泰森食品 (TSN) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Tyson Foods fourth quarter 2024 earnings conference call.

早安，歡迎參加泰森食品 2024 年第四季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Mr. Sean Cornett.

我現在想把會議交給肖恩·科內特先生。

Please go ahead.

請繼續。

Good morning, and welcome to Tyson Foods' fiscal fourth quarter 2024 earnings conference call.

早安，歡迎參加泰森食品 2024 年第四季財報電話會議。

On today's call, Tyson's President and Chief Executive Officer, Donnie King; and Chief Financial Officer, Kurt Calaway, will provide some prepared remarks followed by Q&A.

在今天的電話會議上，泰森食品總裁兼執行長唐尼金 (Donnie King) 表示：財務長 Kurt Calaway 將發表一些準備好的講話，然後進行問答。

Additionally, joining us today are Brady Stewart, Group President, Beef, Pork and Chief Supply Chain Officer; Kyle Narron, Group President, Prepared Foods; Wes Morris, Group President, Poultry; Devin Cole, President, International and Global McDonald's; and Melanie Bolton, Chief Growth Officer.

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； Kyle Narron，預製食品集團總裁； Wes Morris，家禽業務集團總裁；德文‧科爾 (Devin Cole)，麥當勞國際及全球總裁；和首席成長官梅蘭妮博爾頓。

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 webcast.

我們還提供了補充演示文稿，可在今天的電話會議中引用，並且可以在泰森食品的投資者關係網站上以及透過我們的網路廣播中的連結取得。

During today's call, we will make forward-looking statements regarding our expectations for the future.

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。

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.

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.

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。

These forward-looking statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections.

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。

Please refer to our forward-looking statements 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.

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.

我們不承擔更新任何前瞻性陳述的義務。

Please note that references to earnings per share, operating income and operating margin in our remarks are on an adjusted basis unless otherwise noted.

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。

For reconciliation of these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release.

有關這些非 GAAP 衡量標準與其相應 GAAP 衡量標準的對照組，請參閱我們的收益新聞稿。

Now I'll turn the call over to Donnie.

現在我將把電話轉給唐尼。

Thanks, Sean, and thank you to everyone for joining us.

謝謝肖恩，也謝謝大家加入我們。

This morning, we reported our fourth quarter and fiscal year 2024 results.

今天早上，我們報告了第四季度和 2024 財年的表現。

Performance in Q4 was strong.

第四季的表現強勁。

In fact, adjusted operating income and adjusted earnings per share were both the best results in the past eight quarters, and both more than doubled compared to Q4 last year.

事實上，調整後的營業收入和調整後的每股盈餘都是過去八個季度以來最好的業績，並且與去年第四季相比均成長了一倍以上。

The momentum we've built led to significant improvement in full year profitability in 2024.

我們所建立的動能導致 2024 年全年獲利能力顯著改善。

For the year, AOI of more than $1.8 billion, nearly doubled versus fiscal 2023, while adjusted EPS of $3.10 increased more than 130%.

今年，AOI 超過 18 億美元，比 2023 財年幾乎翻了一番，調整後每股收益為 3.10 美元，成長超過 130%。

We're clearly pleased with our performance this year, where a significant turnaround in Chicken, combined with strong results in Prepared Foods and improvements in Pork, offset well-known challenges in Beef.

我們顯然對今年的業績感到滿意，雞肉方面的重大轉變，加上預製食品方面的強勁業績和豬肉方面的改進，抵消了牛肉方面眾所周知的挑戰。

Our disciplined capital allocation drove strong cash performance in 2024 as well.

我們嚴格的資本配置也推動了 2024 年強勁的現金表現。

Free cash flow increased by more than $1.6 billion versus last year and came in at more than twice the dividend this year.

自由現金流比去年增加了超過 16 億美元，今年的股息是股息的兩倍多。

This result was driven by increased AOI and prudent CapEx management, while still investing for profitable growth.

這一結果得益於 AOI 的增加和審慎的資本支出管理，同時仍投資於獲利成長。

Overall, our financial health strengthened significantly from where we ended fiscal '23.

整體而言，與 23 財年結束時相比，我們的財務狀況顯著增強。

Each of our team members across the organization contributed to this strong performance in 2024.

我們整個組織的每個團隊成員都為 2024 年的強勁業績做出了貢獻。

I'm very thankful for the hard work they do every day to make us a world-class food company and recognized leader in protein.

我非常感謝他們每天的辛勤工作，使我們成為世界一流的食品公司和公認的蛋白質領導者。

I want to point out that beyond the results in fiscal '24, we're providing guidance for fiscal '25, which builds on our momentum.

我想指出的是，除了 24 財年的結果之外，我們還為 25 財年提供了指導，這建立在我們的勢頭之上。

At the midpoint, AOI is growing, and our financial strength is improving.

到了中期，AOI 正在成長，我們的財務實力正在增強。

It's important to note that our guidance at midpoint for Prepared Foods and Chicken reflects AOI expectations of more than $2 billion combined.

值得注意的是，我們對預製食品和雞肉的中點指引反映了 AOI 預期總計超過 20 億美元。

Our outlook for next year highlights the benefits of our multi-protein multichannel portfolio.

我們對明年的展望強調了我們多蛋白質多通路產品組合的優勢。

Our strategy remains the same and reflects the continued focus on our business fundamentals.

我們的策略保持不變，反映出我們對業務基礎的持續關注。

Our priority on controlling the controllables has clearly delivered positive benefits in fiscal 2024, and we expect that to continue in 2025.

我們對控制可控因素的優先考慮顯然在 2024 財年帶來了積極的效益，我們預計這種情況將在 2025 年繼續下去。

I want to emphasize that I remain optimistic about our future, and I'm highly confident in our ability to drive long-term value for shareholders.

我想強調的是，我對我們的未來保持樂觀，並且對我們為股東帶來長期價值的能力充滿信心。

Let's move to segment highlights, starting with Prepared Foods, which has been a solid and stable driver of profitability.

讓我們轉向細分市場的亮點，從預製食品開始，它一直是盈利能力的堅實而穩定的驅動力。

AOI results for the quarter and the year came in just as we expected, with the midpoint of our segment guidance remaining constant all year.

AOI 本季和全年的結果正如我們預期的那樣，我們的細分市場指引的中點全年保持不變。

FY24 AOI grew 2% year-over-year, and was the best performance since fiscal year '18, overcoming headwinds of start-up costs at our new Bowling Green plant and a challenging consumer environment.

24 財年 AOI 年增 2%，是自 18 財年以來的最佳表現，克服了鮑靈格林新工廠啟動成本和充滿挑戰的消費者環境的不利因素。

Overall volume grew nearly 1%, as we continue to broaden our customer base and expand our presence in broadline distribution categories.

隨著我們不斷擴大客戶群並擴大我們在廣泛分銷類別中的影響力，總銷量成長了近 1%。

Moving to chicken.

轉向雞肉。

AOI results came in above the high end of our most recent guidance range.

AOI 結果高於我們最新指導範圍的高端。

While we benefited from lower grain costs, our focus on the fundamentals of live operations where hatch and livability again, improved year-over-year in Q4 and plant efficiencies also contributed to the strong results for the quarter and the year.

雖然我們受益於較低的穀物成本，但我們對孵化和宜居性的現場運營基本面的關注、第四季度的同比改善以及工廠效率也為本季度和年度的強勁業績做出了貢獻。

It's clear that we've built a fundamentally stronger chicken business as evidenced by the significant turnaround in AOI from fiscal '23 to '24, which was our best full year AOI performance in the past seven years.

很明顯，我們已經建立了一個從根本上更強大的雞肉業務，從 23 財年到 24 財年 AOI 的重大轉變就證明了這一點，這是我們過去七年中最好的全年 AOI 表現。

While results in Beef were better than anticipated for Q4, we continue to see compressed spreads versus last year driving the decline in profitability for both the quarter and full year.

儘管第四季度牛肉業績好於預期，但我們繼續看到與去年相比利差壓縮，導致本季和全年獲利能力下降。

Obviously, the current cattle cycle remains challenging as there are no clear signs of sustained herd rebuilding intentions.

顯然，目前的牛群週期仍然充滿挑戰，因為沒有明顯跡象表明持續的牛群重建意圖。

We will remain focused on the things we can control as we manage through it.

在我們管理過程中，我們將繼續專注於我們可以控制的事情。

Turning to pork.

轉向豬肉。

Improved spreads highlighting herd health and solid demand drove a $270 million year-over-year increase in AOI for fiscal '24.

利差的改善凸顯了牛群的健康狀況和穩定的需求，推動 24 財年 AOI 年增 2.7 億美元。

As I mentioned, our focus on controlling the controllables has produced solid results for fiscal 2024, and we expect this to continue.

正如我所提到的，我們對控制可控因素的關注已在 2024 財年取得了堅實的成果，我們預計這種情況將持續下去。

We have five strategic enablers that drive our priorities for 2025 and beyond.

我們有五個策略推動因素來推動我們 2025 年及以後的優先事項。

This is our road map for success, and we are building on this foundation.

這是我們的成功路線圖，我們正在這個基礎上繼續發展。

Let's look at our enterprise priorities for 2025.

讓我們來看看 2025 年我們的企業優先事項。

Operational excellence never gets old or goes out of style.

卓越營運永遠不會過時或過時。

For us, a key element of operational excellence is gaining enterprise scale and unlocking savings in our controllable by modernizing our operations and driving performance to standards.

對我們來說，卓越營運的關鍵要素是透過實現營運現代化並將績效提高到標準來獲得企業規模並釋放可控成本。

You've seen the benefits of this in our results for 2024, and we've embedded this approach in our guidance for '25, across the business, with a noticeable impact in Prepared Foods.

您已經在我們 2024 年的業績中看到了這種方法的好處，並且我們已將這種方法嵌入到整個業務的 25 年指南中，對預製食品產生了顯著影響。

As we are in service to our customers and consumers, we are building on our iconic brands to value up our core proteins.

當我們為客戶和消費者提供服務時，我們正在建立我們的標誌性品牌來提升我們的核心蛋白質的價值。

We have three of the top 10 brands in protein behind Tyson, Jimmy Dean and Hillshire Farm.

我們擁有前 10 名的蛋白質品牌中的 3 個，分別為 Tyson、Jimmy Dean 和 Hillshire Farm。

While our brands are healthy, we have opportunities to expand our household penetration by better serving consumers with innovation for new meal occasions, categories and channels.

雖然我們的品牌很健康，但我們有機會透過新的用餐場合、類別和管道的創新來更好地服務消費者來擴大我們的家庭滲透率。

One of the ways we will achieve our strategic goals is by investing in our digital capabilities, utilizing big data, predictive analytics and artificial intelligence for better decision-making and outcomes.

我們實現策略目標的方法之一是投資我們的數位能力，利用大數據、預測分析和人工智慧來做出更好的決策和結果。

Our data and digital delivery priority enables improved yield and mix across many of our operations and is important as we've modernized customer engagement and drive consumer insights.

我們的數據和數位交付優先事項可以提高我們許多業務的產量和組合，這對於我們實現客戶參與現代化和推動消費者洞察非常重要。

We are accelerating digitalization in our end-to-end demand and supply planning, becoming platform-driven with an exception management strategy that optimizes working capital.

我們正在加速端到端需求和供應規劃的數位化，透過優化營運資本的異常管理策略實現平台驅動。

Capital allocation is an important strategic priority that unlocks fuel for the enterprise.

資本配置是為企業釋放燃料的重要策略重點。

As Curt will elaborate on shortly, we made tremendous strides in our cash management in '24, and we plan to be just as disciplined in '25, with a continued focus on managing CapEx and working capital to drive free cash flow.

正如 Curt 稍後將詳細闡述的那樣，我們在 24 年的現金管理方面取得了巨大進步，我們計劃在 25 年保持同樣的紀律，繼續專注於管理資本支出和營運資本，以推動自由現金流。

Importantly, we are focused on team member development as the foundation of our planned delivery and to build on our strong history of our winning culture.

重要的是，我們專注於團隊成員的發展，作為我們計劃交付的基礎，並建立我們悠久的獲勝文化歷史。

With these strategic priorities outlined, let's move to our segment priorities for the next year starting with Prepared Foods.

在概述了這些策略重點後，讓我們從預製食品開始討論明年的細分市場重點。

There is significant opportunity to drive profitability in Prepared Foods by operating with an increased level of discipline.

透過加強經營紀律，預製食品有很大的機會提高獲利能力。

Increasing throughput and yield by performing to standards, eliminating waste, reducing complexity and continuing to improve service levels.

透過執行標準、消除浪費、降低複雜性並持續提高服務水準來提高吞吐量和產量。

Our focus on data analytics drives insight into consumer preferences as well as disciplined investment to support and grow our core products and drive innovation.

我們對數據分析的關注推動了對消費者偏好的洞察以及嚴格的投資，以支持和發展我們的核心產品並推動創新。

As an example, Jimmy Dean is one of our strongest brands but there is still room to expand its appeal and market opportunities in adjacent morning eating occasions.

例如，Jimmy Dean 是我們最強大的品牌之一，但在鄰近的早餐場合仍有擴大其吸引力和市場機會的空間。

To capture trends towards spicier foods and convenience, we recently launched Spicy Chicken Honey biscuits, a restaurant quality breakfast sandwich.

為了抓住辣味食品和便利性的趨勢，我們最近推出了辣雞蜂蜜餅乾，這是一種餐廳品質的早餐三明治。

We previously mentioned the success of our grill take platform, which has strong customer adoption and repeat rates.

我們之前提到我們的燒烤平台取得了成功，該平台擁有強大的客戶採用率和重複率。

We're leveraging the success of these innovations and further leaning into our other top-performing SKUs to capture opportunities to expand distribution.

我們正在利用這些創新的成功，並進一步依靠我們其他表現最好的 SKU 來抓住擴大分銷的機會。

Moving to chicken.

轉向雞肉。

There is no clear demonstration of the benefits of operational excellence and the efficiencies we drove in chicken in fiscal '24.

沒有明確證明卓越營運的好處以及我們在 24 財年在雞肉方面所帶來的效率。

We plan to sustain and improve our live and plant operations and maintain a disciplined S&OP process in 2025.

我們計劃在 2025 年維持和改善我們的現場和工廠運營，並維持嚴格的 S&OP 流程。

As you've seen, when our live operations are running well and our demand plan is more accurate we can operate much more efficiently while better servicing our customers and reducing inventory, all in support of generating more stable and predictable results.

正如您所看到的，當我們的即時營運運作良好並且我們的需求計劃更加準確時，我們可以更有效率地運營，同時更好地為客戶提供服務並減少庫存，所有這些都有助於產生更穩定和可預測的結果。

At the heart of our strategy lies a commitment to long-term partnerships with strategic customers, by fostering these collaborations, we ensure a stable demand for our products and create mutually beneficial win-win relationships, focused on growing the category with our customers.

我們策略的核心是致力於與策略客戶建立長期合作夥伴關係，透過促進這些合作，我們確保對我們產品的穩定需求並建立互利雙贏的關係，專注於與客戶一起發展該類別。

Next, I want to touch upon how we can build value through investments in our branded and value-added chicken portfolio.

接下來，我想談談我們如何透過投資我們的品牌和增值雞肉組合來創造價值。

Tyson holds the number one brand position in value-added chicken across both retail and food service.

泰森食品在零售和食品服務領域的雞肉附加價值領域均保持第一品牌地位。

Over the past year, we've made significant investments to enhance and expand our portfolio of high-quality, innovative and convenient products.

在過去的一年裡，我們進行了大量投資，以增強和擴大我們的高品質、創新和便利產品組合。

We're also excited to debut our revitalized packaging, which reflects Tyson's relentless focus on quality and generates consumer excitement.

我們也很高興首次推出我們的煥然一新的包裝，這反映了泰森對品質的不懈關注，並引起了消費者的興奮。

The new packaging rollout in October coincides with the launch of our new Tyson branded advertising campaign always been titan.

十月份新包裝的推出恰逢我們新的 Tyson 品牌廣告活動「always be titan」的推出。

More broadly, our fully cooked portfolio is a high ROI area where we will continue to deploy capital to expand our market presence and maximize returns.

更廣泛地說，我們完全成熟的投資組合是一個高投資報酬率領域，我們將繼續部署資本來擴大我們的市場份額並最大化回報。

For example, we accelerated the ramp-up of our new Danville facility this year and are now exploring our next Danville scale operation.

例如，我們今年加速了丹維爾新工廠的擴建，目前正在探索下一個丹維爾規模運作。

This approach not only strengthens our financial performance, but also solidifies our competitive positioning in the industry.

這種方法不僅增強了我們的財務業績，也鞏固了我們在產業中的競爭地位。

As you know, our beef business is challenged by the dynamics of the current cattle cycle.

如您所知，我們的牛肉業務受到當前養牛週期動態的挑戰。

Our focus for FY25 and beyond is to build a best-in-class operation so that we are well prepared when the cycle turns as we fully believe it will.

我們 25 財年及以後的重點是建立一流的運營，以便我們在周期轉變時做好充分準備，正如我們完全相信的那樣。

At the same time, we continue to align every aspect of our operations from procurement, where we are strengthening our relationship with key suppliers to production and distribution to meet customer and consumer demand.

同時，我們繼續調整營運的各個方面，從採購、加強與主要供應商的關係到生產和分銷，以滿足客戶和消費者的需求。

In addition, we continue to improve our cost structure with tight spend management and increased efficiencies while enhancing yields and mix to add value.

此外，我們繼續透過嚴格的支出管理和提高效率來改善成本結構，同時提高產量和組合以增加價值。

We're meeting consumers' demand for convenience with an expanded assortment of preseason beef available in a variety of new flavors and forms.

我們透過提供各種新口味和形式的季前牛肉品種來滿足消費者對便利性的需求。

We are a leader in beef and we want to be a valued partner for our customers by having the right products at the right time to meet their needs.

我們是牛肉領域的領導者，我們希望成為客戶的重要合作夥伴，在正確的時間提供正確的產品來滿足他們的需求。

We made good progress on operational improvement in our pork business in fiscal '24.

24 財年，我們在豬肉業務的營運改善方面取得了良好進展。

We which allowed us to capture the benefits of a better market condition, and we expect to make incremental progress this year.

這使我們能夠從更好的市場狀況中獲益，我們預計今年將取得逐步進展。

The network optimization initiative we completed in '24 is expected to drive better capacity utilization and allow us to improve our mix by leveraging the capabilities of our remaining plants.

我們在 24 年完成的網路優化計畫預計將提高產能利用率，並使我們能夠透過利用剩餘工廠的能力來改善我們的產品組合。

We're also scaling up our use of data to make better decisions on mix and to improve yield.

我們還擴大了數據的使用，以做出更好的組合決策並提高產量。

Like beef, our pork team has been expanding our portfolio of seasoned and marinated products to drive increased value-added offering while strengthening our partnership with key customers.

與牛肉一樣，我們的豬肉團隊一直在擴大我們的調味和醃製產品組合，以推動增加增值產品，同時加強我們與主要客戶的合作夥伴關係。

Across the business, our focus on controlling the controllables and drive sustainable cash flow, better operational execution and improved mix and deliver a solid performance in fiscal 2025.

在整個業務中，我們的重點是控制可控因素並推動可持續的現金流量、更好的營運執行和改進的組合，並在 2025 財年實現穩健的業績。

Before I hand things over to Curt to review our financials in more detail, I want to share the positive results from the execution of our strategy, demonstrated by the momentum of our value-added businesses in Prepared Foods and Chicken, while we are also managing through and acknowledging the challenges of the current beef cycle.

在我將事情交給 Curt 更詳細地審查我們的財務狀況之前，我想分享我們戰略執行所取得的積極成果，這體現在我們預製食品和雞肉增值業務的勢頭上，同時我們也在管理通過並承認當前牛肉週期的挑戰。

As our value-added businesses grow and drive a larger portion of our profitability over time, we should expect a more stable earnings profile.

隨著我們的增值業務不斷增長，並隨著時間的推移推動我們獲利能力的提高，我們應該期待更穩​​定的獲利狀況。

Looking at Prepared Foods in fiscal '24, we delivered AOI growth of over $100 million, as compared to the five-year average from fiscal '19 to '23, and its share of overall profitability has increased from quarter to half.

看看 24 財年的預製食品，與 19 至 23 財年的五年平均水平相比，我們的 AOI 增長超過 1 億美元，並且其在整體盈利能力中的份額從四分之一增加到一半。

Additionally, at the midpoint of our fiscal '25 guidance, we're also expecting nearly $100 million increase in earnings.

此外，在我們 25 財年指導的中期，我們也預期營收將增加近 1 億美元。

With that, I'll turn the call over to Curt.

這樣，我就把電話轉給柯特。

Thanks, Danny.

謝謝，丹尼。

Total company net sales were up 1.6% year-over-year in Q4 and 0.8% for fiscal '24.

第四季公司總淨銷售額年增 1.6%，24 財年年增 0.8%。

Beef and Chicken were the primary drivers for the quarter while beef and pork led the sales increase for the full year, partially offset by chicken.

牛肉和雞肉是本季的主要推動力，而牛肉和豬肉引領了全年的銷售成長，部分被雞肉所抵消。

Q4 adjusted operating income of $512 million, margin of 3.8%, and adjusted EPS of $0.92 were the strongest quarterly results this year, all more than doubling versus Q4 of '23.

第四季調整後營業收入為 5.12 億美元，利潤率為 3.8%，調整後每股收益為 0.92 美元，是今年最強勁的季度業績，與 23 年第四季相比增長了一倍多。

And as Donnie mentioned, the best performance in the past eight quarters.

正如唐尼所說，這是過去八個季度的最佳表現。

Full year AOI of more than $1.8 billion, nearly doubled and adjusted EPS of $3.10 grew over 130%.

全年 AOI 超過 18 億美元，幾乎翻了一番，調整後每股收益 3.10 美元，成長超過 130%。

Significant improvement in chicken profitability was the largest driver of year-over-year growth for both the quarter and the full year, with contributions from Prepared Foods and pork, offsetting declines in beef.

雞肉獲利能力的顯著改善是本季度和全年同比增長的最大推動力，其中預製食品和豬肉的貢獻抵消了牛肉的下降。

Now let's review our segment results for Q4.

現在讓我們回顧一下第四季的部門業績。

In Prepared Foods, Q4 revenue declined 1.2% versus last year, driven by lower retail volume.

在預製食品領域，由於零售量下降，第四季營收較去年下降 1.2%。

It's worth noting that we continue to make progress in total volume growth outside of retail in both Q4 and fiscal '24.

值得注意的是，我們在第四季和 24 財年在零售以外的總銷售成長方面繼續取得進展。

As we expected, AOI in Q4 increased noticeably year-over-year, benefiting from lower raw material costs, operational efficiencies and reduced MAP spending as we have focused on reducing inefficient support cost.

正如我們預期的那樣，第四季度的 AOI 年比顯著增長，受益於原材料成本降低、營運效率提高以及 MAP 支出的減少，因為我們專注於降低低效的支援成本。

These drivers also contributed to the best full year AOI performance in the past six years, overcoming start-up costs and unfavorable mix.

這些驅動因素還克服了啟動成本和不利的組合，為過去六年中最佳的全年 AOI 表現做出了貢獻。

Moving to chicken.

轉向雞肉。

Sales in the quarter increased 2.3%, inclusive of a legal contingency accrual recorded in Q4 last year.

本季銷售額成長 2.3%，其中包括去年第四季記錄的法定應急費用。

While volume declined modestly year-over-year, it grew approximately 1% versus Q4 of fiscal '22, as we continue to better align supply and demand.

雖然銷量同比略有下降，但隨著我們繼續更好地調整供需，與 22 財年第四季相比，銷量成長了約 1%。

AOI increased $281 million versus last year, to $356 million.

AOI 與去年相比增加了 2.81 億美元，達到 3.56 億美元。

Lower input costs, net of pass-through pricing and improved operational efficiencies and execution drove the growth in AOI.

較低的投入成本、扣除轉嫁定價以及營運效率和執行力的提高推動了 AOI 的成長。

For the year, chicken AOI improved by nearly $1.1 billion, leading to the strongest AOI performance since fiscal '17.

今年，雞肉 AOI 成長了近 11 億美元，實現了自 17 財年以來最強勁的 AOI 表現。

In beef, revenue was up 4.6% year-over-year in the quarter, primarily due to volume, driven by higher average carcass weights and higher head throughput.

在牛肉方面，本季營收年增 4.6%，這主要是由於平均胴體重量增加和頭部吞吐量增加推動的銷量增加。

While revenue increased, AOI decreased, primarily reflecting compressed spreads as expected.

雖然收入增加，但 AOI 下降，主要反映了預期的價差壓縮。

Moving to pork.

轉向豬肉。

Q4 revenue decreased 3.7% driven by lower pricing on drop credit items, partially offset by increased volume.

第四季營收下降 3.7%，原因是降額信貸項目定價較低，但部分被銷售增加所抵銷。

AOI increased $27 million year-over-year, benefiting from improved operational execution.

受益於營運執行的改善，AOI 年比增加 2700 萬美元。

For the full year, AOI increased $270 million, highlighting improved spreads.

全年 AOI 增加了 2.7 億美元，凸顯了利差的改善。

Shifting to our financial position.

轉向我們的財務狀況。

Our commitment to disciplined capital allocation remains constant.

我們對嚴格資本配置的承諾始終如一。

Our priorities are to maintain financial strength, invest in the business and return cash to shareholders, all while maintaining our investment-grade credit rating.

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。

Full year cash flow from operations increased nearly $840 million, driven by improved profitability and working capital management.

在獲利能力和營運資本管理改善的推動下，全年營運現金流增加近 8.4 億美元。

Operating cash flows of $2.6 billion was more than double our CapEx, which came in at just over $1.1 billion for the year, reflecting our disciplined capital deployment, while continuing to invest for profitable growth.

26 億美元的營運現金流是我們資本支出的兩倍多，今年的資本支出略高於 11 億美元，反映了我們嚴格的資本部署，同時繼續投資以實現獲利成長。

Fiscal '24 free cash flow improved by more than $1.6 billion year-over-year.

24 財年自由現金流較去年同期增加超過 16 億美元。

This increase was driven by roughly equal contributions from higher operating cash flow and lower CapEx.

這一增長是由較高的營運現金流和較低的資本支出大致相等的貢獻所推動的。

Free cash flow of nearly $1.5 billion was more than 2 times our total dividend.

近 15 億美元的自由現金流是我們總股息的兩倍多。

As you saw in our earnings release, we raised our dividend for the 13th consecutive year, reflecting confidence in our cash flow generation.

正如您在我們的財報中看到的那樣，我們連續第 13 年提高了股息，反映出我們對現金流生成的信心。

We remain committed to the dividend as our primary way of returning cash to shareholders.

我們仍然致力於將股利作為向股東返還現金的主要方式。

Additionally, we ended the year with $4 billion of liquidity after repaying our 2024 senior notes in August for $1.25 billion.

此外，在 8 月償還 12.5 億美元的 2024 年優先票據後，我們在年底擁有 40 億美元的流動性。

Net leverage declined again sequentially, ending the fiscal year at 2.6 times.

淨槓桿率再次下降，本財年結束時為 2.6 倍。

This is a full 1.5 turns of improvement versus where we exited fiscal '23.

與 23 財年結束時相比，這整整改善了 1.5 倍。

We've made good progress, but continue to focus on returning net leverage to our long-term target of at or below 2 times net debt to adjusted EBITDA.

我們已經取得了良好進展，但繼續專注於將淨槓桿率恢復到我們的長期目標，即等於或低於調整後 EBITDA 淨負債 2 倍。

Our plan for fiscal '24 was to apply our controlling the controllables approach to improve our financial strength.

我們 24 財年的計畫是運用控制可控因素的方法來提高我們的財務實力。

As you can see in our free cash flow, and net leverage performance, we've clearly over-delivered on that plan and remain committed to deploying resources to maximize long-term shareholder value.

正如您在我們的自由現金流和淨槓桿表現中看到的那樣，我們顯然超額實現了該計劃，並仍然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 guidance for fiscal '25.

現在讓我們來看看 25 財年的指導。

We anticipate sales dollars to be flat to down 1%.

我們預計銷售額將持平或下降 1%。

We expect volume growth in Chicken and Prepared Foods to be offset by lower Beef and Pork volumes.

我們預計雞肉和預製食品銷售的成長將被牛肉和豬肉銷售的下降所抵消。

However, total company AOI is expected to be between $1.8 billion and $2.2 billion, reflecting approximately 10% growth at the midpoint, driven by Prepared Foods and Chicken.

然而，該公司 AOI 總額預計在 18 億美元至 22 億美元之間，反映出在預製食品和雞肉業務的推動下，中位數成長約 10%。

Rounding out key P&L items, we anticipate interest expense to be roughly $380 million and our tax rate to be between 24% and 25%.

除關鍵損益項目外，我們預計利息支出約為 3.8 億美元，稅率在 24% 至 25% 之間。

As Donnie mentioned, we're going to maintain tight controls on spending and CapEx to be between $1 billion and $1.2 billion this year.

正如 Donnie 所提到的，我們今年將嚴格控制支出和資本支出，將其控制在 10 億美元至 12 億美元之間。

While there are a range of outcomes for AOI, we expect our free cash flow to exceed $700 million, which is approximately our new expected annual cash dividend.

雖然 AOI 會產生一系列結果，但我們預計我們的自由現金流將超過 7 億美元，這大約是我們新的預期年度現金股息。

Moving to the breakdown of total company AOI by segment, starting with Prepared Foods.

接下來是按部門細分公司 AOI 總量，從預製食品開始。

While we don't anticipate material changes in consumer behavior, we still see a pathway to significant growth in Prepared Foods AOI by focusing on operational improvements that are in our control, as you saw in our segment priorities for fiscal '25.

雖然我們預計消費者行為不會發生重大變化，但我們仍然看到透過專注於我們控制範圍內的營運改進，預製食品AOI 顯著增長的途徑，正如您在25 財年的部門優先事項中看到的那樣。

We expect AOI to be in a range of $900 million to $1.1 billion, representing double-digit growth at the midpoint, driven by these initiatives.

我們預計 AOI 將在 9 億美元至 11 億美元之間，在這些舉措的推動下，實現中點兩位數的成長。

In chicken, we plan to sustain and build on the operational improvements we put in place in fiscal '24.

在雞肉方面，我們計劃維持並鞏固我們在 24 財年實施的營運改善。

We are reinvesting a portion of these benefits into our value-added portfolio, highlighted by our master brand relaunch and new marketing campaign.

我們正在將這些優勢的一部分重新投資到我們的增值產品組合中，這在我們的主品牌重新推出和新的行銷活動中得到了體現。

We anticipate chicken AOI to be in the range of $1 billion to $1.2 billion, highlighting high single-digit growth at the midpoint.

我們預計雞肉 AOI 將在 10 億至 12 億美元之間，突顯中點的高個位數成長。

Now on to our Beef segment, where uncertainties remain, including the timing and pacing of meaningful herd rebuild intentions.

現在我們的牛肉市場仍然存在不確定性，包括有意義的牛群重建意圖的時間和節奏。

These market dynamics are reflected in our range of outcomes for AOI for fiscal '25, where we expect a loss of $400 million to $200 million, which reflect a similar level of profitability year-over-year at the midpoint.

這些市場動態反映在我們對 25 財年 AOI 的一系列結果中，我們預計虧損 4 億至 2 億美元，這反映出中點的同比盈利水準相似。

In Pork, we also expect a similar level of profitability in '25 as in '24, with AOI in the range of $100 million to $200 million.

在豬肉方面，我們也預期 25 年的獲利水準與 24 年類似，AOI 在 1 億至 2 億美元之間。

At the midpoint, benefits of our ongoing operational initiatives may be offset by tighter spreads.

在中期，我們正在進行的營運措施的好處可能會被價差收緊所抵消。

Our international business made strides in improving operations in fiscal '24, leading to a notable increase in AOI.

我們的國際業務在 24 財年改善營運方面取得了長足進步，導致 AOI 顯著增加。

We expect to make further progress in fiscal '25.

我們預計 25 財年將取得進一步進展。

Our outlook for the coming year reflects the benefit of our multi-protein multichannel portfolio.

我們對來年的展望反映了我們多蛋白質多通路產品組合的優勢。

The middle of our range highlights solid earnings growth and continued progress on our operations and financial strength.

我們範圍的中間部分凸顯了穩健的獲利成長以及我們的營運和財務實力的持續進步。

Now I'll pass things back to Donnie to wrap up.

現在我將把事情交還給唐尼來結束。

Thanks, Curt.

謝謝，柯特。

I'm proud of our fiscal 2024 results.

我對我們 2024 財年的業績感到自豪。

We drove significant improvements in our P&L and on our balance sheet.

我們推動了損益表和資產負債表的顯著改善。

These accomplishments are a direct result of our team's unwavering discipline in executing our strategic priorities.

這些成就是我們團隊在執行策略重點時堅定不移的紀律的直接結果。

I'd like to take this time an opportunity again thank each of our team members.

我想藉此機會再次感謝我們的每一位團隊成員。

Your focus and commitment has been essential to our success.

您的關注和承諾對我們的成功至關重要。

Looking ahead, we still have room for improvement, but I'm optimistic about what's to come.

展望未來，我們仍有改進的空間，但我對未來感到樂觀。

We have a solid foundation as one team, one Tyson, and I'm confident we will continue making progress in fiscal '25, building on our iconic brands to value up our core proteins and striving to operate with excellence.

作為一個團隊，一個泰森，我們擁有堅實的基礎，我相信我們將在 25 財年繼續取得進展，以我們的標誌性品牌為基礎，重視我們的核心蛋白質，並努力實現卓越運營。

Before we move to Q&A, I'd like to welcome Kyle are as our new Group President of Prepared Foods with more than two decades of industry experience, Kyle is a proven leader with strong operational expertise and a deep understanding of our business.

在我們進行問答之前，我要歡迎凱爾擔任我們的新任預製食品集團總裁，他擁有二十多年的行業經驗，凱爾是一位久經考驗的領導者，擁有強大的運營專業知識和對我們業務的深刻理解。

As you recall, Melanie Boldin came to us as Chief Growth Officer in early 2023, and shortly after, agreed to take on additional responsibilities as Group President of Prepared Foods.

您還記得，Melanie Boldin 於 2023 年初來到我們擔任首席成長官，不久之後，她同意承擔預製食品集團總裁的額外職責。

I'd like to extend my gratitude to Melanie for delivering the fiscal '24 plan and creating momentum for growth in the future.

我要感謝 Melanie 制定了「24 小時財政計畫」並為未來的成長創造了動力。

Her role as Chief Growth Officer remains central to our growth strategy, especially as we move forward with the most robust innovation pipeline in our company's history.

她作為首席成長長的角色仍然是我們成長策略的核心，特別是在我們推動公司歷史上最強大的創新管道的情況下。

Her efforts to deliver continued breakthrough marketing and growth initiatives including digital enablement will be pivotal as we bring new consumers to the Tyson Foods portfolio.

當我們為泰森食品產品組合帶來新消費者時，她為持續突破性的營銷和成長計劃（包括數位化支援）所做的努力將至關重要。

Kyle's appointment has been a seamless transition.

凱爾的任命是一個無縫的過渡。

We're confident his experience and leadership will ensure continued momentum for the business.

我們相信他的經驗和領導力將確保業務持續發展。

Thank you for your time today, and I look forward to updating you on our progress next quarter.

感謝您今天抽出寶貴的時間，我期待著向您通報我們下個季度的最新進展。

Now I'll turn the call back to Sean for Q&A instruction.

現在我將把電話轉回 Sean 以獲取問答指導。

Thanks, Donnie.

謝謝，唐尼。

We will now move to your questions.

我們現在將回答您的問題。

Please recall that our cautions on forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A.

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。

Operator, please provide the Q&A instructions.

運營商，請提供問答說明。

(Operator Instructions)

（操作員說明）

Ben Theurer, Barclays.

本‧瑟雷爾，巴克萊銀行。

Donnie, congrats on a good finish of fiscal '24, first of all.

Donnie，首先恭喜 24 財年圓滿成功。

So along the lines, I mean, do you feel -- Q4, obviously, was very strong and the full year came in even a little bit better than you expected.

因此，我的意思是，您是否覺得第四季度顯然非常強勁，全年的表現甚至比您的預期還要好一點。

You're still calling for some nice growth looking into '25.

你仍然呼籲 25 年後會有一些良好的成長。

So Donnie, maybe help us unpack a little bit the puts and takes within your outlook for '25.

所以，唐尼，也許可以幫助我們解開你對 25 年展望的一些看跌期權和收益。

And maybe in a little bit more detail, what gives you confidence of growth into next year?

也許更詳細一點，是什麼讓您對明年的成長充滿信心？

That would be my first question.

這是我的第一個問題。

Sure.

當然。

And thank you, Ben, and good morning, everyone.

謝謝你，本，大家早安。

Let me start with just saying how pleased we are with Q4 and the full year of 2024.

首先我要說的是我們對第四季和 2024 年全年感到非常滿意。

We continue to see the benefits of our multi-protein portfolio where Chicken, Prepare, Pork and International are offsetting the headwinds in Beef.

我們繼續看到我們的多蛋白產品組合的優勢，其中雞肉、預製食品、豬肉和國際食品正在抵消牛肉的不利因素。

In Q4, momentum continues to strengthen.

第四季度，勢頭繼續增強。

We saw a significant cash generation with free cash flow more than 2 times our dividend and substantial reduction of net leverage ratio to 2.6 times.

我們看到了顯著的現金生成，自由現金流超過股息的 2 倍，淨槓桿率大幅降低至 2.6 倍。

In FY24, and this is why we should be confident, those enterprise priorities continue to deliver results.

在 2024 財年，我們應該對這些企業優先事項持續取得成果充滿信心。

Our focus on operational excellence are delivering best-in-class operations by gaining efficiencies and eliminating waste.

我們對卓越營運的關注是透過提高效率和消除浪費來提供一流的營運。

Our focus on the customer and the consumer is allowing us to strengthen our iconic brands to expand reach and deliver innovation for new occasions.

我們對客戶和消費者的關注使我們能夠加強我們的標誌性品牌，擴大影響力並為新場合提供創新。

Our focus on data and digital tools allows us to use big data, analytics and AI to improve operational decision-making and drive consumer insights and ultimate actions.

我們對數據和數位工具的關注使我們能夠利用大數據、分析和人工智慧來改善營運決策並推動消費者洞察和最終行動。

Our focus on capital allocation is improving cash flow by managing CapEx and working capital.

我們對資本配置的重點是透過管理資本支出和營運資本來改善現金流。

Our focus on team member development is foundational for our culture, and delivering our plan.

我們對團隊成員發展的關注是我們文化和交付計劃的基礎。

We expect Prepared Foods and Chicken each to deliver approximately 50% of our AOI in fiscal year '25, a significant shift to a more valuable mix.

我們預計預製食品和雞肉將在 25 財年分別提供約 50% 的 AOI，這是更有價值的組合的重大轉變。

Approximately 10% of our AOI growth in FY25 at midpoint is driven by Prepared Foods and Chicken.

2025 財年中期，我們 AOI 成長的約 10% 是由預製食品和雞肉推動的。

Now enter each of the segments, a little color there.

現在輸入每個部分，在那裡加一點顏色。

In Prepared Foods, AOI performance was the best full year since 2018.

在預製食品領域，AOI 表現是自 2018 年以來最好的全年表現。

We'd expect FY25 AOI to have double-digit profitability growth at midpoint.

我們預計 25 財年 AOI 的獲利能力將達到兩位數的中位數成長。

In Chicken, best full year AOI performance since fiscal year 2017, market tailwinds and operational improvements driving results.

在雞肉方面，自 2017 財年以來，全年 AOI 表現最佳，市場順風和營運改善推動了業績。

We expect FY25 AOI to have high single-digit profitability growth at the midpoint.

我們預計 25 財年 AOI 的獲利能力將實現高個位數成長。

In Pork, better spreads and improved performance drove significant year-over-year AOI increase, we'd expect similar profitability at midpoint in '25.

在豬肉方面，更好的價差和更好的業績推動了 AOI 年比大幅成長，我們預計 25 年中點的獲利能力將類似。

In beef, spread compression continues, driven by a tight catalyst block, but would expect similar profitability at the midpoint.

在牛肉方面，在催化劑緊縮的推動下，價差繼續壓縮，但預計中點的獲利能力將類似。

In international, a nice improvement nice AOI performance taken with the 4Q onetime adjustments.

在國際上，透過第四季的一次性調整，AOI 表現有了很大的改善。

We expect FY25 AOI performance to continue to improve as execution and capacity utilization improve.

我們預計，隨著執行力和產能利用率的提高，25 財年 AOI 績效將持續提高。

In total, we'd expect FY25 AOI growth to be 10% at midpoint on a range of $1.8 billion to $2.2 billion.

總的來說，我們預計 25 財年 AOI 成長率中位數將達到 10%，範圍為 18 億美元至 22 億美元。

Now five key takeaways from Q4 and as we think about 25%.

現在，我們認為第四季的 5 個關鍵要點是 25%。

We will continue to shift our mix from core protein to branded value-added.

我們將繼續將我們的產品組合從核心蛋白質轉向品牌增值。

Number two, we will increase household penetration in branded and value-added.

第二，我們將提高品牌和增值的家庭滲透率。

Number three, protein is part of every healthy diet and protein is a clear winner in food.

第三，蛋白質是每種健康飲食的一部分，而蛋白質是食物中明顯的贏家。

We will -- number four, we will improve the returns on our invested capital and create shareholder value.

第四，我們將提高投資資本的報酬率並創造股東價值。

And number five, we will execute with excellence in all that we do.

第五，我們將出色地執行我們所做的一切。

In terms of just one adder here, in terms of volume for the year.

這裡僅就一個加法器而言，就一年的數量而言。

We expect to be based on tight call volume to be down slightly or because of some of the network optimization, should be down slightly, we would expect increases in volume in Prepared Foods and Chicken.

我們預計，基於緊張的呼叫量將略有下降，或者由於一些網路優化，應該會略有下降，我們預計預製食品和雞肉的數量會增加。

So that's the breakdown of the mix.

這就是混合的細分。

With that, I'll turn the call turn the question back to you.

這樣，我會將電話轉回給您。

All right.

好的。

That was a very complete guide.

這是一個非常完整的指南。

One quick one on chicken, and this is really just like kind of maybe stretching a little bit the expectations here.

快速介紹一下雞肉，這確實有點超出了我們的期望。

If we go back 12 months in time.

如果我們回到 12 個月前。

You were kind of looking for maybe up to $700 million in AOI for chicken and then it turned out to be more than $1 billion in FY24.

您原本希望為雞肉尋找高達 7 億美元的 AOI，結果在 2024 財年這一數字超過了 10 億美元。

So as we think about this and obviously how the market conditions performed over the last couple of months and quarters now, how much of that do you think you can potentially carry over?

因此，當我們思考這一點以及過去幾個月和幾個季度市場狀況的表現時，您認為您可以保留多少？

And what are potential upside scenarios that would take you even beyond the current chicken outlook of, call it, maybe $1.2 billion at the higher end?

哪些潛在的上行情景可以讓你超越目前的「雞雞」前景（即高端的 12 億美元）？

Ben, I would just say we have a fundamentally different and better chicken business than we had even a year ago, certainly, two, three years ago.

本，我只想說，我們的雞肉業務比一年前、當然兩三年前根本上的不同，而且更好。

But our guidance for -- the range is from $1 billion to $1.2 billion, which is really a high single-digit growth at midpoint.

但我們的指導範圍是 10 億美元到 12 億美元，這實際上是一個高個位數的中點成長。

We're doing that at the same time, we're investing back in the business with the new ad campaign product innovation, and so for something on the order of about $100 million.

我們在這樣做的同時，透過新的廣告活動產品創新對業務進行了投資，投資額約為 1 億美元。

So with that, Wes, do you want to add it

那麼韋斯，你想添加它嗎

Yeah.

是的。

Ben, thank you for the question.

本，謝謝你的提問。

And let me give you a little background so that it will clear up a little bit.

讓我給你一些背景知識，這樣你就會明白一點。

And I'd just like to answer specifically your question around '25.

我想在 25 年左右具體回答你的問題。

And so we executed our strategy in '24.

所以我們在 24 年執行了我們的策略。

It was a great team effort as we grow over $0.5 billion in operational improvement across live plants and then matching up our supply and demand.

這是團隊的偉大努力，我們在整個工廠的營運改進方面投入了超過 5 億美元，然後匹配了我們的供應和需求。

And so we delivered our strongest Q4 in history.

因此，我們實現了歷史上最強勁的第四季。

But here's the part that most people don't know.

但這是大多數人不知道的部分。

While we were working on the cost side, we were also resetting the stage for the revenue side and winning with consumers.

我們在致力於成本方面的同時，也為收入重新搭建舞台，贏得消費者的青睞。

And so Donnie mentioned our number one share retail value added.

所以唐尼提到了我們排名第一的零售增加價值份額。

We did a complete do-over in which we upgraded our quality to the point that our testing exceeded consumer expectations.

我們進行了徹底的改造，提高了質量，使我們的測試超出了消費者的預期。

Not I like it, but it exceeds my expectations.

不是我喜歡它，而是它超出了我的預期。

We've got a big innovation pipeline in both experimental and better for you and experimental form in flavor, what I call where food meets fun.

我們在實驗性和更好的口味方面擁有大量的創新管道，我稱之為食物與樂趣的結合。

And then the better for you is capitalizing on the protein content.

然後，充分利用蛋白質含量對您更好。

We upgraded our packaging, and it's based on basic decision trees of shopper-shop brand and then form and flavor.

我們升級了包裝，它基於購物者商店品牌的基本決策樹，然後是形式和風味。

Donnie referenced our new advertising campaign.

唐尼提到了我們新的廣告活動。

And what's exciting about that is that campaign resonates with our core shopper.

令人興奮的是，該活動與我們的核心購物者產生了共鳴。

But just as importantly, it resonates with the younger shopper, creating sustainability of demand over time.

但同樣重要的是，它能引起年輕購物者的共鳴，隨著時間的推移創造需求的可持續性。

And so we do have a stronger business and an impressive leadership team.

因此，我們確實擁有更強大的業務和令人印象深刻的領導團隊。

We're well positioned into '25 and beyond to have a successful, sustainable business.

我們已做好充分準備，在 25 年及以後擁有成功、可持續的業務。

And let me make one more comment about commercial because that's something we've not talked about on the calls and a big step change going into '25.

讓我再對商業問題發表評論，因為這是我們在電話會議中沒有討論過的事情，也是進入 25 年的一大轉變。

Our go to -- our speed and improvement in go-to-market has been greatly increased.

我們進入市場的速度和改進已經大大提高。

And so business growth in R&D are a highly functioning team to not only understand unmet consumer needs, but to create products and get them to commerce quickly.

因此，研發領域的業務成長需要一支高效的團隊，不僅要了解未滿足的消費者需求，還要創造產品並快速將其投入商業。

We've got the strongest pipeline of new products that I've seen in my career across any segment.

我們擁有我在職業生涯中所見過的所有細分市場中最強大的新產品系列。

And so with that, let me transition to your question around 2025 outlook and how good is the number.

那麼，讓我轉向你關於 2025 年前景的問題以及這個數字有多好。

And let me start with, hey, last year, my team surprised me with the speed and intensity of the improvement, right?

首先，嘿，去年，我的團隊的改進速度和強度讓我感到驚訝，對吧？

So yes, we did say [700] and we continue to perform faster and better than I anticipated.

所以，是的，我們確實說過 [700]，我們的表現繼續比我預期更快更好。

We think we've got good balance, good analytics and good insight into what 2025 looks like.

我們認為我們已經實現了良好的平衡、良好的分析以及對 2025 年情況的深入洞察。

I'm very encouraged by 2025 as we've got a good team.

到 2025 年，我感到非常鼓舞，因為我們擁有一支優秀的團隊。

We've got better fundamentals.

我們有更好的基礎。

Overarching markets appear stable.

整體市場看起來穩定。

We've got a planned performance improvement plan more than offsetting inflation, then we'll spend around $100 million driving that mix change of value-added.

我們有一個計劃好的績效改進計劃，不僅僅是抵消通貨膨脹，然後我們將花費約 1 億美元來推動增值的組合變化。

And while our volume looks a little soft last year, our fully cooked mix was up 5%.

雖然去年我們的銷售量看起來有點疲軟，但我們完全煮熟的混合物卻成長了 5%。

So we've already started that mix adjustment to improve profitability.

因此，我們已經開始進行組合調整以提高獲利能力。

And so all in all, we got a better cost structure.

總而言之，我們獲得了更好的成本結構。

We've got strong value-added go-to-market, hitting with a lot of intensity in '25.

我們有強大的增值進入市場，在 25 年受到了巨大的衝擊。

And so our guidance based on current market outlook, understanding we're more insulated than most companies, I feel good about.

因此，我們的指導基於當前的市場前景，了解我們比大多數公司更具隔離性，我對此感覺良好。

Now we also think we're realistic about the macroeconomic impact of total demand, what's the industry supply potential, any impact to exports, ongoing weather patterns would seem to be more frequent and feed cost and global feedstocks.

現在我們也認為，我們對總需求對宏觀經濟的影響、產業供應潛力、對出口的任何影響、持續的天氣模式似乎更加頻繁以及飼料成本和全球原料的影響是現實的。

And so we feel very good that based on what we know, our guidance is more accurate than any time in the past.

因此，我們感覺非常好，根據我們所知，我們的指導比過去任何時候都更加準確。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Congratulations on the quarter.

恭喜本季。

I have -- my first question is a follow-up to Ben's -- as far as on the chicken guide, I was -- you all have made a lot of changes in your operations today where you fold some complexes.

我的第一個問題是本的後續問題，就雞肉指南而言，你們所有人都在今天的運營中做出了很多改變，折疊了一些複合體。

So I was just wondering if you could give us a little more specificity as far as your year-on-year growth for that segment.

所以我只是想知道您是否可以向我們提供更多關於該細分市場的同比增長情況的具體信息。

How much of that is things that Tyson control as far as cost savings, more productivity?

在節省成本和提高生產力方面，泰森控制了多少事情？

And how much is it you're assuming as far as the overall market dynamics.

就整體市場動態而言，您的假設是多少？

Sure.

當然。

I will tell you that the Chicken business is performing.

我會告訴你，雞肉生意正在表現。

Wes, just a moment ago, I talked about a number of those things.

韋斯，剛才我談到了其中一些事情。

But think of this as a continuous mindset -- continuous improvement mindset, operational excellence.

但可以將其視為一種持續的心態——持續改進的心態、卓越的營運。

Those are the gifts that keep on giving, if you will.

如果你願意的話，這些都是持續給予的禮物。

And for us, that's not going out of style.

對我們來說，這並沒有過時。

And we'll do many of those same things as we here in 2025.

到 2025 年，我們將做許多與現在相同的事情。

We're off to a good start in '25.

我們在 25 年有了一個好的開始。

Wes, why don't you touch on some of the specifics around controllable?

韋斯，為什麼不談談可控方面的一些細節呢？

Yeah.

是的。

I think in an effort to keep it fairly simple.

我想努力保持它相當簡單。

If you use 2023 as a baseline, we have materially made a step change that have nothing to do with markets of over $500 million, right?

如果以 2023 年為基準，我們已經做出了實質的一步改變，而這與超過 5 億美元的市場無關，對嗎？

We know where the continuous improvement opportunities are from there.

我們知道持續改善的機會來自哪裡。

So I'm going to bake in another $185 million that has nothing to do with markets.

因此，我將另外投入 1.85 億美元，這筆資金與市場無關。

And so we've made a major step change that regardless of meat values or corn values, those fundamental improvements are worth between $500 million and $700 million a year.

因此，我們做出了重大改變，無論肉類價值或玉米價值如何，這些根本性改進每年的價值在 5 億至 7 億美元之間。

That's super helpful.

這非常有幫助。

And then my follow-up is on beef.

然後我的後續行動是牛肉。

And specifically, production there just due to new feed additives, longer time of feed, just production has come in much higher than anyone would have expected this year.

具體來說，由於新的飼料添加劑、更長的飼料時間，今年的產量遠高於任何人的預期。

And those weight things are likely to continue in '25.

這些體重問題可能會在 25 年持續下去。

So given that we haven't had this hole in supply that was expected, the wholesale price gap between chicken and beef has been pretty narrow, it's narrows in two years, whereas the retail price gap is the highest ever.

因此，考慮到我們沒有出現預期的供應缺口，雞肉和牛肉之間的批發價格差距相當窄，兩年內縮小，而零售價格差距是有史以來最高的。

And so just wondering what you all are hearing from retailers, given that supply has not been as bad as people thought, is there possibility that retailers start promoting Beef more at the extent of Chicken at '25.

因此，想知道你們都從零售商那裡聽到了什麼，考慮到供應並沒有人們想像的那麼糟糕，零售商是否有可能在 25 年開始更多地推廣牛肉，使其達到雞肉的水平。

I just love your thoughts on that.

我只是喜歡你對此的想法。

Heather.

希瑟。

Appreciate the question.

感謝這個問題。

It's Brady.

這是布雷迪。

First of all, I think it's really important to point out just where we sit from a beef demand perspective, just kind of set the stage.

首先，我認為從牛肉需求的角度指出我們所處的位置非常重要，只是奠定了基礎。

And when we look at '24 versus 23, we saw from a choice cutout perspective, increase just relative to the wholesale price as well, and it was up a little more than 2%, which signals really good beef demand, and we've seen that in our business as well.

當我們比較 24 與 23 時，我們從選擇切分的角度看到，相對於批發價格也有所增加，並且上漲了 2% 多一點，這表明牛肉需求非常好，我們已經在我們的業務中也看到了這一點。

And when we go and we kind of dissect it by prime own by product, it gets a little bit more interesting as well.

當我們透過主要產品來剖析它時，它也會變得更有趣。

And so really, kind of flattish prices across the Board on the rib and the loin, but we've seen a significant increase in price on the grinds.

事實上，肋排和腰肉的價格全面持平，但我們看到碎肉的價格大幅上漲。

And so I'm not sure that every single one of the products on beef is really a clear substitute with chicken and with pork.

因此，我不確定每種牛肉產品是否真的可以明顯替代雞肉和豬肉。

But where we have seen an increased demand in price has really been on lean trim, it's been on the grind, and we've seen some substitution opportunities between the round complex and lean complex as well.

但我們看到價格需求的增加確實是在精益裝飾上，它一直在磨礪中，我們也看到了圓形複合體和精益複合體之間的一些替代機會。

From a retailer perspective, we have seen several different strategies deployed.

從零售商的角度來看，我們已經看到了幾種不同的策略。

And because we've seen the steady demand for beef, we know that the consumer is going to stay in there, continue to buy beef.

因為我們看到了對牛肉的穩定需求，我們知道消費者將繼續購買牛肉。

And so some retailers are certainly taking that promotional opportunity to work on that ribbon loin complex to drive those market baskets higher, in general.

因此，一些零售商肯定會利用這個促銷機會來開發帶狀裡肌肉綜合體，以整體上推高這些市場籃子的價格。

So I guess the overarching sentiment just relative to beef is really good demand even with these higher prices and expect that to continue into '25.

因此，我認為，即使價格上漲，與牛肉相關的整體情緒仍然是需求良好，並預計這種情況將持續到 25 年。

Heather, this is Wes again.

希瑟，這又是韋斯。

And I was so focused on the cost side of your question.

我非常關注你問題的成本方面。

I think I should have mentioned a big unlock on the revenue side as well as we go into 2025.

我想我應該在進入 2025 年時提到收入方面的重大解鎖。

So as you know, we opened five fully cooked lines in our Danville, Virginia new plant earlier in through great efforts from both retail and food service.

如您所知，透過零售和食品服務的巨大努力，我們早些時候在弗吉尼亞州丹維爾的新工廠開設了 5 條全熟食品生產線。

Those -- that plant is actually sold out.

那些——那個工廠其實已經賣完了。

And so that mix change that I referenced earlier, also a change in the economics is baked into our '25 plan.

因此，我之前提到的混合變化以及經濟方面的變化都被納入我們的 25 計劃中。

And I'm excited to announce that we're already starting to work on the next fully -- five fully cooked lines.

我很高興地宣布，我們已經開始開發下一條完全成熟的生產線——五個完全煮熟的生產線。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

I'll stay with chicken.

我會和雞一起留下來。

And thank you for all the help both of you in terms of the mix changes and Curt, in terms of some of the permanent dollar changes to your operating income that you would expect.

感謝你們在組合變化方面提供的所有幫助，也感謝柯特在你們所期望的營業收入的一些永久性美元變化方面提供的幫助。

I wanted to ask, though, is it possible that there's a potential partial offset coming in the next year just from higher supply?

不過，我想問的是，明年供應量增加是否有可能產生部分抵銷？

And I know we're getting some mixed signals there, but we have seen chick placements increase to some extent.

我知道我們在那裡收到了一些混合訊號，但我們已經看到雛雞的投放量增加。

I'm just curious, not trying to rein on what's a pretty great parade here, but just wanted to get a sense for what's in your guidance for potentially higher industry chicken supply in the coming months?

我只是很好奇，並不是想限制這裡的一場相當精彩的遊行，而是想了解一下您對未來幾個月可能更高的行業雞肉供應的指導中有哪些內容？

Thanks, Ken.

謝謝，肯。

Let me start out and answer that question.

讓我開始回答這個問題。

And if we want to go into more detail, I'll give it to Wes.

如果我們想了解更多細節，我會把它交給韋斯。

But I would tell you in our guidance that $1 million to $1.2 million we have contemplated all those things that you just mentioned.

但我會在我們的指導中告訴你，100萬到120萬美元我們已經考慮過你剛才提到的所有這些事情。

So we're comfortable with the guidance that we've given.

因此，我們對所提供的指導感到滿意。

I think one thing that I'll just add to in terms of how this mix is shifting for us, not only in Chicken, but for the other businesses, for chicken specifically today.

我想我要補充的一件事是，這種組合對我們來說是如何變化的，不僅是在雞肉方面，而且對於其他企業，特別是今天的雞肉行業。

If you look at volume, while it is positive or projected positive for '25, what you don't see in that is this that the outsized growth of the value-added branded business is up about 5%.

如果你看一下銷量，雖然 25 年是正數或預計是正數，但你沒有看到增值品牌業務的超額增長約 5%。

Thus, we're filling up the Danville, Virginia plant, and then we're looking at another plant to do that.

因此，我們正在填充弗吉尼亞州丹維爾的工廠，然後我們正在尋找另一家工廠來做到這一點。

So what we're doing in shipping this core or commodity into more value-added is working, which has been part of the Tyson history for many decades now.

因此，我們正在將這種核心或商品轉化為更多的附加價值，這正在發揮作用，這已經成為泰森食品幾十年來歷史的一部分。

And so we'll do more of that.

所以我們會做更多這樣的事。

And we're aware of the market conditions, but we're trying to operate and be a company that is a little different in terms of what we do.

我們了解市場狀況，但我們正在努力經營並成為一家在我們的業務方面有所不同的公司。

Yeah, that's my perspective.

是的，這就是我的觀點。

If I could, I'll share my perspective real quick.

如果可以的話，我會很快分享我的觀點。

We see the record excess, and I think it's reflecting strong demand for poultry plus the industry's continued challenge in hatch and livability.

我們看到創紀錄的過剩，我認為這反映了對家禽的強勁需求以及該行業在孵化和宜居性方面持續面臨的挑戰。

Fortunately, Tyson's performance has dramatically outpaced the industry.

幸運的是，泰森的業績大幅領先業界。

We're able to service our customers.

我們有能力為我們的客戶提供服務。

We referenced the 2.6% increase for the full year.

我們參考了全年 2.6% 的成長。

But given the robust demand, I think there's good reason to believe that supply and demand are fairly balanced.

但考慮到強勁的需求，我認為有充分的理由相信供需相當平衡。

But I want to be clear on something that we talk about internally.

但我想澄清一下我們內部討論的一些事情。

We really grow chickens for two reasons.

我們養雞確實有兩個原因。

We don't grow a lot of chickens to sell for whatever the worth next Wednesday.

我們不會養很多雞來在下週三以任何價格出售。

We grow a lot of chickens for strategic customers to create win-win solutions who are looking for continuity.

我們為戰略客戶飼養大量雞，為尋求連續性的客戶創造雙贏的解決方案。

And that has built in mechanisms that if we perform, we make money.

這已經建立了一種機制，如果我們表現出色，我們就能賺錢。

And then the second reason we grow chickens is as ingredients to our fully cooked in part for our business, which we're growing exponentially.

我們養雞的第二個原因是作為我們完全煮熟的原料，部分是為了我們的業務，我們的業務呈指數級增長。

So the industry will do whatever it's going to do.

因此，該行業將竭盡全力。

I think we're well positioned to win either way.

我認為無論哪種方式我們都處於有利位置以獲勝。

And if I could just ask a quick follow-up.

如果我能快速跟進一下就好了。

You have a new administration coming in the White House.

新政府即將入主白宮。

I think lot of uncertainty, maybe both on the upside and downside.

我認為存在著許多不確定性，可能既有正面的一面，也有負面的一面。

I'll leave this question open ended.

我將保留這個問題的開放性。

But just in terms of labor tariffs in both direction, regulations, is it possible to even analyze what might be some upside and downside drivers at this time?

但僅就雙向的勞動力關稅和監管而言，是否有可能分析此時可能存在的一些上行和下行驅動因素？

Or is it just way too early to say?

還是現在說還太早？

Well, I will -- there's a lot that we don't know at this point, but I would remind you that we've successfully operated this business for over 90 years, no matter the party in control, the environment.

好吧，我會——目前我們還不知道很多事情，但我想提醒您，我們已經成功經營這項業務 90 多年，無論控制方、環境如何。

We look forward to working with the incoming administration.

我們期待與即將上任的政府合作。

Like all businesses, will assess any new policies and plan accordingly.

與所有企業一樣，將評估任何新政策並做出相應計劃。

So we're going to control again, what we can control in this environment.

所以我們要再次控制，在這個環境中我們可以控制什麼。

So I'll leave it at that, Ken.

所以我就這樣吧，肯。

Pooran Sharma, Stephens Inc.

普蘭夏爾馬，史蒂芬斯公司

Congratulations on the strong quarter.

恭喜季度表現強勁。

I was hoping just to gain a little bit more clarity for myself on beef and kind of your outlook.

我只是希望能夠讓自己對牛肉和你的看法有更多的了解。

And more specifically, just wanted to understand just have for retention or herd rebuilding dynamics?

更具體地說，只是想了解保留或牛群重建動態？

I understand we haven't seen that yet.

我知道我們還沒有看到這一點。

But just looking at your guidance at the midpoint for beef were kind of looking flattish.

但光是看您對牛肉中點的指導就顯得有些平淡。

My understanding is if you see signs of help retention, you are going to see the number of head going to slaughter plants going even lower, which, fundamentally, to me, would put more compression on margins.

我的理解是，如果你看到幫助保留的跡象，你會看到屠宰廠的屠宰量甚至更低，從根本上說，對我來說，這將進一步壓縮利潤。

Does the lower end of your operating income range factor in potential [heifer] retention?

您的營業收入範圍的下限是否會影響潛在的[小母牛]保留？

Or help me kind of think about potential, heifer retention in your beef outlook for next year?

或是幫我思考明年牛肉前景小母牛保留的潛力？

Sure.

當然。

Let me start off with that.

讓我從這個開始。

And in terms of the guidance, we're guiding to a loss of $400 million to a loss of $200 million.

就指導而言，我們預計損失為 4 億美元至 2 億美元。

So the challenge continues.

所以挑戰仍在繼續。

But as I mentioned earlier, the -- this 2025 will be similar based on all of our modeling to '24.

但正如我之前提到的，根據我們對 24 年的所有建模，2025 年將是相似的。

There's some inflows as heifer retention and -- and we're not seeing meaningful heifer retention.

有一些資金流入是因為小母牛保留，而且我們沒有看到有意義的小母牛保留。

But there's also the influx of heavier weight cattle.

但也有重量較重的牛湧入。

There's the influx of some dairy into the supply and a number of other things.

一些乳製品和其他一些東西湧入供應。

I'll flip it to Brady to let him give you some finer details of that.

我會把它轉給布雷迪，讓他給你一些更詳細的細節。

Sure.

當然。

Thanks, Don.

謝謝，唐。

I think it's also important to understand what Tyson can control.

我認為了解泰森可以控制什麼也很重要。

And I'm proud of the team, relative to some of the improvements we made in '24.

相對於我們在 24 年所做的一些改進，我為這個團隊感到自豪。

And so to have operating costs in our plants that are lower in '24 versus '23, when we saw some inflation and some lower head count numbers is really meaningful to the outlook of our business as well and provide some visibility in terms of where we can control.

因此，當我們看到一些通貨膨脹和員工人數減少時，我們工廠的營運成本在24 年比23 年更低，這對我們的業務前景也確實很有意義，並為我們的業務提供了一些可見性。

This is one of the most dynamic beef environments in history.

這是歷史上最具活力的牛肉環境之一。

And we've gone through these cycles approximately every decade.

我們大約每十年就會經歷一次這樣的週期。

But this one is really unique, and we've seen record cutout prices, some record weights that you referenced as well, and how all of these different pieces shape into the outlook is very interesting.

但這確實是獨一無二的，我們已經看到了創紀錄的切割價格，您也提到了一些創紀錄的重量，以及所有這些不同的部分如何形成前景非常有趣。

So we've layered on a significant amount of data platforms to help us analyze our business better than we ever have before and make better business decisions that really drive outcomes that are important and meaningful.

因此，我們建立了大量的數據平台，幫助我們比以往更好地分析我們的業務，並做出更好的業務決策，真正推動重要且有意義的結果。

And so from a cutout perspective, I mentioned earlier that we've seen really, really good demand.

因此，從切入點的角度來看，我之前提到過，我們看到了非常非常好的需求。

And we need to continue to understand that, that good demand and really high cut-out values provides greater importance now in our yields than it ever has in the history of the business as well.

我們需要繼續認識到，良好的需求和真正高的分切價值對我們的產量現在比業務歷史上的任何時候都更重要。

And so there's initiatives to continue to move forward and continually improve in that area as well.

因此，我們也在該領域採取了繼續前進和不斷改進的舉措。

Grind is very, very important.

打磨非常非常重要。

I mentioned the record high prices we've seen on lean trim.

我提到了我們在精益修剪上看到的創紀錄的高價格。

How we convert lean trim into Chubbs or patties or their grind material to meet the consumer wherever they want to go is a good opportunity for us, and we've seen great initiatives and move in that area.

我們如何將精益修剪轉化為Chubbs 或肉餅或其研磨材料，以滿足消費者的需求，無論他們想去哪裡，對我們來說都是一個很好的機會，我們已經看到了該領域的偉大舉措和舉措。

Donnie mentioned the season marinated progress, and we want to provide convenience to our customers as well and provide different platforms for them to purchase our beef products.

Donnie提到了當季醃製的進展，我們也希望為我們的顧客提供便利，為他們提供不同的平台來購買我們的牛肉產品。

Really proud of the team to continue to innovate and come up with different solutions for the future.

為團隊不斷創新並為未來提出不同的解決方案感到非常自豪。

And then just lastly, I just want to go back and reiterate the efficiency improvements that we have made year-over-year are absolutely meaningful as well, and will help us navigate through whether we start to see additional heifer retention and potentially some lower harvest numbers or it's more of a static demand case.

最後，我想回顧並重申我們逐年取得的效率改進也絕對有意義，並將幫助我們解決是否開始看到更多的小母牛保留和潛在的收成下降數字或更多的是靜態需求情況。

Great.

偉大的。

Now I appreciate it.

現在我很感激。

I guess for my second question, just kind of wanted to shift over to the work you've done to optimize your network.

我想對於我的第二個問題，我只是想轉向您為優化網路所做的工作。

If maybe you could just remind us of all the work that you have done, how many plants you've closed?

您能否提醒我們您所做的所有工作，您關閉了多少家工廠？

And then do you see further kind of work being done.

然後你是否看到正在進行的進一步工作？

You guys are really kind of seeing benefits from operational excellence.

你們確實看到了卓越營運帶來的好處。

So just want to kind of get a sense for how you're thinking about it in the future.

所以只是想了解一下您將來如何看待它。

Sure.

當然。

Great question.

很好的問題。

And I won't hit on every specific location, but I will tell you how we start.

我不會提及每個具體位置，但我會告訴您我們如何開始。

We start with controlling the controllables in the business.

我們從控制業務中的可控因素開始。

And then we began, as many have talked today about executing with excellence.

然後我們就開始了，正如今天許多人談論的那樣，卓越執行。

We simply want to be best-in-class operations end-to-end.

我們只是想成為一流的端到端營運。

I don't care if it's Chicken, Beef, Pork, Prepared, International or a function across Tyson Foods.

我不在乎它是雞肉、牛肉、豬肉、預製食品、國際食品還是泰森食品的一項功能。

So let's start with that.

那麼就讓我們從這個開始吧。

So when we look at the network, we consider a number of things.

因此，當我們審視網路時，我們會考慮很多事情。

We consider the age of the asset.

我們考慮資產的年齡。

We consider the profitability of an asset we consider the scale of an asset, we consider how competitive it is in the marketplace.

我們考慮資產的獲利能力，我們考慮資產的規模，我們考慮它在市場上的競爭力。

Can it win?

能贏嗎？

And we also then look at what future capital would be spent on that particular asset.

然後我們也會考慮未來將在該特定資產上花費哪些資本。

And as we run all these things through a funnel, we make a long-term decision.

當我們透過一個管道運行所有這些事情時，我們會做出長期決定。

And I must tell you, these are always challenging, painful decisions to make.

我必須告訴你，做出這些決定總是充滿挑戰、痛苦的。

And -- but I think we have demonstrated the ability to look everywhere to challenge ourselves to be the best and then make decisions accordingly based on what we find.

而且——但我認為我們已經證明了我們有能力到處尋找，挑戰自己成為最好的，然後根據我們的發現做出相應的決定。

Thomas Palmer, Citi.

托馬斯·帕爾默，花旗銀行。

Thanks for the question.

謝謝你的提問。

I was hoping to get a little more specific on the expected drivers for Prepared Foods.

我希望更具體地了解預製食品的預期驅動因素。

It sounds like mix is a factor.

聽起來混合是一個因素。

I wondered maybe about your outlook for other items?

我想知道您對其他項目的看法？

Anything maybe quantifiable on volume expectations?

關於數量預期有什麼可以量化的嗎？

And then kind of thinking about cost inflation and productivity, and then just kind of in context of that expected improvement in Prepared Foods, would you expect to see this 10% operating profit growth starting in the first quarter?

然後考慮成本通膨和生產率，然後在預製食品的預期改善的背景下，您是否期望從第一季開始看到 10% 的營業利潤成長？

Or is there a period later in the year where we might see outsized growth?

或者在今年稍後的某個時期我們可能會看到大幅成長？

Yeah.

是的。

Great question, and thank you for that.

很好的問題，謝謝你。

I would remind you that in 2024, it was the best year we've had since 2018.

我想提醒大家，2024 年是我們自 2018 年以來最好的一年。

I've said on calls this call before that there is upside to our prepared foods business.

我之前在電話會議上說過，我們的預製食品業務有上行空間。

What we are doing -- what we did in '24, '23, and we'll do in '25 and beyond, is continuing to drive out waste from our business.

我們正在做的事情——我們在 24 年、23 年所做的事情，以及我們將在 25 年及以後所做的事情，就是繼續消除我們業務中的浪費。

We'll continue to connect with that consumer and our customer with new and meaningful innovation.

我們將繼續透過有意義的新創新與消費者和我們的客戶建立聯繫。

I've talked about what proteins impact is and where it sits relative to inside the category of food, but we're literally pulling every lever within Prepared Foods.

我已經討論過蛋白質的影響是什麼以及它在食品類別中的相對位置，但我們實際上正在拉動預製食品中的每一個槓桿。

We're already seeing benefits of that.

我們已經看到了這樣做的好處。

We saw it in '24.

我們在 24 年就看到了。

We see that momentum continuing in '25 and beyond.

我們看到這種勢頭在 25 年及以後將持續下去。

And a reminder, we're at midpoint, we are expecting a 10% growth from '24 to '25.

提醒一下，我們正處於中點，我們預計從 24 年到 25 年將成長 10%。

Now let me introduce you to Kyle Narron, who now leads our Prepared Foods business, thank Melanie for outstanding 2024.

現在讓我向您介紹凱爾·納倫 (Kyle Narron)，他現在負責我們的預製食品業務，感謝梅蘭妮 (Melanie) 在 2024 年的出色表現。

And Kyle, give us a little more color relative to the question.

凱爾，請給我們更多關於這個問題的資訊。

Yeah.

是的。

Thanks, Donnie, and thanks, Thomas, for the question.

謝謝唐尼，也謝謝湯瑪斯提出的問題。

As I look at '24, we were entering the beginning of our multiyear strategy focused on operating our business with discipline, and that's exactly what we did.

回顧 24 年，我們正進入多年策略的開端，該策略的重點是按紀律經營我們的業務，而這正是我們所做的。

As Donnie mentioned, the best performance in six years and in line with expectations.

正如唐尼所說，這是六年來最好的表現，符合預期。

I guess I'd start by thanking all of our team members for their contribution to the improvements that we recognized in -- the key drivers for that performance were really along three pillars.

我想我首先要感謝我們所有的團隊成員對我們所認識到的改進所做的貢獻——這種績效的關鍵驅動因素實際上是三個支柱。

Our operational performance is delivering tangible results.

我們的營運績效正在帶來實際的成果。

We experienced significant improvements in yield throughput, our service levels improved over 170 points year-over-year, distressed sales down 26%.

我們的產量吞吐量顯著提高，我們的服務水準年增了 170 多點，不良銷售額下降了 26%。

When you look from a commercial execution perspective, we're delivering some sizable wins.

從商業執行的角度來看，我們正在取得一些巨大的勝利。

We continue to see distribution increases across our core business, gaining over 240 TDPs on our core items that have proven to add value to our customers and consumers.

我們的核心業務分銷持續成長，我們的核心產品獲得了超過 240 個 TDP，事實證明這些產品可以為我們的客戶和消費者增加價值。

We continue to see momentum from an innovation perspective relative to the launch of our Jimmy Dean Griddle cakes and our chicken biscuit, we continue to realize increased distribution on those items on the backs of high trial and repeat rates.

我們繼續從創新的角度看到與推出吉米狄恩乾鍋蛋糕和雞肉餅乾有關的勢頭，在高試用率和重複率的支持下，我們繼續實現這些產品的分銷增加。

And then we continue to leverage our data in digital to drive promotional efficiency and long-term share growth.

然後我們繼續利用我們的數位數據來提高促銷效率和長期份額成長。

And so as I wrap that up, Thomas, and I think of the momentum we carry into '25, which would be year two of this multiyear strategy.

湯瑪斯，當我總結這一點時，我想到了我們進入 25 年的勢頭，這將是這個多年策略的第二年。

I would just call out that over 100% of the step change in profitability is built on controllable improvements.

我只想指出，獲利能力的 100% 以上的進步都是建立在可控的改進之上的。

Those key drivers will remain unchanged.

這些關鍵驅動因素將保持不變。

We will continue to be focused on the growth initiatives that I mentioned on core distribution and launching items from our robust innovation pipeline.

我們將繼續關注我提到的關於核心分銷的成長計劃，並從我們強大的創新管道中推出項目。

And from an operational perspective, we are laser-focused on our performance to standard.

從營運角度來看，我們非常關注我們的績效是否符合標準。

We'll continue to focus on running our assets at standard on every line every day.

我們將繼續專注於每天在每條生產線上以標準運行我們的資產。

We'll continue to be focused on reducing complexity and eliminating waste.

我們將繼續致力於降低複雜性和消除浪費。

And so again, I expect to carry that momentum from -- that we gained in '24 into '25, as we continue to execute this multiyear strategy.

因此，我希望在我們繼續執行這項多年策略的過程中，能夠將我們在 24 年到 25 年間獲得的勢頭延續下去。

Tom, this is Curt.

湯姆，這是柯特。

I might add just on top of Kyle as well.

我也可以在凱爾之上添加。

Part of your question, I think, was around kind of the cadence that you might see it materialize.

我認為，你的問題的一部分是圍繞著你可能會看到它實現的節奏。

I think this would be a year where it might be a little more balanced across the year.

我認為今年可能會更加平衡。

Different than kind of more of our historical norms, a little bit of seasonality, which is really what Kyle was speaking about relative to the operational efficiencies we continue to gain throughout the year.

與我們的歷史規範不同，有一點季節性，這實際上是凱爾所說的相對於我們全年持續獲得的營運效率。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

I just wanted to come back to chicken supply.

我只是想回到雞肉供應。

I know you gave some thoughts on how you're factoring that in and thinking about it.

我知道您對如何考慮並思考它提出了一些想法。

I guess I just would love to follow up on -- you cite the USDA expectations for around 3% supply growth.

我想我只是想跟進——你引用了美國農業部對供應增長 3% 左右的預期。

More recently, we've seen that the (inaudible) and chick hatched, up closer to 6%.

最近，我們看到（聽不清楚）和雛雞孵化率接近 6%。

Do you expect that to come in?

你希望它進來嗎？

I guess how do you think about just reconciling those two data points?

我想您如何看待協調這兩個數據點？

Yeah, I'd be glad to take that.

是的，我很樂意接受。

Michael, the industry's continued challenges on both hatch and livability.

Michael，該行業在孵化和宜居性方面面臨持續的挑戰。

These increased excess and took place physically aren't making it to the processing plants.

這些增加的過量物質並沒有進入加工廠。

And so that makes a big difference.

所以這有很大的不同。

It's been a much tougher grow-out environment between (inaudible) influenza virus.

（聽不清楚）流感病毒的生長環境要艱難得多。

And so I think you'll continue to see that disconnect as we go through 2025.

因此，我認為，隨著 2025 年的到來，您將繼續看到這種脫節。

The only offset being in higher bird weights and that's driving the actually -- that's actually driving the 2.6% increase through bird weight per head.

唯一的抵消是禽類體重增加，這實際上推動了每頭禽類體重增加 2.6%。

Okay.

好的。

That's helpful.

這很有幫助。

And just back on Prepared Foods.

回到預製食品。

I know you're lapping the plant start-up costs.

我知道你正在承擔工廠的啟動成本。

Can you just help us remember how to quantify that?

你能幫我們記住如何量化它嗎？

Yeah.

是的。

Thanks for the question, Michael.

謝謝你的提問，麥可。

Start-up costs year-over-year or what we realized in FY '24 was somewhere around $20 million.

與去年同期相比，我們在 24 財年意識到啟動成本約為 2,000 萬美元。

But I would remind you certainly that we are -- would be lapping a first half with lower depreciation from an overhead perspective as well.

但我當然要提醒您，從管理費用的角度來看，我們也會以較低的折舊率來度過上半年。

Andrew Strelzik, BMO.

安德魯‧斯特雷齊克 (Andrew Strelzik)，BMO。

My first one, I wanted to go back to some of the operational improvements in the Beef segment that you're talking about.

我的第一個問題是，我想回顧一下您正在談論的牛肉領域的一些營運改進。

My understanding our assumption was that there would have been a whole lot internally that you could do to really cushion against the market environment.

我的理解是，我們的假設是，你可以在內部做很多事情來真正緩衝市場環境。

But you sound more optimistic on that now and certainly listed a number of things that you've been working on.

但你現在對此聽起來更加樂觀，並且肯定列出了你一直在努力的一些事情。

So I was just curious if you could quantify kind of how much you think that can move the needle similar to what you said in chicken?

所以我只是好奇你是否可以量化你認為可以在多大程度上推動針，就像你在雞肉中所說的那樣？

Or just maybe give a framework for how that could impact the business relative to kind of underlying margin environment?

或者只是給出一個框架，說明相對於潛在的利潤環境，這將如何影響業務？

Yeah.

是的。

Thanks for the question, Andrew.

謝謝你的提問，安德魯。

Just relative to how we look at the business, 85% of the business really is somewhat uncontrollable relative to these market spreads.

就我們如何看待業務而言，85% 的業務相對於這些市場利差確實有些無法控制。

And so that obviously provides some outsized weighting.

因此，這顯然提供了一些過大的權重。

But when you talk about the amount of resources that we deploy from a labor perspective, the amount of opportunity we have at $3-plus cut-outs to continue to improve on yield.

但當你從勞動力的角度談論我們部署的資源數量時，我們有多少機會在 3 美元以上的削減中繼續提高產量。

It's certainly meaningful on how we push forward and move forward in the business as well.

這對於我們如何推動業務發展當然也很有意義。

And so I'll just say that there is a great opportunity for us to continue to march forward towards world-class.

所以我只想說，我們有一個很好的機會繼續向世界一流邁進。

We want to make sure that we minimize the losses in this challenging cycle, and we really have the right to win relative to the utilization of our six harvest assets as we move forward throughout the bottom side of this cycle.

我們希望確保在這個充滿挑戰的周期中最大限度地減少損失，並且隨著我們在這個週期的底部前進，我們確實有權利在利用我們的六種收穫資產方面獲勝。

Okay.

好的。

All right.

好的。

That's helpful.

這很有幫助。

And my other question is just on capital deployment and cash flow generation, I guess, leverage has been coming down.

我的另一個問題只是關於資本部署和現金流生成，我想槓桿率一直在下降。

I know you're not quite to the target levels yet, and this will be still a pretty disciplined year.

我知道你還沒有完全達到目標水平，但這仍然是非常有紀律的一年。

I guess I'm just curious if this -- if the business is headed in the direction that it seems to be -- are we getting closer maybe next year to a time when maybe you can start to loosen the first strings a little bit on that front?

我想我只是好奇這是否——如果業務正朝著它看起來的方向發展——我們是否會在明年更接近一個你可以開始稍微放鬆第一根弦的時刻那個前面？

Or how are you thinking about whether it's CapEx or other investments returning cash to shareholders kind of more broadly over the next several years?

或者您如何看待未來幾年是資本支出還是其他投資向股東更廣泛地返還現金？

Thanks for the question, and I appreciate the comment, and we certainly did have a very disciplined approach from a cash deployment scenario in 2024, and drove net leverage down from 4.1 times to 2.6 times across the year.

感謝您提出的問題，我很欣賞您的評論，而且我們確實在 2024 年的現金部署場景中採取了非常嚴格的方法，並將全年淨槓桿率從 4.1 倍降至 2.6 倍。

But we did still invest $1.1 billion in CapEx.

但我們仍然在資本支出上投資了 11 億美元。

And at the guidance range that we've provided for next year, we would invest between $1 billion and $1.2 billion in CapEx in 2025.

按照我們為明年提供的指導範圍，我們將在 2025 年投資 10 億至 12 億美元的資本支出。

And we also had a comment in our guidance relative to free cash flow that would exceed our annual dividend expected to be in the range of about $700 million.

我們還在我們的指導下對自由現金流進行了評論，該自由現金流將超過我們預計的約 7 億美元的年度股息。

But we'll stay very constant relative to our capital allocation priorities around build financial strength, but also investing in our business and returning cash to shareholders, as you said.

但正如您所說，我們將圍繞建立財務實力的資本配置優先事項保持非常穩定，但也會投資我們的業務並向股東返還現金。

And obviously, make note, we did increase our dividend announced this morning as well.

顯然，請注意，我們也確實增加了今天早上宣布的股息。

And very proud of the accomplishments we've made, but we stay committed to our investment-grade credit rating and our long-term target leverage of at or below 2 times.

我們對我們所取得的成就感到非常自豪，但我們仍然致力於我們的投資等級信用評級和我們的長期目標槓桿率等於或低於 2 倍。

So Andrew, if I could just maybe add one additional comment just to make sure the takeaway from the first question answered this morning.

安德魯，如果我可以添加額外的評論，以確保今天早上回答第一個問題的要點。

We will continue to spend capital and return money to shareholders.

我們將繼續支出資本並向股東返還資金。

But one of our focal points right now is to improve the return on the capital that we have already invested.

但我們現在的重點之一是提高我們已投資資本的報酬率。

And so there's a lot of upside in that.

所以這有很多好處。

And so that's also a priority as you think about this in terms of the whole mix.

因此，當您從整個組合的角度考慮這一點時，這也是一個優先事項。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Donnie King for closing remarks.

我想將會議轉回給唐尼金先生致閉幕詞。

Thanks 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.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。