泰森食品 (TSN) 2024 Q4 法說會逐字稿

(Audio in progress) Assumptions or beliefs about future events or performance that did 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 projection.

（音頻進行中）對未來事件或表現的假設或信念，不僅與歷史時期相關。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。

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

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 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 this morning. We reported our fourth quarter and fiscal year 2024 results. Performance in Q4 was strong. In fact, adjusted operating income and adjusted earnings per share for both the best results in the past eight quarters and both more than double compared to Q4 last year.

謝謝肖恩，也謝謝大家今天早上加入我們。我們報告了第四季度和 2024 財年的業績。第四季的表現強勁。事實上，調整後營業收入和調整後每股收益均為過去八個季度以來最好的業績，且與去年第四季度相比均增長了一倍多。

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

我們所建立的勢頭帶來了 2024 年全年盈利能力的顯著改善。

For the year, a oh, I have more than $1.8 billion, nearly doubled versus fiscal 2023, while adjusted EPS of $3.10 increase more than 130%.

今年，哦，我有超過 18 億美元，比 2023 財年幾乎翻了一番，而調整後每股收益為 3.10 美元，增長超過 130%。

We're clearly pleased with our performance this year for a significant turnaround in chicken, combined with strong results in prepared foods and improvements in pork offset well known challenges and beat our disciplined capital allocation drove strong cash performance in 2024 as well.

我們顯然對今年雞肉業務的重大轉變感到滿意，再加上預製食品的強勁業績和豬肉的改善抵消了眾所周知的挑戰，並擊敗了我們嚴格的資本配置，也推動了 2024 年強勁的現金業績。

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.

這一結果是由 AOI 增加所推動的。審慎的資本支出管理，同時仍為獲利成長進行投資。

Overall, our financial health strengthen significantly from where we ended fiscal 23. Our team members across the organization contributed to this strong performance in 2024. 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. I want to point out that beyond the results in fiscal 24, we're providing guidance for fiscal 25, which builds on our momentum at the midpoint. I OI. is growing and our financial strength is improving.

總體而言，我們的財務狀況較23 財年結束時顯著增強。食品公司並被公認為蛋白質領域的領導者。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，該指導建立在我們中點的勢頭之上。我哦。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 a high expectations of more than $2 billion combined, our outlook for next year highs, the benefits of our multi-protein multi-channel portfolio.

值得注意的是，我們對預製食品和雞肉的中點指導反映了超過 20 億美元的高預期，我們對明年高點的展望，以及我們多蛋白質多通路投資組合的好處。

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

我們的策略保持不變，反映出我們對業務的持續關注。

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

基本面是優先控制可控因素，這顯然在 2024 財年帶來了積極的效益，我們預計這種情況將在 2025 年繼續出現。

I want to emphasize that I remain optimistic about our future and am 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 the 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 end the year came in just as we expected, with the midpoint of our segment guidance remaining constant all year.

AOI。今年季度末的業績正如我們預期的那樣，我們的分部指導中點全年保持不變。

FY. 24 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.

財年。 24 個興趣區。年成長 2%，是自 18 財年以來的最佳業績，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.

總體而言，隨著我們繼續擴大客戶群並擴大在 Broadline Distribution 類別中的影響力，銷售量成長了近 1%。

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

轉向檢查 AOI。結果高於我們最新指導範圍的高端。

While we benefited from lower grain cost, our focus on the fundamentals of five 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，但我們對五個業務基本面的關注，其中孵化和宜居性在第四季度再次同比改善，工廠效率也為本季度和年度的強勁業績做出了貢獻。

Clearly 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.

顯然，我們已經建立了一個從根本上更強大的雞肉業務，AOI 的顯著轉變證明了這一點。從 23 財年到 24 財年，這是我們最好的全年 AOI。過去七年的表現。

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

儘管第四季的業績好於預期，但與去年相比，利差繼續壓縮，導致本季和全年獲利能力下降。

Obviously, the current cattle cycle remains challenging.

顯然，目前的養牛週期仍然充滿挑戰。

As there are no clear signs of sustained herd rebuilding intentions, we will remain focused on the things we can control as we've managed through it.

由於沒有明顯跡象表明有持續的牛群重建意圖，我們將繼續關注我們能夠控制的事情，因為我們已經通過了它。

Turning to support improved spreads, highlighting herd health and solid demand drove a $270 million year over year increase in AOI. for fiscal 24.

為了支持改善價差，突顯牛群健康和穩定的需求推動 AOI 年比成長 2.7 億美元。 24 財年。

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。

As our roadmap for success, and we are building on this foundation, less look, operational excellence never gets old or goes out of style for us.

作為我們的成功路線圖，我們正在這個基礎上不斷發展，少看、卓越的營運對我們來說永遠不會過時或過時。

A key element of operational excellence is gaining enterprise scale and unlocking savings in our controllables by modernizing our operations and driving performance Sanders.

卓越營運的關鍵要素是透過營運現代化和提高績效來擴大企業規模並釋放可控因素的節省。

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

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 個指南中，這對預製食品產生了顯著影響，因為我們為客戶和消費者提供服務，我們正在建立透過我們的標誌性品牌來體現我們核心蛋白質的價值。

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

我們擁有排名前十的品牌和蛋白質中的三個，僅次於泰森、吉米迪恩和希爾郡農場。

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 are data and digital delivery priority enables improved yield and mix across many of our operations.

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，結果是數據和數位交付優先順序可以提高我們許多業務的產量和組合。

It is important as we've modernized customer engagement and drive consumer insights, we are accelerating digitalization in our end to end demand and supply planning becoming platform driven with an exception management strategy.

重要的是，我們已經實現了客戶參與現代化並推動了消費者洞察，我們正在加速端到端需求和供應規劃的數位化，使其成為由異常管理策略驅動的平台。

It optimizes working capital.

它優化了營運資金。

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

資本配置已成為企業釋放燃料的重要策略價格。

As current will elaborate on shortly, we made tremendous strides in our cash management and 24.

正如 Current 將很快詳細闡述的那樣，我們在現金管理方面取得了巨大進步，24.

We plan to be just as disciplined and 25 with a continued focus on managing CapEx and working capital to drive free cash flow.

我們計劃同樣遵守紀律，25 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, where folks must own team member development as a foundation of our planned delivery and to build on our strong history of our winning culture.

重要的是，人們必須將團隊成員的發展作為我們計劃交付的基礎，並建立在我們獲勝文化的悠久歷史之上。

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

在概述了這些策略重點後，讓我們轉向明年的細分市場重點。

Starting with Prepared Foods, there is significant opportunity to drive profitability and prepared foods for operating with an increased level of discipline, increasing throughput and yield.

從預製食品開始，有很大的機會來提高獲利能力，預製食品可以透過提高紀律水平、提高產量和產量來運作。

By performing this standards, eliminating waste, reducing compete electricity and continuing to improve service levels.

透過執行該標準，消除浪費、減少競爭電力並持續提高服務水準。

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

我們對數據分析的關注放棄了對消費者偏好的洞察，以及用於支持和發展我們的核心產品並推動創新的嚴格投資，這就是一個例子。

Jimmy Dean is one of our strongest brands, but there's still room to expand its appeal and market opportunities in adjacent morning, Amy occasions to capture trends towards five to your food and convenience.

Jimmy Dean 是我們最強大的品牌之一，但仍有擴大其吸引力和市場機會的空間，在接下來的早上，Amy 抓住機會捕捉五種食物和便利的趨勢。

We recently launched Spicy Chicken honey biscuits, a restaurant quality breakfast sandwich.

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 rate.

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 are leaning into our other top performing skewed to capture opportunities to expand distribution.

我們正在利用這些創新的成功，並傾向於其他表現最好的產品，以抓住擴大分銷的機會。

Moving to chicken, there's no clear demonstration of the benefits of operational excellence and the efficiencies we drove in chicken.

轉向雞肉，沒有清楚地證明卓越運營的好處以及我們在雞肉方面所帶來的效率。

In fiscal 24, we plan to sustain and improve our live and plant operations and maintain a disciplined S&OP process in 2025.

在第 24 財年，我們計劃維持和改善我們的現場和工廠運營，並在 2025 年維持嚴格的 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, Lasik commitment to long-term partnerships with strategic customers.

作為我們策略的核心，Lasik 致力於與策略客戶建立長期合作夥伴關係。

By fostering these collaborations, we ensure stable demand for our products and create mutually beneficial win-win relationships focused on growing the category with our customers.

透過促進這些合作，我們確保了對我們產品的穩定需求，並建立了互惠互利的雙贏關係，專注於與客戶一起發展該類別。

Next, I want to touch on 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產品組合來創造價值。

Tyson holds the number one brand position and value added chicken across both retail and foodservice.

泰森在零售和食品服務領域擁有第一的品牌地位和雞肉附加價值。

Over the past year, we've made significant investments to enhance and expand our portfolio of high-quality innovated and convenient products were also excited to debut our revitalized packaging, which reflects Tyson's relentless focus on quality and generates consumer excitement.

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

十月份新包裝的推出恰逢我們新的泰森品牌廣告活動的推出，從更廣泛的角度來看，泰森全外套產品組合是一個高投資回報率領域，我們將繼續部署資本來擴大我們的市場佔有率並最大化回報。

For example, we accelerate the ramp-up of our new Danville facility this year and are now exploring our next Dan both 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 base business is challenged by the dynamics of the current cattle cycle.

如您所知，我們的基礎業務受到當前養牛週期動態的挑戰。

Our focus for FY 25 and beyond is to build a best-in-class operations 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營運體系，以便我們在經濟週期發生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 operation and 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 expense management and increased efficiencies while enhancing yields and mix to add value.

此外，我們繼續透過嚴格的費用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 be 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賽品種來滿足消費者對便利性的需求。

We are 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 port business in fiscal 24, which allowed us to capture the benefits of a better market condition, and we expect to make incremental progress this year.

24 財年，我們在港口業務的營運改善方面取得了良好進展，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。

That 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。

Slight beat.

輕微的節拍。

Our forecast team has been expanding our portfolio of season and marinated products to drive increased value added offerings while strengthening our partnership with key customers 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.

我們的預測團隊一直在擴大我們的季節和醃製產品組合，以推動增加增值產品，同時加強我們與整個業務的主要客戶的合作夥伴關係，我們專注於控制可控因素並推動可持續的現金流，更好的營運執行以及改進的組合和交付2025 財年業績穩健。

Before I hand things over to Kurt to review our financials in more detail, I wanted to share the positive results from the execution of our strategy as demonstrated by the momentum of our value added businesses in Prepared Foods and Chicken.

在我將事情交給庫爾特更詳細地審查我們的財務狀況之前，我想分享一下我們戰略執行所取得的積極成果，我們的預製食品和雞肉增值業務的勢頭就證明了這一點。

While we are also managing through and acknowledging the challenges of the current cycle, as our base value added businesses grow and drive a larger portion of our profitability over time, we should expect a more stable earnings profile.

雖然我們也在應對並承認當前週期的挑戰，但隨著我們的基礎增值業務的增長並隨著時間的推移推動我們盈利能力的更大一部分，我們應該預期盈利狀況會更加穩定。

Looking at Prepared Foods, in fiscal 24, we delivered a Y-o-Y growth of over 100 million as compared to the five year average from fiscal 19 to 23, and it share of overall profitability has increased from a quarter to have Additionally, at the midpoint of our fiscal 25 guidance, we're also expecting nearly $100 million increase in earnings.

看看預製食品，在第24 財年，與第19 財年至第23 財年的五年平均水平相比，我們實現了超過1 億的同比增長，並且其在整體盈利能力中的份額已從四分之一增加到了根據我們 25 財年的指導，我們也預計收入將增加近 1 億美元。

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

這樣，我就把電話轉給庫爾特。

Sales were 1.6% year over year in Q4 and 0.8% for fiscal 24. Beef and chicken, where the primary drivers for the quarter, while beef and pork led to sales increase for the full year, partially offset by chicken.

第四季銷售額年增 1.6%，24 財年銷售額年增 0.8%。

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，比第四季的 23 季增長了一倍多。

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 AY. of more than 1.8 billion nearly doubled and adjusted EPS of $3.10 grew over 130%.

全年 AY。超過 18 億美元幾乎翻了一番，調整後每股收益為 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 contribution 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，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 is worth noting that we continue to make progress in total volume growth outside of retail in both Q4 and fiscal 24.

在預製食品領域，由於零售量下降，第四季度營收比去年下降了 1.2%，值得注意的是，我們在第四季和 24 財年在零售以外的總銷量成長方面繼續取得進展。

As we expected a way 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 costs.

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

These drivers also contributed to the best full year, a wide performance in the past six years over time, I mean start-up costs and unfavorable mix.

這些驅動因素也為全年最好的業績做出了貢獻，隨著時間的推移，我的意思是啟動成本和不利的組合在過去六年中取得了廣泛的表現。

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

轉向雞肉。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, they grew approximately 1% versus Q4 of fiscal 22 as we continue to better align supply and demand.

雖然銷量同比小幅下降，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%。

Pei Wei increased to 281 million versus last year to 356 million.

裴偉的人數從去年的 3.56 億增加到 2.81 億。

Lower input costs, netted pass through pricing and improved operational efficiencies and execution drove the growth in a while.

較低的投入成本、淨額轉嫁定價以及營運效率和執行力的提高在一段時間內推動了成長。

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

今年，雞AOI。提升近11億，領銜最強AY。自 17 財年以來的業績。

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, while revenue increased a wide decreased primarily reflecting compressed spreads as expected.

本季牛肉營收年增 4.6%，主要是由於平均胴體重量增加和頭部吞吐量增加推動銷量成長，而營收大幅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。

Pei Wei increased $27 million year over year, benefiting from improved operational execution.

由於營運執行力的提高，裴偉的收入年增了 2,700 萬美元。

For the full year AOY. increased 270 million, highlighted increased spreads.

全年 AOY。增加2.7億，突出利差擴大。

Shifting to our financial position, our commitment to disciplined capital allocation remains constant.

轉向我們的財務狀況，我們對嚴格資本配置的承諾保持不變。

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

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.

全年，在獲利能力和營運資金管理改善的推動下，經營現金流增加近8.4億。

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，反映出我們在繼續投資以實現盈利增長的同時嚴格的資本部署。

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 two times our total dividends.

近15億的自由現金流是我們股利總額的兩倍多。

As you saw in our earnings release, we raised our dividend for the 13th consecutive years, 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 13 年提高了股息，反映出我們對現金流產生的信心。

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，這整整改進了 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 two 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 淨債務兩倍的水平。

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 disappointing 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，並仍然致力於提供令人失望的資源，以實現長期股東價值最大化。

Now let's look at our guidance for fiscal 21.

現在讓我們來看看 21 財年的指引。

We anticipate sales 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 AY. is expected to be between 1.8 and 2.2 billion, reflecting approximately 10% growth at the midpoint, driven by Prepared Foods and Chicken branding, our key P&L items.

然而，公司總 AY。預計將在 1.8 億至 22 億之間，反映出在我們的關鍵損益項目預製食品和雞肉品牌的推動下，中位數成長約 10%。

We anticipate interest expense to be roughly 380 million in our tax rate to be between 24% and 25%.

我們預計，在稅率為 24% 至 25% 的情況下，利息支出約為 3.8 億美元。

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

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

Paul, there are a range of outcomes for a while.

保羅，一段時間內會出現一系列的結果。

We expect our free cash flow to exceed 700 million, which is approximately our new expected annual cash dividend.

我們預計我們的自由現金流將超過7億，這大約是我們新的預期年度現金股利。

Moving to the breakdown of total Company AY. by segment, starting from the prepared foods.

前往公司 AY 總額的細分。分階段，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.

雖然我們預期消費者行為不會發生重大變化，但我們仍然看到預製食品 AOI 顯著增長的途徑。透過專注於我們控制範圍內的營運改善。

As you saw in our segment priorities for fiscal 25, we expect a way to be in a range of 900 million to 1.1 billion, representing double-digit growth at the midpoint.

正如您在 25 財年的細分市場優先事項中看到的那樣，我們預計將在 9 億至 11 億之間，代表中點兩位數的成長。

Driven by these initiatives in chicken, we plan to sustain and build on the operational improvements we put in place in fiscal 24.

在這些雞肉措施的推動下，我們計劃維持並鞏固我們在 24 財年實施的營運改善措施。

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 AY. to be in the range of one to 1.2 billion, highlighted high single digit growth at the midpoint.

我們預計雞肉 AY。介於 1 至 12 億之間，凸顯了中點的高個位數成長。

Now onto our beef segment, where uncertainties remain, including the timing and pacing of meaningful Hereford rebuild intentions.

現在進入我們的牛肉市場，該市場仍存在不確定性，包括有意義的赫里福德重建意圖的時間和節奏。

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

這些市場動態反映在我們 25 財年一段時間的結果中，我們預計虧損 4 億至 2 億美元，這反映了中點進口的同比盈利水準相似。

We also expect a similar level of profitability in 25 as into 24, with AOI. in the range of 100 to 200 million at the midpoint.

我們也預期 25 的獲利水準與 24 的 AOI 類似。中點在 1 億到 2 億之間。

Benefits of our ongoing operational income creatives may be offset by tighter spreads.

我們持續的營運收入創意帶來的好處可能會被利差收窄所抵消。

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

24 財年，我們的國際業務在改善營運方面取得了長足進步，愛荷華州的業務顯著成長。

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 multi-channel portfolio, the middle of our range highlights, solid earnings growth and continued progress on our operations and financial strength.

我們對來年的展望反映了我們的多蛋白多通路投資組合的優勢、我們產品系列的中間亮點、穩健的盈利增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 Dan.

現在我會把事情傳回給丹。

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 and opportunity.

我想利用這個時間和機會。

Again, thank each of our team members.

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 become.

展望未來，我們仍有改進的空間，但我對現在的情況感到樂觀。

We have a solid foundation as one Team one, Tyson, and I'm confident we will continue.

泰森，我們作為一隊擁有堅實的基礎，我相信我們會繼續下去。

You are making progress in fiscal 25, building on our iconic brands to value up our core proteins and striving to operate with excellence.

您在第 25 財年取得了進展，以我們的標誌性品牌為基礎，提升了我們的核心蛋白質的價值，並努力實現卓越營運。

Before we move to Q&A, I'd like to welcome pioneering a new Group President of prepared foods with more than two decades of industry experience.

在我們進行問答之前，我想歡迎一位擁有二十多年行業經驗的預製食品集團新總裁。

How has the proven leader with strong operational expertise that deep understanding of our business.

久經考驗的領導者擁有強大的營運專業知識，對我們的業務有深入的了解。

As you recall, mentally bowl and 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, I'd like to extend my gratitude to Melanie for delivering the fiscal 24 plan and creating momentum for growth in the future.

正如您所記得的那樣，我在 2023 年初來到我們這裡擔任首席增長官，並在同意承擔預製食品集團總裁的額外職責後不久，我要向 Melanie 表示感謝，感謝她交付了 24 財年計劃和為未來的成長創造動力。

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，特別是當我們繼續推動公司歷史上最強大的創新管道時。

For our 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.

我們努力提供持續突破性的行銷和成長計劃，包括數位支持，這對於我們為泰森食品產品組合帶來新消費者至關重要。

Powell's appointment has been a seamless transition.

鮑威爾的任命是一個無縫過渡。

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 instructions.

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 call that our caution on forward-looking statements and non-GAAP measures applied to both our prepared remarks in the following Q&A.

謝謝，唐尼。我們現在將回答您的問題。請注意，我們對前瞻性陳述和非公認會計原則措施的謹慎態度適用於我們在以下問答中準備的言論。

Operator, please provide the Q&A roster.

接線員，請提供問答名冊。

(Operator Instructions) Ben Theurer, Barclays.

（操作員說明）Ben Theurer，巴克萊銀行。

Hi, good morning and thanks for taking my question. Dan and team. Congrats on a on a good finish of fiscal 24. First of all, on the So along the lines, I mean, do you feel it Q4 obviously was very strong and the full year came in even a little bit better than you expected.

你好，早安，感謝您提出我的問題。丹和團隊。恭喜 24 財年取得了良好的成績。

You're still calling for some nice growth looking into 25. So Donnie, maybe help us unpack a little bit the puts and takes within your outlook for 25 and maybe a little bit more detail. What gives you confidence of growth into next year?

你仍然呼籲在 25 歲的時候看到一些不錯的增長。是什麼讓您對明年的成長充滿信心？

That would be my first question, sir, and thank you,

這是我的第一個問題，先生，謝謝你，

Bening, and good morning, everyone.

貝南，大家早安。

Let me start with just a just saying how pleased we are with Q4 and the full year of 2021.

首先我想說的是我們對第四季和 2021 年全年感到非常滿意。

We continue to see the benefits of our multi-protein portfolio where chicken prepared pork and international are offsetting the headwinds in beef in Q4, momentum continues to strengthen.

我們繼續看到我們的多蛋白產品組合的好處，其中雞肉準備豬肉和國際食品正在抵消第四季度牛肉的不利因素，勢頭繼續增強。

We saw significant cash generation with free cash flow more than two times our dividend and substantial reduction of net leverage ratio to 2.6 times in FY. 24.

我們看到了顯著的現金生成，自由現金流是我們股息的兩倍以上，淨槓桿率在財年大幅降低至 2.6 倍。 24.

And this is why you should be confident those enterprise priorities continue to deliver results.

這就是為什麼您應該對這些企業優先事項繼續交付成果充滿信心。

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 in the consumer is allowing us to strengthen our iconic brands to expand reach and deliver innovation or new locations are focused on data and digital tools allows us to use big data analytics and AI to improve operational decision making and drive consumer insights.

我們對消費者中的客戶的關注使我們能夠加強我們的標誌性品牌，以擴大影響力並提供創新，或者新的地點專注於數據和數位工具，使我們能夠利用大數據分析和人工智慧來改進營運決策並推動消費者洞察。

And ultimately, actions are focused on capital allocation is improving cash flow by managing CapEx and working capital.

最終，行動的重點是資本配置，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 agriculture and delivering our plan.

我們對團隊成員發展的關注是農業和實現我們計劃的基礎。

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

我們預計預製食品和雞肉各占我們 AOI 的約 50%。第 25 財年，向更有價值的組合進行了重大轉變。

Approximately 10% of our AOI. growth in FY 25 at midpoint is driven by Prepared Foods and Chicken now stands at each of the segments.

大約占我們 AOI 的 10%。 25 財年中點的成長是由預製食品和雞肉推動的，目前每個細分市場都處於領先地位。

A little a little color there.

那裡有一點點顏色。

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

在預製食品中，AY。業績是2018年以來最好的全年表現。

I would expect FY 25 AOI. to have double-digit profitability growth at midpoint in chickens best full year AOI. performance since fiscal year 2017.

我預計 25 財年 AOI。雞類全年最佳 AOI 中點獲利能力達到兩位數成長。自2017財年以來的業績。

Market tailwinds and operational improvements driving results.

市場順風和營運改善推動績效。

I would expect FY 25 AO. I have high single digit profitability growth at the midpoint.

我預計 25 財年 AO。我的獲利能力在中點有較高的個位數成長。

Import better spreads and improved performance drove significant year over year AOI. increases would expect similar profitability at midpoint in 25 in big spread compression continues driven by higher catalyst block, but would expect similar profitability at the midpoint in International, a nice improvement.

進口更好的價差和改善的性能推動了 AOI 年比大幅成長。在更高的催化劑塊的推動下，大利差壓縮繼續推動，預計 25 的中點將有類似的盈利能力，但預計國際市場的中點將有類似的盈利能力，這是一個不錯的改善。

And I say why performance taken with the Ford Fusion one-time adjustments would expect FY 25 a watt performance to continue to improve execution and capacity utilization impact percentage points, but a range of 1.8 billion to 2.2 billion.

而我說為什麼福特Fusion的性能採取了一次性調整，預計25財年一瓦性能將繼續提高執行力和產能利用率影響百分點，但範圍在18億到22億之間。

Now five key takeaways from Q4.

現在有第四季的五個關鍵要點。

And as we think about 25, we will continue to shift our mix from core protein to branded value add.

當我們考慮 25 時，我們將繼續將我們的產品組合從核心蛋白轉向品牌附加價值。

Number two, we will increase household penetration in branded and value add number three protein as part of every healthy diets and protein is a clear winner in food, we will number four, we will improve the returns on our invested capital, increased order volume.

第二，我們將提高品牌和增值蛋白質的家庭滲透率，第三，蛋白質是健康飲食的一部分，蛋白質是食品中明顯的贏家，第四，我們將提高投資資本回報率，增加訂單量。

And number five, we will execute with excellence and all that we do in terms of just want to add or here in terms of volume for the year, we expect fee based on anti-tau supplies to be volume to be down slightly because of some of the network optimization should be down slightly.

第五，我們將出色地執行，我們所做的一切只是想增加或在今年的數量方面，我們預計基於抗 tau 供應的費用將略有下降，因為一些網絡優化的效果應該會略有下降。

We would expect increases in volume and prepared food chicken.

我們預計雞肉的數量和預製食品都會增加。

So that's the breakdown on the mix.

這就是混合的細分。

With that, I'll turn cold storage question back to you.

這樣，我就把冷藏問題轉回給你。

It does.

確實如此。

That was so it's very complete guy.

所以這是一個非常完整的人。

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

只是一個關於雞肉的快速介紹，這實際上就像是有點超出了這裡的期望。

We go back 12 months in time.

我們回到 12 個月前。

You were like kind of looking for maybe up to 700 million and a ally for chicken, and then it turned out to be more than 1 billion in FY 24 offices.

你就像是在尋找最多 7 億美元和一個雞肉盟友，然後結果在 24 財年的辦公室裡找到了超過 10 億美元。

We 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 find areas that would take even beyond our current chicken outlook of, call it maybe 1.2 billion at the higher end?

當我們思考這個問題時，顯然，過去幾個月和幾個季度的市場狀況表現如何，你認為你能找到多少領域，甚至超出我們目前的雞前景，稱之為可能 12 億在高端？

Ben, I would just I would just say we have a fundamentally different and better or chicken business.

本，我只是想說，我們有一個根本不同、更好的雞肉業務。

And we had even a year ago, certainly, two, three years ago.

我們甚至一年前，當然，兩、三年前。

But our guidance for 25 ranges from 1 billion, $1.2 billion of which is really a high single digit growth at the midpoint.

但我們對 25 家的指導範圍為 10 億美元，其中 12 億美元實際上是中點的高個位數成長。

We're doing doing that.

我們正在這樣做。

At the same time, we're investing back into business with the new ad campaign at campaigns, product innovations or something on order of about 100 million.

同時，我們正在透過新的廣告活動、產品創新或其他約 1 億美元的項目重新投資業務。

So with that West, you want to add at?

那麼對於西方，你想添加什麼呢？

Yes, the dividend ban.

是的，股利禁令。

Thank you for the question, and let me let me give you a little background.

謝謝你的提問，讓我向你介紹一些背景。

So that is a clear a little bit now, but my best answer specifically your question around 25.

所以現在已經很清楚了，但我最好的答案是在 25 左右。

And so we executed our strategy and 24.

所以我們執行了我們的策略，24。

It was a great team effort as we grow.

隨著我們的成長，這是一個偉大的團隊努力。

Moreover, I have $1 billion and operational improvements across all our plants and then matching up our supply and demand.

此外，我還投入了 10 億美元，對我們所有工廠進行營運改進，然後匹配我們的供需。

And so we delivered our strongest Q4 and history here support that most people don't know what we're working on the cost side.

因此，我們提供了最強勁的第四季度和歷史記錄，表明大多數人不知道我們在成本方面正在做什麼。

We were also reset in this stage for the revenue side and winning with consumers.

我們也在這個階段重新調整了收入面並贏得了消費者。

And so Donny mentioned our number one share of retail value-added.

所以唐尼提到了我們在零售附加價值方面排名第一的份額。

We did a complete do over in which we upgraded our quality disappointed.

我們做了一次徹底的改造，我們升級了我們的質量，但感到失望。

Our testing exceeded consumer expectations, not like it, but it exceeded my expectations.

我們的測試超出了消費者的預期，不喜歡它，但它超出了我的預期。

It's we've got a big innovation pipeline of both experimental and better for you and experimental form and flavor what are called where food made fun.

我們擁有一個龐大的創新管道，既有實驗性的，也有更好的，以及實驗性的形式和風味，即所謂的讓食物變得有趣的地方。

And then I can say better for you is capitalizing on the protein content that we upgraded our path packaging.

然後我可以說，對您來說更好的是利用我們升級路徑包裝的蛋白質含​​量。

And it's based on basically decision trees of shop for storm, but shoppers shop brand and then form and flavor.

它基本上是基於風暴購物的決策樹，但購物者先購買品牌，然後購買形式和風味。

Donnie referenced our new advertising campaign and what's exciting about that as that campaign resonates with our core shopper.

唐尼提到了我們新的廣告活動以及令人興奮的地方，因為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 shoppers trade and sustainability of demand over time.

但同樣重要的是，它與年輕購物者的貿易和需求的可持續性產生了共鳴。

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。

So we're well positioned and a 25 and beyond.

所以我們處於有利位置，並且是 25 及以上。

I have a successful sustainable business.

我擁有成功的可持續發展業務。

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.

讓我對廣告再發表一點評論，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 週年的一大變化。

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

我們的進入速度和改進以及進入市場的速度都大大提高了。

And so business growth and O R & D are highly functioning team to not only understand unmet consumer needs but to create products and give them the commerce quickly.

因此，業務成長和 O R & D 是一個高效運作的團隊，不僅要了解未滿足的消費者需求，還要創造產品並快速為他們提供商業服務。

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

我們擁有我職業生涯中跨任何細分市場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 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 a paid last year.

讓我從去年的付費開始。

My team surprised me was the speed and intensity of the improvement, right?

我的團隊令我驚訝的是改進的速度和強度，對嗎？

So yes, we did say 700 and we didn't we continued to perform faster and better than anticipated.

所以，是的，我們確實說過 700，但我們沒有，我們繼續表現得比預期更快更好。

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

我們認為我們對 2025 年的情況有了很好的平衡、良好的分析和深入的洞察。

I am very encouraged by 2025 is 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 got better fundamentals.

我們有更好的基本面。

Overarching markets appears stable.

整體市場看起來穩定。

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

我們有一個計劃績效改進計劃，不僅僅是抵消通貨膨脹，然後我們將花費約 1 億美元來推動這一組合變化。

So value added.

所以增值了。

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

雖然去年我們的銷售量看起來有點軟，但完全煮熟的混合料卻成長了 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。

That's all I know we got a better cost structure.

這就是我所知道的，我們有更好的成本結構。

We got strong value-added go to market hitting.

我們受到了強勁的增值市場衝擊。

The was was with a lot of intensity and 25.

比賽強度很大，25。

And so our guidance based on current market outlook soon understanding were more insulated than most companies that I feel good about.

因此，我們基於當前市場前景的指導很快就比我感覺良好的大多數公司更加隔離。

We also think we're realistic about the macro economic impact of your total demand was the industry supply of potential, any impact exports, ongoing weather patterns with seem to be more frequent and Safeco some global feedstocks.

我們也認為，我們對總需求對宏觀經濟的影響是現實的，即潛在的產業供應、出口的任何影響、持續的天氣模式似乎更加頻繁，以及 Safeco 一些全球原料。

So we feel very good based on what we know.

因此，根據我們所知道的情況，我們感覺非常好。

Our guidance is a more accurate than anytime in the past.

我們的指導比過去任何時候都更準確。

Okay. Thank you very much congrats again.

好的。非常感謝，再次恭喜。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Please go ahead.

請繼續。

Morning.

早晨。

Congratulations on the quarter.

恭喜本季。

Good morning.

早安.

From the line I have.

從我的線路來看。

My first question is a follow-up to Ben's.

我的第一個問題是本問題的後續問題。

As far as on the chicken guide, I later on, you'll have made a lot of changes in operations, namely being followed from complexes.

至於雞指南，我稍後會在操作上做出很多改變，即從複合體中遵循。

I was just wondering if you could give us a little more specificity Atari here a year on year growth for that is meaningful.

我只是想知道你是否可以給我們更具體一點的雅達利同比增長，因為這是有意義的。

How much of that is in other things that tie taking control as far as cost savings, more connectivity?

其中有多少與控製成本、更多連接等其他方面有關？

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 with a just a moment ago.

我會告訴你，雞肉生意剛才正在表現。

I talked about a number of those things.

我談到了其中一些事情。

But think of this is a continuous mindset for Kindred, continuous improvement mindset at operational excellence.

但這是 Kindred 的持續心態，也是卓越營運的持續改善心態。

And those are the gift that keeps on giving, if you will see them for us.

如果您願意為我們看到的話，這些都是我們不斷給予的禮物。

That's that's not going out of style.

這就是不會過時的風格。

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

到 2025 年，我們將做盡可能多的事情。

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

我們在 25 West 有了一個好的開始。

Why don't you touch on some of those statistics around controllables?

為什麼不談談一些有關可控因素的統計數據呢？

Yes.

是的。

I think in an effort to keep but fairly simple used 2023 as a baseline.

我認為為了保持但相當簡單，使用 2023 年作為基準。

And we have materially made a step change that have nothing to do with markets have over 500 million.

我們已經做出了實質的改變，這與超過 5 億的市場無關。

We know where the continuous improvement opportunities or from layer someone bacon another 195 that has nothing to do with markets.

我們知道持續改進的機會在哪裡，或是從層中有人培根另一個與市場無關的195。

And so we've made a major step change that regardless of meat values are corn values.

因此，我們做出了重大改變，無論肉類價值如何，玉米價值都是如此。

Those fundamental improvements are worth between five and 700 million a year.

這些根本性的改進每年價值五到七億美元。

That's super helpful.

這非常有幫助。

For my follow-up is on the fee.

我的後續工作是關於費用的。

And on specifically, production averaged just giving you the feed additives longer time on feed.

具體來說，平均產量只是讓飼料添加劑在飼料上停留更長的時間。

Just production has come in much higher than anyone would have expected this year in late stage and likely continued in 25.

今年後期的產量遠高於任何人的預期，並且可能會持續到 25 年。

So given that we haven't had this whole and supply that was expected on the wholesale price gap between chicken and beef has been pretty narrow has narrowed in two years, whereas the retail price cabin size, highest ethanol.

因此，考慮到我們還沒有這個整體，並且預計雞肉和牛肉之間的批發價格差距已經相當窄的供應量在兩年內已經縮小，而零售價格艙的大小，最高的乙醇。

And so just wondering what you're hearing from retailers given that supply has not been as that is people fall in here possibility second and 25 years from London smartphone model?

因此，只是想知道您從零售商那裡聽到了什麼，因為供應還沒有達到人們在倫敦智慧型手機型號上排名第二和 25 年的可能性？

Good morning, Heather, can appreciate the question is spreading.

早安，希瑟，可以理解這個問題正在蔓延。

First of all, I think it's really important to point out.

首先，我認為指出這一點非常重要。

It's just where we sit from a demand perspective, just kind of set the stage.

這只是我們從需求角度來看的情況，只是奠定了基礎。

And when we look at 24 versus 23, we thought from a choice cut off perspective increase just relative to the wholesale prices were low and is up a little more than 2% on which signals really good demand.

當我們比較 24 與 23 時，我們認為從選擇截止的角度來看，相對於批發價格的增長較低，並且上漲略高於 2%，這表明需求確實良好。

And we have seen that in our business as well.

我們在我們的業務中也看到了這一點。

And we go and we kind of dissect that my prime owned by product, and it's a little bit more interesting as well.

我們去剖析我的主要產品，這也更有趣。

And so really kind of flattish prices across the board on the red line on.

所以價格確實是全線持平在紅線上。

But we've seen a significant increase in price on the grains.

但我們看到穀物價格大幅上漲。

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

因此，我不確定每種牛肉產品是否真的可以明顯替代雞肉。

And with Ford tell where we have seen an increased demand and price has really been on lean trim, it's been on the grains, and we've seen some substitution opportunities between around complex and lean complex as well.

福特告訴我們，我們看到需求增加，價格確實在精益裝飾上，它在穀物上，我們也看到了圍繞複雜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 as a steady demand for beef on, we know that the consumer is going to stay in there and continue to buy these.

因為我們看到了對牛肉的穩定需求，所以我們知道消費者將留在那裡並繼續購買這些牛肉。

And so some retailers that certainly taking that promotional opportunity to work on that to that Rubin mine complex to drive those market basket is higher in general.

因此，一些零售商肯定會利用這個促銷機會對魯賓礦區進行促銷活動，以推動這些市場的發展，整體而言是更高的。

So I guess the overarching Centamin just relative to beef is a really good, really good demand even with these higher prices and expect that to continue into 25?

因此，我認為，即使價格較高，相對於牛肉而言，整體的 Centamin 需求也非常非常好，並且預計這種情況會持續到 25 年？

So Mr. Lewis, again, and I'm so focused on the cost side of your question, I think I asked I should have mentioned a big unlock on the revenue side as well as we go into 2025.

所以劉易斯先生，我非常關注你問題的成本方面，我想我應該提到收入方面的重大解鎖以及我們進入 2025 年。

So as you know, we opened five fully cooked loans in our Danville, Virginia new plant earlier 24 through great efforts from both retail and foodservice.

如您所知，透過零售和餐飲服務部門的大力努力，我們於 24 月初在弗吉尼亞州丹維爾的新工廠開設了五筆完全熟透的貸款。

So those that plant is actually sold out.

所以那些工廠其實已經賣完了。

And so that mix change that I referenced earlier.

所以我之前提到的混合變化。

Also changing the economics is baked into your 25 plan, and I'm excited to announce somewhere are they starting to work on the next fully five, fully coke plant?

此外，改變經濟狀況也已納入您的 25 計劃中，我很高興地宣布，他們是否開始在下一個完全五個、完全焦化工廠開展工作？

Wonderful.

精彩的。

Thank you so much.

太感謝了。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi, thank you. I'll stay with chicken on and thank you for all that to help both of you are in terms of the mix changes and card in terms of some of the permanent on dollar changes to your operating income that you would expect. Wanted to ask, though, is it possible that there's a potential partial offset coming in the next year just from higher supply?

你好，謝謝。我會繼續保持警惕，感謝你們在組合變化方面為你們倆提供的所有幫助，並在您期望的營業收入的一些永久性的美元變化方面提供幫助。不過，我想問一下，明年是否有可能僅因供應增加而產生部分抵銷？

And I know we're getting some mixed signals there, but we have seen chick placements increased to some extent. I'm just curious, you know, not to 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.

我知道我們在那裡收到了一些混合信號，但我們已經看到雛雞的安置增加。我只是好奇，你知道，並不是不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的內容。

Thanks.

謝謝。

Can I let me start out and an answer that question and we want to go into more detail.

我可以先回答這個問題嗎？

I'll give it to West.

我會把它交給西方。

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

但我想在我們的指導中告訴你，從1到1.2，我們已經考慮了你剛才提到的所有這些事情。

And so we're comfortable with the guidance that we had that we've given.

因此，我們對所提供的指導感到滿意。

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

我認為他們要做的一件事是，我還要補充一點，即這種組合如何為我們帶來變化，不僅是在雞肉方面，而且對於其他行業也是如此。

But for chicken specifically today, if you look at volume, while it is positive or projected positive for 25, what you don't see and that is this that the outsized growth of the value added branded business is up about 5%.

但對於今天的雞肉來說，如果你看一下銷量，雖然 25 的銷量是正數或預計是正數，但你沒有看到的是，增值品牌業務的大幅增長增長了約 5%。

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

因此，我們正在填充弗吉尼亞丹維爾工廠，然後我們正在尋找另一個工廠來做到這一點。

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

因此，我們正在做的是將我們的核心商品轉變為更多的附加價值，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 are 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 did.

我們了解市場狀況，但我們正在努力經營並成為一家與我們所做的事情略有不同的公司。

Yes, I'll share my perspective.

是的，我會分享我的觀點。

I'm sorry, if I could.

對不起，如果可以的話。

I'll share my perspective real quick.

我會很快分享我的觀點。

You know, we see the record experts and I think it's reflecting strong demand for poultry plus the industry's continued challenge and hedge and livability.

你知道，我們看到了創紀錄的專家，我認為這反映了對家禽的強勁需求以及該行業持續的挑戰、對沖和宜居性。

Unfortunately, Tyson's performances as dramatically outpaced the industry, we're able to service our customers.

不幸的是，泰森的表現大大超過了行業，我們無法為我們的客戶提供服務。

We referenced the two six, 2.6% increase for the full year.

我們參考二六，全年成長2.6%。

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

但鑑於需求強勁，我認為有充分的理由相信供需相當平衡。

But I'm going to be clear on something that we talk about internally.

但我要澄清我們內部討論的一些事情。

We know we really grow chickens for two reasons.

我們知道我們養雞確實有兩個原因。

We don't go out of chickens sale for whatever the worse next Wednesday, we grow a lot of chickens first strategic customers to create win-win solutions who are looking for a continuity, and that has built-in mechanism so that if we perform, we make money.

無論下週三情況如何，我們都不會停止雞肉銷售，我們首先向戰略客戶種植大量雞肉，以創建雙贏的解決方案，這些客戶正在尋求連續性，並且具有內置機制，因此如果我們執行，我們賺錢。

And then the second reason we grow chickens to do is as ingredients to our fully cooked in power for our business with we're growing exponentially so that the industry will do whatever it's going to do.

我們養雞的第二個原因是作為我們業務的原料，我們的業務呈指數級增長，這樣這個行業就會做任何它想做的事情。

We're well positioned to win either way.

無論哪種方式，我們都處於有利位置以獲勝。

Thank you.

謝謝。

If I could just ask a quick follow up.

如果我能要求快速跟進就好了。

You have a new administration coming in the White House.

新政府即將入主白宮。

I think a lot of uncertainty on maybe on both on the upside and downside on Elyse's question open ended.

我認為 Elyse 的開放式問題可能存在許多不確定性，無論是正面還是負面。

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

但就雙向監管中的勞動力關稅而言，是否有可能透過分析來了解此時可能存在哪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 operate this business for over 90 years, no matter the party and control the environment.

好吧，目前有很多我們不知道的事情，但我想提醒您，我們已經成功經營這項業務 90 多年，無論政黨和環境如何。

We look forward to working with the incoming administration, like all businesses will assess any new policies and plan accordingly.

我們期待與即將上任的政府合作，就像所有企業都將評估任何新政策並做出相應計劃一樣。

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

因此，我們將再次控制在這種環境下我們可以控制的事情。

So I'll leave it at that.

所以我就這樣吧。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Sharon Sharma of Stephens, Inc., please go ahead.

下一個問題來自 Stephens, Inc. 的 Sharon Sharma，請繼續。

Hey, thanks for taking my questions and congratulations on the strong quarter.

嘿，感謝您回答我的問題，並祝賀本季的強勁表現。

Thank you.

謝謝。

I was hoping just again a little bit more clarity from myself on piece and kind of your outlook and more specifically, just wanted to understand on just heifer retention or herd rebuilding dynamics.

我再次希望我自己能更清楚地了解您的觀點，更具體地說，只是想了解小母牛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, what kind of looking flattish, my understanding is if you see signs of heifer retention, you are going to see than other plants going even lower, which fundamentally to me would be good, put more compression on margins.

但只要看看你對牛肉中點的指導，什麼樣的看起來平坦，我的理解是，如果你看到小母牛保留的跡象，你會看到比其他植物更低，這對我來說從根本上來說是好的，把更多地壓縮利潤。

Does the 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 and help me help me kind of think about potential heifer retention in UP's outlook for next year.

或者幫我想想 UP 明年展望中潛在的小母牛保留。

Sure. Let me start off with that. In terms of the guidance, I know we're guiding to a loss of 400 million to a loss of 200 million.

當然。讓我從這個開始。就指導而言，我知道我們的指導是損失 4 億到 2 億。

So the challenge continues. But as I mentioned earlier, the in this 2025 will be similar based on all of our modeling to 24. And there's some influx, yes, heifer retention and and we're not seeing meaningful heifer retention.

所以挑戰仍在繼續。但正如我之前提到的，根據我們對24 年的所有建模，2025 年的情況將相似。保留。

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

但告訴你，還有更重的牛的湧入。

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

大量乳製品湧入供應，還有其他一些東西。

I'll flip it to Brady to let him give you some of the 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, Tony. And I think it's also important to understand what Jason can control. And I'm proud of the team relative to some of the improvements we made in 2040 or so.

謝謝，托尼。我認為了解傑森可以控制什麼也很重要。對於我們在 2040 年左右所做的一些改進，我為團隊感到自豪。

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

我的工廠的營運成本在24 年比23 年要低，當時我們看到了一些通貨膨脹，而且員工人數的減少對我們的業務前景也確實很有意義，並為我們可以控制的地方提供了一些可見性。

This is one of the most dynamic these environments in history. And we've done through these cycles approximately every decade. But this one's This one's really unique. And we've seen a record cut our prices on some record weights that you referenced as well. And how all of these different pieces shape into the outlook is very interesting.

這是歷史上最具活力的環境之一。我們大約每十年就會經歷一次這樣的週期。但這一個真的很獨特。我們也看到您提到的一些創紀錄重量的價格出現了創紀錄的降價。所有這些不同的部分如何形成外觀非常有趣。

So we've layered on a significant amount of data platforms to help us analyze as 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 tenant perspective, I mentioned earlier that we've seen really, really good good demand, and we need to continue to understand that good demand and really high cutout values provides greater importance now in our yields than it ever has in the history of the in the history of the business as well.

因此，從租戶的角度來看，我之前提到過，我們已經看到了非常非常好的需求，我們需要繼續了解，良好的需求和非常高的切分價值現在對我們的收益率比以往任何時候都更加重要。

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

因此，我們也在該領域採取了繼續前進和繼續改進的舉措。

Grains is very, very important.

穀物非常非常重要。

I mentioned a record high prices we've seen on lean trim how we convert lean trim into Chubb's or patties or they're growing material to meet the consumer.

我提到了我們在精益修剪上看到的創紀錄的高價格，我們如何將精益修剪轉化為安達或肉餅，或者他們正在種植材料來滿足消費者。

Wherever they want to go is a good opportunity for us, and we've seen great initiatives and and move in that area.

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行動。

Donny 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.

Donny提到了當季醃製的進展，我們也希望為我們的客戶提供便利，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.

最後，我想回顧一下我們逐年取得的效率改進。

So really meaningful as well and will help us navigate through whether we start to see additional help retention and potentially some lower harvest numbers where it's more of a steady, steady demand case right now.

這也非常有意義，並將幫助我們了解是否開始看到額外的幫助保留以及可能會出現一些較低的收穫數字，而目前的需求情況更加穩定。

I appreciate it.

我很感激。

Thanks for the color.

謝謝你的顏色。

From.

從。

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

我想對於我的第二個問題，只是想轉向您為優化網路所做的工作。

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

也許你可以提醒我們你所做的所有工作，你關閉了多少家工廠？

And then on, do you see further kind of work being done on you guys are really on kind of seeing benefits from operational excellence.

然後，您是否看到正在進行的進一步工作，您確實看到了卓越營運的好處。

So just wanted 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。

I won't hit on every specific location, but I would 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，就像今天許多人談論的關於卓越執行一樣。

We simply want to be best-in-class operations and to can I don't care if it's chicken Beef, Pork prepared international are a function across Tyson Foods.

我們只是想成為一流的營運商，我不在乎是否是雞肉、牛肉、豬肉，國際熟食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 the age of the asset.

我們考慮資產的年齡。

We consider the profitability of an asset.

我們考慮資產的獲利能力。

We consider the scale of an asset.

我們考慮資產的規模。

We consider a feel how competitive it is in the marketplace.

我們考慮感受它在市場上的競爭力。

Candidate win.

候選人獲勝。

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 that go through a bottle, we make a long-term decision.

當我們通過瓶子運行所有這些東西時，我們做出了長期決定。

And I must tell you these days are always challenging painful decisions, domestic and the.

我必須告訴你，這幾天總是在挑戰痛苦的決定，無論是國內還是國外。

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 to what we find.

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，然後根據我們發現的情況做出相應的決定。

Our next question comes from Thomas polymer of Citi.

我們的下一個問題來自花旗集團的托馬斯·聚合物。

Please go ahead.

請繼續。

He has.

他有。

Good morning and thanks for the question.

早安，謝謝你的提問。

I was hoping to get a little more specific on the expected drivers for prepared foods.

我希望能更具體地了解預製食品的預期驅動因素。

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 on anything, maybe quantifiable on volume expectations on and then kind of thinking about cost inflation and price activity.

我想知道您對其他項目的前景，也許可以根據數量預期進行量化，然後對成本通膨和價格活動進行思考。

And then just kind of a context of that, that is expected improvement in prepared foods.

然後就是一個背景，即預製食品的預期改進。

Would you expect to see this 10% operating profit growth starting in the first quarter?

您預計第一季營業利潤將成長 10% 嗎？

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？

Thanks.

謝謝。

Yes.

是的。

Great question, and thank you for that.

很好的問題，謝謝你。

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

我想提醒大家，從 2024 年的數據來看，這是自 2018 年以來最好的一年。

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

我之前曾在電話會議上說過，我們的預製食品業務有上行空間。

What we are doing, but we did in 2014 were 23, and we'll do in 25 and beyond is continues to drive out.

我們正在做的事情，2014 年我們做了 23 個，我們將在 25 個及以後做，那就是繼續努力。

Waste from our business will continue to connect with that consumer and our customer with new and meaningful innovation.

我們業務產生的廢棄物將繼續透過新的、有意義的創新與消費者和我們的客戶建立聯繫。

I have talked about what protein impact is in where it sits relative to inside the data at a category of food, but we are literally pulling every lever within Prepared Foods.

我已經討論過蛋白質相對於一類食品的數據中的影響，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 benefit of that.

我們已經看到了這樣做的好處。

We saw in 24.

我們24號看到的。

We see that momentum continuing in 25 and beyond.

我們看到這種勢頭將在 25 年後持續下去。

And reminder, we were 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 歲到 25 歲會有 10% 的成長。

Now let me introduce you to pile on there and who now leads our Prepared Foods business.

現在讓我向您介紹一下，誰現在負責我們的預製食品業務。

Thanks, Melanie, for outstanding 2024 and kind of give us a little more color relative to the question.

謝謝 Melanie，2024 年的出色表現，讓我們對這個問題有了更多的了解。

Yes.

是的。

Thanks, Donnie.

謝謝，唐尼。

And not Thanks, Thomas, for your question on.

不是謝謝托馬斯提出的問題。

As I look at 24, we were entering their motor the beginning of our multiyear strategy, focused on operating our business with discipline.

在我看來，24 是我們進入他們的馬達，這是我們多年策略的開始，專注於嚴格經營我們的業務。

And that's exactly what we did.

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 reckon adverse performance were really along three pillars.

我想我首先要感謝我們所有的團隊成員對改進所做的貢獻，我們認為不良績效實際上是沿著三個支柱進行的。

Our operational performance as delivering tangible results, we experienced significant improvements in yield and throughput.

我們的營運績效帶來了切實的成果，我們在產量和吞吐量方面經歷了顯著的改善。

Our service levels improved over 170 points year over year on distress sales down 26%.

我們的服務水準年增了 170 多點，但遇險銷售下降了 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 on a gain in over 2,000,000,040 TDP.s on our core items that have proven to add value to our customers and consumers.

我們繼續看到我們核心業務的分銷成長，我們的核心產品增加了超過 2,000,000,040 TDP.s，這些產品已被證明可以為我們的客戶和消費者增加價值。

We continue to see momentum from innovation perspective relative to the launch of our Jimmy Dean griddle cakes and our chicken biscuit.

我們繼續從創新的角度看到與吉米狄恩煎餅和雞肉餅乾的推出相關的勢頭。

We continue to realize increased distribution on those items on the backs of high trial and repeat rates.

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 and digital to drive promotional efficiency.

然後我們繼續利用我們的數據和數字來提高促銷效率。

The long term share growth.

長期份額增長。

And so as I wrap that up, Thomas and I think of the momentum we carry into 25, which would be here to have this multiyear strategy, I would just call out that over 100% of the step change in profitability is still time.

因此，當我總結這一點時，托馬斯和我想到了我們進入 25 的勢頭，這將是為了製定多年戰略，我只想指出，盈利能力超過 100% 的階躍變化仍然需要時間。

Controllable improvements on those key drivers will remain unchanged.

這些關鍵驅動因素的可控改進將保持不變。

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 will continue to focus on running our assets at standard on every line every day will continue to be focused on reducing complexity and eliminating waste.

從營運角度來看，我們高度關注我們的績效是否符合標準，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，將繼續專注於降低複雜性和消除浪費。

And so once again, expect to carry that momentum from that we gained in 2014 to 25 as we can continue to execute this multiyear strategy.

因此，隨著我們可以繼續執行這項多年策略，預計我們將把 2014 年獲得的勢頭延續到 25 年。

And Tom, this is Kurt.

湯姆，這是庫爾特。

I might add just on top of a Kyle as well as part of your question, I think was around 10 of the cadence that you might see it materialize.

我可能會在凱爾以及你的問題的一部分之上添加一點，我認為你可能會看到它實現的節奏大約是 10。

I think this will 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。

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

與我們的歷史規範不同，有一點季節性，這實際上是卡洛斯所說的相對於我們全年持續獲得的營運效率而言的。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning.

早安.

Just wanted to come back to chicken supply.

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的美國農業部。預計供應成長3%左右。

More recently, we've seen that the egg sets and chick to catch up closer to 6%.

最近，我們發現產蛋率和雛雞率接近 6%。

Do you expect that to come in?

你希望它進來嗎？

What I guess, how do you think about just reconciling that with those two data points?

我猜，您如何看待將其與這兩個數據點進行協調？

Yes.

是的。

Be glad to take that and good morning, Michael.

很高興接受這個，早上好，邁克爾。

You know, the industry's continued challenges on both patch and live availability of these.

您知道，業界在補丁和即時可用性方面面臨著持續的挑戰。

And these increased sets and chicks placed physically aren't making it to the processing plants.

而這些增加的套裝和實際放置的雛雞並沒有進入加工廠。

And so that bad, that makes a big difference.

如此糟糕，這造成了很大的不同。

It's been a much tougher grow out environment between avian influenza, Meta Nemo virus.

禽流感和梅塔尼莫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。

They only offset ban and higher bird weights.

它們只能抵消禁令和更高的鳥類重量。

And that's driving the actually that's actually driving the 2.6% increases through bird weight per head.

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, I know you're lapping the plant startup costs.

回到預製食品，我知道你正在消耗工廠的啟動成本。

Can you just help us remember how to quantify that, but thanks for the question.

您能否幫助我們記住如何量化這一點，但謝謝您的提問。

Michael startup cost year over year or what we realized in FY 24 was somewhere around 20 million.

Michael 的啟動成本逐年上升，或者我們在 24 財年意識到的成本約為 2000 萬美元。

But I would remind you certainly that we are would be lapping a first half with 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，我們上半年的折舊也將會較低。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

Our next question comes from Andrew Strelzik of BMO.

我們的下一個問題來自 BMO 的 Andrew Strelzik。

Please go ahead.

請繼續。

Hey, good morning.

嘿，早安。

Thanks for taking the questions.

感謝您提出問題。

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

我的第一個主題是，我想回顧一下您所談論的牛肉領域的一些營運改進。

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

我的理解或假設是，你可以在內部做很多事情來真正對抗市場環境。

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

但你現在對此聽起來更加樂觀，並且肯定列出了一些你一直看淡的事情。

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

因此，我只是很好奇，您是否可以量化您認為可以起到多大作用，就像您在雞肉中所說的那樣，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？

Thanks for the question, Andrew.

謝謝你的提問，安德魯。

Just relative to how we look at the business, the 5% of the business really is somewhat uncontrollable relative to these market spreads.

就我們如何看待業務而言，5%的業務相對於這些市場利差來說確實有些不可控。

And so that obviously provides some outsized waiting.

因此，這顯然會帶來一些過大的等待。

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

但是，當你從勞動力的角度談論我們部署的資源數量時，我們在 3 美元加上削減的情況下擁有繼續提高產量的機會。

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。

Tom, I'll just say that there's a great opportunity for us to continue to march forward towards a world class.

湯姆，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 the 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，並且隨著我們在周期的底部前進，我們確實有權利在利用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 on cash flow generation, I guess, you know, leverage has been coming down.

我的另一個問題是關於現金流產生的資本配置，我想，你知道，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 you know 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 purse strings a little bit on that front?

我想我只是好奇你是否知道業務是否朝著看起來的方向發展，明年我們是否會更接近一個時候，也許你可以開始在這方面稍微放鬆錢包？

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

或者您如何考慮未來幾年更廣泛地向股東返還現金的資本支出或其他投資？

Thanks for the question.

謝謝你的提問。

And I appreciate the comments.

我很欣賞這些評論。

And we certainly did have a very disciplined approach from cash and cash deployment scenario in 2024 and drove net leverage down from 4.1 times to 2.6 times across the year.

從 2024 年的現金和現金部署場景來看，我們確實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, 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 on that would exceed our annual dividend expected to be in the range of about 700 million, but we'll say very constant relative to our capital allocation priorities around build financial strength, but also investing in our business and actually make note, we did increase our dividend announced this morning as well.

我們也在關於自由現金流的指導中發表了評論，稱其將超過我們預期的約7 億美元的年度股息，但我們會說，相對於我們圍繞建立財務實力的資本分配優先事項，這一數字非常穩定，但也要投資我們的業務，實際上請注意，我們也確實增加了今天早上宣布的股息。

And on 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 that or below two 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以及我們的長期目標槓桿率或低於該評級的兩倍。

So Andrew, if I could just maybe add one additional comment, just to make sure to take away from from the first question, not answered this morning.

所以安德魯，如果我可以添加額外的評論，只是為了確保從今天早上沒有回答的第一個問題中刪除。

We will continue to spend capital return money to shareholders.

我們將繼續以資本回報股東。

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

但我們現在的重點之一是提高我們已投資的資本報酬率。

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.

所以這也是一個優先事項。

As you think about this in in terms of the oil mix.

當你從油品混合的角度來思考這個問題。

Got it.

知道了。

That's very clear.

這非常清楚。

Thank you very much.

非常感謝。

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. Denis came for closing remarks.

我想把會議轉回由丹尼斯先生來做閉幕詞。

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。

Thanks.

謝謝。