 over delivery, again, as we try and project that forward into 4Q and '25?

嘿，夥計們，早安。感謝您提出問題。唐尼和韋斯，也許只是快速討論一下雞肉，因為我知道我們在電話會議上花了相當多的時間。當我們思考 25 年雞肉獲利能力的可持續性時，請幫我們解析一下。您將本季度的多少歸因於與基礎資產相關的市場因素，而不是尋找具體數字，但如果是百分比，或者您認為是什麼推動了第三季度的交付，再次，正如我們嘗試和預測的那樣進入第四季和'25？

Yeah. Thanks for the question, Peter. As I've said, we had solid improvement in our fundamentals, and we partially offset those by investments. If I had to call the year today, I'd call it 40% performance base, 60% market-based, but if I adjust for the investments, I'd call it around 50/50. But it's important that my team stay focused on sustainable performance and driving value over time regardless of what those market conditions are.

是的。謝謝你的提問，彼得。正如我所說，我們的基本面得到了堅實的改善，並且我們透過投資部分抵消了這些改善。如果我今天必須宣布這一年，我會稱之為 40% 基於績效，60% 基於市場，但如果我根據投資進行調整，我會稱之為 50/50 左右。但重要的是，無論市場狀況如何，我的團隊都應始終專注於永續績效並隨著時間的推移推動價值。

Great. No, that's very helpful. Thanks, Wes. And Curt maybe, welcome to the call I didn't hear you on the call. I think there's a pretty big bond maturity coming due in the fourth quarter. So maybe you can just talk a bit about how you're thinking about approaching that. I saw the lowered interest expense guidance, but how we should think about that particularly large debt maturity. Thanks very much.

偉大的。不，這非常有幫助。謝謝，韋斯。也許是柯特，歡迎來電，我在電話中沒有聽到你的聲音。我認為第四季將有相當大的債券到期。所以也許你可以談談你是如何考慮解決這個問題的。我看到了降低的利息支出指導，但我們應該如何考慮特別大的債務到期日。非常感謝。

Thanks, Peter. Yeah, you're right. Maybe the best way to handle that is think about our liquidity. And we finished the quarter, right, with about $4.8 billion of liquidity. And that was partially driven by a bond offering that we did earlier this year to effectively prefund that, if you will. So yeah, the bond maturity is coming up here in August of $1.25 billion, and we'll look to pay that off this month.

謝謝，彼得。是啊，你說得對。也許解決這個問題的最佳方法是考慮我們的流動性。本季結束時，我們的流動資金約為 48 億美元。這在一定程度上是由我們今年早些時候發行的債券推動的，如果你願意的話，我們可以有效地預先融資。是的，12.5 億美元的債券將於 8 月到期，我們將在本月還清這筆資金。

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

Good morning, everyone.

大家，早安。

Good morning.

早安.

So a couple of quick ones. Can you -- talking about chicken again, what are the key risks from here? Is it as simple as if grain prices go up again, that could put pressure on the business? I'm just wondering where the growth from here comes or whether we're kind of approaching peak at this point? And then I have a follow-up.

所以有幾個快速的。您能否再次談論雞肉，這裡的主要風險是什麼？是不是就像糧食價格再次上漲，會為企業帶來壓力一樣簡單？我只是想知道這裡的增長來自哪裡，或者我們現在是否正在接近頂峰？然後我有一個後續行動。

Yeah. So again, Alexia, thank you for the question. We're laser focused on the fundamentals of our business. Certainly, grains have an impact. Our commercial relationships, we continue to work with some key customers to help stabilize earnings and create win-win solutions with those key customers. So it's -- for me, it's about staying focused on what we do and getting better at it every day.

是的。再次，亞歷克西婭，謝謝你的提問。我們專注於我們業務的基礎。當然，穀物有影響。我們的商業關係，我們繼續與一些主要客戶合作，幫助穩定收益並與這些主要客戶創造雙贏的解決方案。所以對我來說，就是專注於我們所做的事情，並且每天做得更好。

So if I could add one thing to that, Wes has mentioned two or three times, but just to make sure it's clear. That from a mix perspective, Wes and his team are continuing to value up the mix from, let's call it, more commodity-oriented products to more value-added branded across retail and foodservice.

因此，如果我可以補充一件事，韋斯已經提到了兩三次，但只是為了確保它清楚。從組合的角度來看，韋斯和他的團隊正在繼續評估組合的價值，從更以商品為導向的產品到零售和餐飲服務領域更具附加價值的品牌。

Great. Thank you very much. And can I just pick up on one word that you used early in the prepared remarks. You talked about collaboration across the businesses improving or being as good as you've seen it. Can you be more specific about what has improved on the collaboration side and how that's manifesting itself in the organization? Thank you and I'll pass it on.

偉大的。非常感謝。我可以提一下您在準備好的發言中早些時候使用的一個詞嗎？您談到了跨企業的協作正在改善或達到您所看到的水平。您能否更具體地介紹一下協作方面的改進以及這些改進在組織中的體現如何？謝謝你，我會把它轉達給你。

Sure. If I look at the team that's sitting around the table here this morning, we have some of the best people in the industry, in their specific discipline. They have a great deal of experience, and they are very passionate and competitive in everything they do. But the mantra that we have here at Tyson is one team, one Tyson, all behind our mission, feeding the world like family. And at the same time, making sure that there's high-quality protein on every table in the world. But the collaboration component of that is a team coming together and really being united around this one Tyson approach.

當然。如果我看看今天早上坐在桌子旁的團隊，我們擁有一些業內最優秀的人才，在他們的特定學科中。他們擁有豐富的經驗，對所做的一切都充滿熱情和競爭力。但我們泰森的口號是，一支團隊，一個泰森，全力支持我們的使命，像家人一樣養活世界。同時，確保世界上每張餐桌上都有高品質的蛋白質。但其中的協作部分是一個團隊聚集在一起，並真正圍繞泰森的這種方法團結起來。

Thomas Palmer, Citi.

托馬斯·帕爾默，花旗銀行。

Good morning and thanks for the question. Maybe start out on the prepared foods side. The midpoint of guidance implies profit in 4Q might not have as big of a seasonal pullback relative to 3Q as it might in a typical year. I know you mentioned this possibility a quarter ago. Could you just give us a reminder as to why this seasonality might not be as pronounced as normal? Thanks.

早安，謝謝你的提問。也許可以從預製食品開始。指引的中點意味著第四季的利潤相對於第三季可能不會像典型年份那樣出現那麼大的季節性回檔。我知道你四分之一前提到過這種可能性。您能否提醒我們為什麼這種季節性可能不如正常情況那麼明顯？謝謝。

Tom, this is Kurt. I'll add a couple of things and then let Melanie add to it. But we are hopefully very clear last quarter where we talked about midpoint of the guidance of $900 million and implying obviously $400 million in the back half, and it would be split relatively even. I'll add to that, right. We -- while we've tightened the guidance range throughout the year, right, our midpoint has been consistent across the whole year. And specifically, as well, our thoughts around Q4 and the profit outlook also were very unchanged and consistent as we've thought about it. But I'll let Melanie add a couple of elements from her perspective.

湯姆，這是庫爾特。我會添加一些內容，然後讓梅蘭妮添加。但我們希望上個季度非常清楚，我們談到了 9 億美元指引的中點，顯然意味著後半部分為 4 億美元，而且分配得相對均勻。我補充一下，對吧。雖然我們收緊了全年指導範圍，但我們的中點全年保持一致。具體來說，我們對第四季和利潤前景的想法也與我們的想法沒有太大變化和一致。但我會讓梅蘭妮從她的角度添加一些元素。

Yeah. So thanks for the question. And as I think about the future seasonality and Q4, we expect to have a strong Q4 compared to prior years. First, the cost associated with the new capacity and capabilities I touched on earlier, will be significantly reduced as those assets ramp up. This is true both sequentially and versus year ago.

是的。謝謝你的提問。當我考慮未來的季節性和第四季時，我們預計第四季將比往年強勁。首先，隨著這些資產的增加，與我之前提到的新容量和功能相關的成本將顯著降低。無論是連續的還是去年同期的情況都是如此。

Second, the operational excellence initiatives we're driving are accretive. And -- or additive, I should say, meaning the total dollar impact will grow each quarter as we reduce cost and drive out inefficiencies. We also expect to continue strong commercial performance behind our foodservice business.

其次，我們正在推動的卓越營運措施具有增值作用。我應該說，或者說是累加性的，這意味著隨著我們降低成本並消除低效率，每個季度的總美元影響都會增加。我們也期望我們的餐飲服務業務能夠持續保持強勁的商業業績。

And then finally, I'd also point to our growth in bacon, which is enabled by the successful start-up of our Bowling Green facility and because of the new capacity and capabilities that we brought online, we're growing and gaining share in bacon. So as I think about Q4 as well as the momentum going into 2025, we're confident in our path forward. And a lot of this is obviously driven by our team that has been working really, really hard and is focused on delivering our goals.

And then finally, I'd also point to our growth in bacon, which is enabled by the successful start-up of our Bowling Green facility and because of the new capacity and capabilities that we brought online, we're growing and gaining share in培根.因此，當我想到第四季以及進入 2025 年的勢頭時，我們對前進的道路充滿信心。這在很大程度上顯然是由我們的團隊推動的，他們一直在非常非常努力地工作，並專注於實現我們的目標。

Thanks for that. And then just on an income statement item, SG&A has been trending sequentially lower throughout the year. What's driving this? And is there a segment where we would see these reductions being most apparent?

感謝那。然後，就損益表項目而言，SG&A 全年呈現連續下降趨勢。是什麼推動了這一點？是否有一個細分市場我們會看到這些減少最為明顯？

Just a couple of comments from me. I think we've had a fairly disciplined approach over this last year relative to our SG&A management. It will feel a little lumpy in a couple of quarters because we've got some higher performance-based compensation impacting each of the quarters. But overall, a very disciplined focus on our cost control spending this year.

只是我的一些評論。我認為去年我們在 SG&A 管理方面採取了相當嚴格的方法。幾個季度後會感覺有點不穩定，因為我們每個季度都會有一些更高的基於績效的薪酬。但總體而言，今年我們非常嚴格地關注成本控制支出。

This concludes our question-and-answer session. I would like to turn the conference back over to Donnie King for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給唐尼金（Donnie King）發表閉幕詞。

Thank you for your continued interest in Tyson Foods, and we look forward to speaking with you again soon.

感謝您對泰森食品的持續關注，我們期待很快再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。