泰森食品 (TSN) 2025 Q1 法說會逐字稿

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

大家早安，歡迎參加泰森食品2024年第四季財報電話會議。

(Operator Instructions) Please also note today's event is being recorded.

（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Sean Cornett from the investor relations team.

現在，我想把發言權交給投資人關係團隊的 Sean Cornett。

Sir, please go ahead.

先生，請說。

Good morning, and welcome to Tyson Foods fiscal first-quarter 2025 earnings conference call.

早安，歡迎參加泰森食品2025財年第一季財報電話會議。

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

在今天的電話會議上，泰森總裁兼執行長唐尼金 (Donnie King)；和財務長 Curt Calaway 將發表準備好的發言，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 Boulden, Chief Growth Officer.

此外，今天與我們一起參加的還有牛肉、豬肉集團總裁兼首席供應鏈官 Brady Stewart；凱爾‧納倫 (Kyle Narron)，預製食品集團總裁；韋斯‧莫里斯 (Wes Morris)，家禽集團總裁；麥當勞國際及全球總裁德文‧科爾 (Devin Cole)；以及首席成長長 Melanie Boulden。

We have also prepared 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.

我們也準備了一份補充演示文稿，可以在今天的電話會議上參考，也可以在泰森的投資者關係網站和我們的網路廣播中的連結上找到。

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，我們將就未來的預期做出前瞻性的陳述。

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.

本次電話會議中所做的前瞻性陳述是根據 1995 年私人證券訴訟改革法案的安全港規定做出的。

Forward-looking statements include all comments reflecting our expectations, assumptions, or beliefs about future events or performance that do not relate solely to historical period.

前瞻性陳述包括所有反映我們對未來事件或表現的預期、假設或信念的評論，這些評論並非僅與歷史時期有關。

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 statement disclaimers on slide 2, as well as our SEC filings, for additional information concerning risk factors that could cause our actual results to differ materially from our projections.

有關可能導致我們的實際結果與我們的預測存在重大差異的風險因素的更多信息，請參閱幻燈片 2 上的前瞻性聲明免責聲明以及我們的 SEC 文件。

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，我們評論中提到的每股收益、營業收入和營業利潤率都是經過調整的。

For reconciliations of the non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release.

有關非公認會計準則指標與相應公認會計準則指標的對賬，請參閱我們的收益新聞稿。

Now, I'll turn the call over to Donnie.

現在，我將電話轉給唐尼。

Thanks, Sean.

謝謝，肖恩。

Fiscal 2025 is off to a solid start.

2025 財年開局良好。

The strong results in the first quarter increased our confidence in the year ahead, enabling us to raise our full-year guidance.

第一季的強勁業績增強了我們對未來一年的信心，使我們能夠上調全年業績預期。

Our results this quarter were driven by another robust performance in chicken, highlighted by the best first-quarter adjusted operating income for the segment.

本季的業績主要得益於雞肉業務的再次強勁表現，其中突出的是該部門第一季調整後營業收入的最佳表現。

We delivered better-than-expected results in beef and significant improvement in profitability in international and other, while Prepared Foods continues to generate solid profits and margins.

我們在牛肉業務的表現優於預期，國際業務和其他業務的獲利能力顯著提高，同時，預製食品業務持續產生穩健的利潤和利潤率。

Our first-quarter performance sets the tone for what we anticipate will be another year of growth for Tyson.

我們第一季的業績為我們預期泰森又一年的成長定下了基調。

This marks our third consecutive quarter of year-over-year increases across key metrics, including sales, adjusted operating income and adjusted earnings per share.

這是我們連續第三個季度實現銷售額、調整後營業收入和調整後每股收益等關鍵指標較去年同期成長。

First-quarter adjusted operating income increased by $248 million, a remarkable 60%, while our adjusted operating income margin expanded by 170 basis points versus last year.

第一季調整後營業收入增加了 2.48 億美元，增幅高達 60%，而調整後營業收入利潤率較去年同期增加了 170 個基點。

Adjusted earnings per share grew by an impressive 65%.

調整後每股收益成長了驚人的65%。

We ended the quarter with our net leverage ratio at 2.3 times, a notable and deliberate accomplishment from 4.1 times at the end of 2023.

本季末，我們的淨槓桿率為 2.3 倍，與 2023 年底的 4.1 倍相比，這是一個顯著且有意為之的成就。

In total, our first quarter delivered the best quarterly performance in more than two years.

總體而言，我們的第一季取得了兩年多以來最好的季度業績。

While we have managed through ongoing challenges posed by the current cattle cycle.

雖然我們已經設法克服了當前牛群週期帶來的持續挑戰。

Protein remains at the forefront of consumer preferences based on both per capita consumption data and consumer surveys.

根據人均消費數據和消費者調查，蛋白質仍然是消費者偏好的首要因素。

While the consumer backdrop remains dynamic, one thing is clear to us.

儘管消費者背景仍然充滿活力，但有一件事對我們來說是清楚的。

Consumers remain focused on prioritizing protein in their diets, recognizing its nutritional benefits and its role in supporting a healthy lifestyle.

消費者仍注重在飲食中優先考慮蛋白質，並認識到其營養價值及其在支持健康生活方式方面的作用。

A recent study by International Food Information Council revealed that 71% of US consumers in 2024 sought to increase their protein consumption.

國際食品資訊委員會最近的一項研究顯示，到 2024 年，71% 的美國消費者希望增加蛋白質消費。

This is up from 59% in 2022.

這一比例高於 2022 年的 59%。

Our diversified multi-protein portfolio delivered results, with chicken helping to offset the ongoing challenges in beef.

我們多樣化的多蛋白質產品組合取得了成果，其中雞肉有助於抵消牛肉持續面臨的挑戰。

Through disciplined execution and improved operational performance, we have demonstrated the power of sticking to the fundamentals, fortifying our foundation and controlling what we can.

透過嚴謹的執行和不斷提升的營運績效，我們展現了堅守基本原則、鞏固基礎和掌控力所能及之事的力量。

Turning to cash flow and financial strength.

轉向現金流和財務實力。

Our first quarter stood out once again.

我們的第一季再次脫穎而出。

Our disciplined approach to capital expenditures and working capital management has enabled robust cash flow, which we are deploying prudently through investment in the business and dividends.

我們對資本支出和營運資本管理的嚴謹態度實現了強勁的現金流，我們正透過業務投資和股息審慎地部署這些現金流。

When combined with improving profitability, we sequentially lowered our net leverage ratio and took another step towards our long-term target of less than 2 times.

在獲利能力提升的同時，我們持續降低淨槓桿率，邁向2倍以下的長期目標又邁進了一步。

This strategy ensures we are building financial strength and reinforces our commitment to shareholders.

這項策略確保我們持續增強財務實力並加強了我們對股東的承諾。

Now let's take a closer look at segment performance.

現在讓我們仔細看看各個細分市場的表現。

Prepared Foods is on track for fiscal 2025.

預處理食品業務的 2025 財政年度目標可望實現。

We have built our full-year improvement plan almost entirely by controlling what we can, such as optimizing our operations, expanding distribution and launching winning innovation.

我們制定的全年改進計劃幾乎完全是透過控制我們能控制的事情來製定的，例如優化營運、擴大分銷和推出成功的創新。

Operationally, we made tremendous progress on our initiatives in the first quarter by outperforming our planned throughput and yield improvements, reducing the impact of distressed inventory and lowering overhead costs.

在營運方面，我們在第一季的計劃中取得了巨大進展，超額完成了計劃的產量和收益提升，減少了不良庫存的影響，並降低了管理費用。

We grew share quarter over quarter in our core nine categories, driven by bacon, snacking and smoked sausage.

在培根、零食和燻香腸的推動下，我們在九個核心類別中的份額逐季增長。

Growth from innovation continues to drive momentum as well.

創新帶來的成長也持續推動發展動能。

While the timing of input cost inflation put pressure on margins in the quarter, our market performance, coupled with our improved operational execution, gives us confidence going forward.

雖然投入成本上漲的時機給本季的利潤率帶來了壓力，但我們的市場表現加上我們改善的營運執行力，讓我們對未來充滿信心。

Our outlook for the year is unchanged.

我們對今年的展望沒有改變。

In chicken, we achieved the best adjusted operating income of any quarter over the past eight years.

在雞肉業務方面，我們實現了過去八年來各季度中最好的調整後營業收入。

Year-over-year growth in adjusted operating income was driven in part by ongoing improvements at live and plant operations, along with lower grain cost.

調整後營業收入年增率的部分原因是現場和工廠營運的持續改善以及穀物成本的下降。

One core component of our strong performance has been the evolution of our commercial relationships to build long-term win-win partnerships allowing us to jointly grow the category and improve order fill rates for the second consecutive year, all while stabilizing our earnings.

我們強勁表現的一個核心因素是我們的商業關係不斷發展，建立長期雙贏的合作夥伴關係，使我們能夠連續第二年共同發展產品類別並提高訂單完成率，同時穩定我們的盈利。

Our customer and consumer obsession will continue to be a cornerstone of our success as we work to exceed their expectations.

我們將努力超越客戶和消費者的期望，對客戶和消費者的至上態度將繼續成為我們成功的基石。

We have also returned to volume growth in this segment.

我們該領域的銷量也恢復了成長。

Importantly, we grew volumes in Food Service where momentum continues to build.

重要的是，我們在食品服務領域的業務量有所增長，並且發展勢頭持續增強。

We feel good about our leading position in the marketplace and our ability to meet customer and consumer demand.

我們對自己在市場上的領先地位以及滿足客戶和消費者需求的能力感到滿意。

With a healthy start to the year, we are raising our full-year adjusted operating income outlook.

由於今年開局良好，我們上調了全年調整後營業收入預期。

In beef, first-quarter results were better than expected.

就牛肉而言，第一季的業績優於預期。

We continue to align all aspects of our operations from procurement to distribution with customer and consumer demand while managing spend, enhancing yield and shifting our mix to more value-added products.

我們繼續將從採購到分銷的各個營運環節與客戶和消費者的需求相結合，同時管理支出、提高收益並將我們的產品組合轉向更多附加價值產品。

Challenges from limited cattle supply remains, which, along with typical seasonality, are expected to impact the second quarter and the year.

牛肉供應有限帶來的挑戰依然存在，再加上典型的季節性因素，預計將對第二季和全年造成影響。

Therefore, our expectations for fiscal 2025 are unchanged for this segment.

因此，我們對 2025 財年該部門的預期保持不變。

In pork, performance was in line with our expectations.

在豬肉方面，表現符合我們的預期。

Higher haul costs led to compressed spreads versus last year.

與去年同期相比，運輸成本上漲導致價差縮小。

However, our operational improvements around yield, mix and spend continue to deliver results.

然而，我們在收益、組合和支出方面的營運改善持續產生成果。

As we continue through fiscal 2025, our priorities remain clear.

隨著我們進入 2025 財年，我們的優先事項依然明確。

First, we will continue our focus on cash flow and operational execution.

首先，我們將繼續關注現金流和營運執行。

This includes driving innovation and strengthening customer partnerships across all segments while enhancing product mix, reducing inefficiencies and expanding our market presence.

這包括推動創新和加強各部門的客戶合作夥伴關係，同時增強產品組合，減少低效率並擴大我們的市場佔有率。

Operational excellence is at the core of our strategy.

卓越營運是我們策略的核心。

We are scaling the enterprise, driving cost savings and addressing inefficiencies boldly to deliver exceptional performance.

我們正在擴大企業規模、節省成本並大膽解決效率低下的問題，以提供卓越的績效。

And we will continue to deliver on taking more cost out in 2025 as the year progresses.

隨著時間的推移，我們將繼續努力在 2025 年降低更多成本。

Our iconic brands like Tyson, Jimmy Dean and Hillshire Farm continue to resonate with consumers, even amidst high inflation and softer category consumption.

即使在高通膨和品類消費疲軟的環境下，我們的標誌性品牌如泰森、吉米迪恩和 Hillshire Farm 仍然繼續引起消費者的共鳴。

In fact, nearly 75% of US households purchased a Tyson product in the past year and we see significant opportunities to grow our presence in underpenetrated segments as consumers seek to add more protein to their diets.

事實上，去年有近 75% 的美國家庭購買了泰森產品，隨著消費者尋求在飲食中添加更多蛋白質，我們看到了在滲透率不足的領域擴大影響力的巨大機會。

Digital transformation is another key enabler.

數位轉型是另一個關鍵推動因素。

We continuously work to improve how consumers and customers discover our products by leveraging the power of generative AI.

我們不斷致力於利用生成式人工智慧的力量來改善消費者和客戶發現我們產品的方式。

As an example, in our foodservice channel, we implemented a more intuitive browsing and search experience that delivers highly relevant content.

例如，在我們的餐飲服務管道，我們實現了更直觀的瀏覽和搜尋體驗，可提供高度相關的內容。

This enhancement goes beyond influencing purchases.

這種增強不只是影響購買。

It offers Tyson Foods invaluable insights into the evolving needs of our customers.

它為泰森食品提供了有關客戶不斷變化的需求的寶貴見解。

Capital allocation remains disciplined with a focus on sustaining free cash flow through prudent management of CapEx and working capital.

資本配置仍然嚴格，重點是透過審慎管理資本支出和營運資本來維持自由現金流。

Finally, our team members are our greatest asset.

最後，我們的團隊成員是我們最大的財富。

By fostering development and encouraging growth across the organization, we ensure that the right talent and skills are in place now and for the future.

透過促進發展和鼓勵整個組織的成長，我們確保現在和將來都有合適的人才和技能。

Before handing things over to Curt, let me say that we are confident in our fiscal 2025 outlook and our long-term strategy, powered by the strength of our diversified multi-protein portfolio and iconic brands.

在將工作交給 Curt 之前，我想說，憑藉我們多元化的多蛋白質產品組合和標誌性品牌的實力，我們對我們的 2025 財年前景和長期戰略充滿信心。

Our first quarter is another indication of strong execution as we commit to controlling what is within our control as we seek to drive profitable growth over time.

我們的第一季再次體現了強勁的執行力，我們致力於控制我們能控制的事情，並尋求隨著時間的推移推動獲利成長。

We continue to push ourselves to do more and to leave no stone unturned as we strive to be best-in-class operators.

我們將繼續鞭策自己做得更多、竭盡全力，努力成為一流的營運商。

Through innovation, marketing and operational excellence, we are well positioned to generate shareholder value and continue our legacy as a leader in protein and a world-class food company.

透過創新、行銷和卓越運營，我們有能力創造股東價值，並繼續保持我們作為蛋白質領域領導者和世界一流食品公司的傳統。

With that, I will turn the call over to Curt to review our financials in more detail.

說完這些，我將把電話轉給 Curt，讓他更詳細地審查我們的財務狀況。

Thanks, Donnie.

謝謝，唐尼。

First-quarter total enterprise net sales grew 2% year over year, driven by growth in beef, pork and chicken.

在牛肉、豬肉和雞肉銷售成長的推動下，第一季企業總淨銷售額年增 2%。

Our adjusted operating income increased 60% year over year, and adjusted earnings per share grew 65%.

我們的調整後營業收入年增60％，調整後每股收益成長65％。

It is important to highlight that both adjusted operating income and adjusted earnings per share reached their highest levels in the past nine quarters, underscoring our team's ability to execute with discipline and deliver results in a dynamic environment.

值得強調的是，調整後的營業收入和調整後的每股收益在過去九個季度中都達到了最高水平，凸顯了我們的團隊在動態環境中嚴格執行紀律並取得成果的能力。

Looking at segment performance.

查看分部表現。

In Prepared Foods, volume in our food away from home channels was relatively flat versus last year.

在預製食品方面，我們外出食品通路的銷售量與去年相比相對持平。

We, like others in the industry, continue to navigate a dynamic consumer environment, which primarily impacted our retail volumes and drove the decline in sales.

我們和業內其他公司一樣，繼續在動態的消費環境中前行，這主要影響了我們的零售量並導致了銷售額的下降。

Adjusted operating income decreased primarily due to higher raw material costs, particularly with the sharp rise in belly and [sow] prices in the quarter.

調整後營業收入下降主要是由於原物料成本上漲，尤其是本季腹部和（母豬）價格的大幅上漲。

We anticipate recovering some of these increases through price pass-through.

我們預計透過價格傳導可以收回部分增幅。

As Donnie mentioned, we made progress on operational improvement initiatives and we continue to repurpose inefficient marketing and promotion support cost, while lapping the impact of start-up costs last year.

正如唐尼所提到的，我們在營運改善計畫方面取得了進展，我們繼續重新利用低效率的行銷和促銷支援成本，同時抵消去年啟動成本的影響。

Chicken also continues to be a bright spot in our portfolio, with sales increasing due to higher volumes in the foodservice channel, where our value-added products are gaining traction.

雞肉也繼續成為我們產品組合中的亮點，由於餐飲服務管道的銷量增加，其銷售額不斷增加，我們的加值產品在該通路中越來越受歡迎。

Adjusted operating income almost doubled year over year, making this a record first-quarter performance and the best quarterly performance in the last eight years.

調整後的營業收入比去年同期幾乎翻了一番，創下了第一季業績紀錄，也是近八年來最好的季度業績。

This was driven by lower input costs, continued strong execution in live operations and improved plant performance.

這是由於投入成本降低、現場營運持續強勁執行以及工廠性能提高所致。

In beef, revenue increased primarily from higher volume, highlighting increased carcass weights and higher head throughput.

就牛肉而言，收入的成長主要源自於產量的提高，突顯的是胴體重量的增加和頭肉產量的增加。

Adjusted operating income improved due to an increase in our value-added mix and an inventory valuation adjustment impacting first quarter last year.

調整後營業收入有所改善，是由於我們的增值組合增加以及去年第一季影響的庫存估價調整。

Meanwhile, in pork, revenue grew driven by a higher cutoff, though adjusted operating income declined due to compressed spreads partially offset by ongoing operational improvements.

同時，豬肉業務方面，受進口價上漲推動，收入實現成長，但調整後營業收入因價差壓縮而下降，但持續的營運改善部分抵消了這一影響。

International and Other delivered record quarterly adjusted operating income, supported by strong results in Asia, along with favorable raw material costs.

由於亞洲強勁的業績以及有利的原材料成本，國際及其他業務實現了創紀錄的季度調整後營業收入。

Turning to our financial position.

談談我們的財務狀況。

Our disciplined capital allocation priorities remain unchanged.

我們嚴格的資本配置重點保持不變。

We are focused on maintaining financial strength, investing in business growth and returning cash to shareholders.

我們專注於維持財務實力、投資業務成長並向股東返還現金。

In the first quarter, we generated $1 billion in operating cash flows.

第一季度，我們產生了10億美元的經營現金流。

Capital spending remained disciplined and in line with expectations at $271 million, leading to free cash flow of $760 million.

資本支出保持紀律並符合預期，為 2.71 億美元，從而帶來 7.6 億美元的自由現金流。

We returned $175 million to shareholders through dividends, which our board increased to a quarterly rate of $0.50 per Class A share, reinforcing our commitment to shareholder returns.

我們透過股息向股東返還了 1.75 億美元，董事會將股息率提高至每股 A 類股票 0.50 美元的季度股息，以加強我們對股東回報的承諾。

Our net leverage declined to 2.3 times, our fifth consecutive quarter of improvement and we continued our focus on disciplined cash management.

我們的淨槓桿率下降至 2.3 倍，這是我們連續第五個季度的改善，我們繼續專注於嚴格的現金管理。

We ended the quarter with $4.5 billion in liquidity.

本季結束時，我們的流動資金為 45 億美元。

Given the cash generation of our business, in January, we paid off the $750 million term loan that was due in 2026.

鑑於我們業務的現金創造能力，我們在一月份償還了 2026 年到期的 7.5 億美元定期貸款。

As we prioritize financial strength, our investment-grade credit rating, and long-term shareholder value creation.

因為我們優先考慮財務實力、投資等級信用評級和長期股東價值創造。

Now let's take a moment to review our updated outlook for fiscal '25.

現在讓我們花點時間回顧一下我們對25財年的最新展望。

Looking ahead, we remain confident in achieving improved financial performance compared to fiscal '24.

展望未來，我們仍有信心達到比24財年更好的財務表現。

We are raising our sales guidance and now expect to be between flat to up 1%, driven primarily by volume, highlighting healthy demand for protein.

我們正在提高銷售預期，目前預計銷售額將持平至成長 1%，這主要受銷售推動，凸顯了市場對蛋白質的健康需求。

Total company adjusted operating income is now raised to be between $1.9 billion to $2.3 billion, building on our strong performance in the first quarter.

由於第一季業績表現強勁，該公司調整後總營業收入現上調至 19 億美元至 23 億美元之間。

We anticipate interest expense of approximately $375 million and a tax rate of around 25%, while maintaining tight CapEx controls between $1 billion and $1.2 billion.

我們預計利息支出約為 3.75 億美元，稅率約為 25%，同時將資本支出嚴格控制在 10 億美元至 12 億美元之間。

As for free cash flow, we expect typical seasonality in the second quarter, and we have updated our full-year free cash flow expectations to be in the range of $1 billion to $1.6 billion.

至於自由現金流，我們預計第二季將出現典型的季節性，並且我們已將全年自由現金流預期更新為 10 億美元至 16 億美元之間。

Now to provide more color on our segments.

現在為我們的片段提供更多色彩。

We are maintaining Prepared Foods adjusted operating income guidance at $900 million to $1.1 billion, driven by efficiency gains.

由於效率的提高，我們維持調理食品業務調整後營業收入預期在 9 億至 11 億美元之間。

Unlike typical seasonality, we expect a more balanced first and second half, with the first quarter being the lowest quarter of the year, due to timing-related factors and the ramp-up of operational improvements.

與典型的季節性不同，我們預計上半年和下半年將更加平衡，由於時間相關因素和營運改善的加速，第一季將是一年中最低迷的季度。

As a reminder, our forecast assumes double-digit growth at the midpoint, enabled by internal initiatives without factoring in or assuming significant changes in consumer behavior.

提醒一下，我們的預測假設中間點實現兩位數的成長，這得益於內部舉措，沒有考慮或假設消費者行為發生重大變化。

In chicken, given the strong first-quarter performance, we are raising adjusted operating income guidance to $1 billion to $1.3 billion, as we sustain operational improvements while reinvesting in our value-added portfolio and marketing.

在雞肉業務方面，鑑於第一季的強勁表現，我們將調整後的營業收入預期上調至10 億美元至13 億美元，因為我們在維持營運改善的同時，對增值產品組合和行銷進行了再投資。

Our beef guidance remains unchanged with an expected loss of $400 million to $200 million, balancing operational improvements against tighter spreads throughout the remainder of the year.

我們的牛肉預期保持不變，預計損失為 4 億至 2 億美元，以在今年剩餘時間內平衡營運改善和縮小利差。

Our pork guidance also remains unchanged at $100 million to $200 million with ongoing operational improvements, offset by tighter spreads.

我們的豬肉指導價也保持不變，仍為 1 億至 2 億美元，且營運狀況持續改善，利差收窄將抵消這一影響。

Finally, our international business continues to show momentum in profitability.

最後，我們的國際業務持續呈現獲利動能。

Following approximately $50 million of adjusted operating income last year we expect International and Other to be between $50 million and $100 million this year.

繼去年調整後營業收入約為 5,000 萬美元之後，我們預計今年國際及其他業務收入將在 5,000 萬美元至 1 億美元之間。

Now I'll turn the call back over to Donnie.

現在我將把電話轉回給唐尼。

Thanks, Curt.

謝謝，Curt。

I'd like to thank our 138,000 team members across the globe for their hard work and dedication, which drives our success.

我要感謝我們全球 138,000 名團隊成員的辛勤工作和奉獻精神，推動了我們的成功。

I'd also like to thank our customers and suppliers for their partnership, by operating as one team, One Tyson, we're off to a great start in fiscal 2025 and have optimism for the year, highlighted by our guidance raise.

我還要感謝我們的客戶和供應商的合作，透過作為一個團隊「一個泰森」進行運作，我們在2025 財年取得了良好的開端，並對今年充滿信心，這從我們提高的預期中可以看出。

With increasing consumer focus on protein, combined with our market leadership, strong brand portfolio and operational discipline, we are positioned well for the future.

隨著消費者對蛋白質的關注度不斷提高，加上我們的市場領導地位、強大的品牌組合和營運紀律，我們為未來做好了準備。

As always, we remain committed to financial strength, shareholder return, and operational excellence as we execute our strategy.

像往常一樣，在執行我們的策略時，我們仍然致力於財務實力、股東回報和卓越營運。

With that, I'll turn things over to Sean as we move to your questions.

說完這些，我將把問題交給肖恩 (Sean)，由他來回答您的問題。

Thanks, Donnie.

謝謝，唐尼。

We will now move to your questions.

我們現在來回答您的問題。

Please recall that our cautions on forward-looking statements and non-GAAP measures apply both to 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準則指標的警告既適用於我們的準備好的評論，也適用於以下問答。

Operator, please provide the Q&A instructions.

接線員，請提供問答說明。

(Operator Instructions)

（操作員指令）

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Morning.

早晨。

Congratulations on the quarter.

恭喜本季取得佳績。

First thing, I was wondering, it was a strong quarter.

首先，我很好奇這是一個強勁的季度。

And I was just wondering if you could just outline the things that you're wanting investors to most take away from the call today?

我只是想知道您是否可以概述一下您最希望投資者從今天的電話會議中獲得的資訊？

And then I have a follow-up.

然後我有一個後續問題。

Sure.

當然。

And thank you for the question.

感謝您的提問。

We're pleased with our Q1 results.

我們對第一季的業績感到滿意。

We continue to see the benefits of our multi-protein multichannel portfolio.

我們繼續看到多蛋白質多通道產品組合的優勢。

Q1 was the best quarterly performance in more than two years, and the third consecutive quarter of year-over-year increases in sales, adjusted operating income and adjusted earnings per share.

第一季是兩年多來最好的季度表現，也是銷售額、調整後營業收入和調整後每股收益連續第三個季度同比增長。

Our strategy of fortifying the foundation and growing our branded and value-added business is clearly working.

我們的鞏固基礎、發展品牌和加值業務的策略顯然是有效的。

In terms of the enterprise priorities for the balance of the year, we will continue to shift our mix to branded and value-added and increased household penetration.

就今年剩餘時間的企業重點而言，我們將繼續將產品組合轉向品牌化、增值化和提高家庭滲透率。

Protein is part of every healthy diet and consumers are increasing consumption.

蛋白質是每種健康飲食的一部分，消費者的消費量正在增加。

In fact, 71% of consumers are seeking to increase their protein consumption.

事實上，71% 的消費者正在尋求增加蛋白質的攝取量。

We will continue to improve return on invested capital, creating shareholder value.

我們將繼續提高投資資本報酬率，創造股東價值。

And we will continue to execute with excellence in everything that we do.

我們將繼續出色地完成我們所做的每一件事。

In terms of the individual segments, chicken.

就單一部分而言，雞肉。

Chicken had the best Q1 adjusted operating income performance ever and the strongest quarter in eight years.

Chicken 第一季的調整後營業收入表現是史上最佳，也是八年來最強勁的季度。

We are winning with customers and consumers, and we've returned volume growth, particularly in food service.

我們贏得了客戶和消費者的青睞，銷售也恢復了成長，尤其是在食品服務領域。

In the Beef segment, we had better-than-expected results.

在牛肉領域，我們的業績優於預期。

Our view on the year remains unchanged.

我們對今年的看法保持不變。

We are focused on operating efficiently from procurement to distribution, while shifting our mix to more value-added.

我們專注於從採購到分銷的高效運營，同時將我們的產品組合轉向更多附加價值。

In Pork.

在豬肉裡。

Pork was in line with expectations, enhancing plant efficiency and fortifying the foundation, while shifting their mix to more value added.

豬肉符合預期，提高了工廠效率並鞏固了基礎，同時將產品組合轉向更多附加價值。

In Prepared Foods, we're on track for the year.

在預製食品方面，我們今年的業績一切順利。

Despite Q1 timing related commodity impacts, we expect counter-seasonal performance due to planned phasing.

儘管第一季受到與商品時間相關的影響，但由於計劃分階段實施，我們預期業績將出現反季表現。

In international, we had the best ever adjusted operating income, supported by strong results in Asia.

在國際方面，由於亞洲市場的強勁業績，我們取得了有史以來最好的調整後營業收入。

So five key takeaways for you in terms of 2025.

因此，對於 2025 年而言，我們有五個關鍵要點。

Number one, we are growing profitably.

第一，我們的獲利正在成長。

Both Chicken and Prepared Foods and FY25 adjusted operating income growth at double-digit rates at midpoint.

雞肉和熟食以及 FY25 調整後的營業收入中位數均達到兩位數的成長。

Number two, we have reduced gross and net debt while driving net leverage from 4.1 times to 2.3 times over the last five quarters.

第二，我們減少了總債務和淨債務，同時在過去五個季度中將淨槓桿率從 4.1 倍降至 2.3 倍。

Number three, we built $4.5 billion of liquidity, enabling another $750 million debt reduction in January.

第三，我們建立了 45 億美元的流動資金，讓 1 月又減少了 7.5 億美元的債務。

And we're doing all this while managing an unprecedented beef cycle.

我們在進行所有這些工作的同時，也正在管理前所未有的牛肉循環。

And five, finally, we are focused on controlling the controls and we're also adapting with agility to manage the impact of tariffs, immigration and market dynamics.

第五，我們專注於控制，同時也靈活應對關稅、移民和市場動態的影響。

We consider these impacts as we raise our guidance by $100 million to a range of $1.9 billion to $2.3 billion.

我們將這些影響考慮在內，因此我們將指導金額上調 1 億美元，至 19 億至 23 億美元之間。

And for your follow-up, Heather?

希瑟，您接下來還有什麼疑問嗎？

Thank you for that.

謝謝你。

And I actually did want to ask on tariffs.

我確實想問關稅問題。

So nothing has come out -- no specifics to come out of Mexico yet, but there's been reports that they're going to put tariffs on US pork and then obviously, the import tariffs in the US has put in place affects cost of hogs and cattle.

目前還沒有任何消息——墨西哥還沒有具體消息，但有報告稱他們將對美國豬肉徵收關稅，顯然，美國實施的進口關稅會影響生豬的成本。

But -- I mean, we send roughly 10% of every hog to Mexico.

但是——我的意思是，我們將大約 10% 的生豬運往墨西哥。

So just -- if you could just go through your operations and how you're thinking about how this net impact is going to play out for you guys?

那麼—您能否簡單介紹一下您的營運情況以及您認為這將為您帶來什麼淨影響？

And I think you did say that your guidance gives effect to this.

我認為您確實說過您的指導會使這一點發揮作用。

But if you could just flesh that out of how you're thinking about the net impact on Tyson?

但是，您能否具體說明一下您對泰森的淨影響是如何看待的？

Sure, Heather.

當然，希瑟。

Let me start off and there may be someone else in the room that would want to add something.

讓我先開始，房間裡可能還有其他人想補充一些內容。

But I did mention we consider these risks when we did our RNOs in raising the guidance of $100 million.

但我確實提到過，當我們在提高 1 億美元的指導金額時，我們考慮到了這些風險。

Just how we're approaching this, our teams continuously engage in contingency planning to minimize business disruption from trade or supply chain changes.

針對此問題，我們的團隊不斷制定應急計劃，以盡量減少貿易或供應鏈變化對業務造成的干擾。

As we've done in the past, we'll leverage our global expertise to identify the best markets for our products amid evolving conditions.

正如我們過去所做的那樣，我們將利用我們的全球專業知識，在不斷變化的條件下為我們的產品找到最佳市場。

And we've been doing this for 90 years and been navigating various administration.

我們已經這樣做了 90 年，並且一直在引導各種管理工作。

We remain confident in our ability to adapt and succeed.

我們對我們的適應和成功的能力仍然充滿信心。

We look forward to working with the new administration in Congress to support the US economy, and we'll continue to monitor and respond to new policies accordingly.

我們期待與國會新政府合作支持美國經濟，並將繼續關注並回應新政策。

Okay, thank you.

好的，謝謝。

Ben Theurer, Barclays.

巴克萊銀行的本‧圖勒 (Ben Theurer)。

Yeah, good morning and thanks for taking my question.

是的，早上好，感謝您回答我的問題。

Congrats first of all, this was a very strong first quarter.

首先恭喜你，這是一個非常強勁的第一季。

So actually, my main question would have been the one on tariffs.

所以實際上我的主要問題是關於關稅的問題。

So pretty appreciative.

非常感激。

I think a lot of people had that online.

我想網上很多人都遇到過這種情況。

So thanks for the commentary.

感謝您的評論。

So as we put those aside and you've obviously flagged as well the challenges in the current capital cycle being unprecedented.

因此，當我們將這些放在一邊時，您顯然也已經指出當前資本週期中面臨的挑戰是前所未有的。

And we had, obviously, an initial update from USDA just a few days ago.

顯然，幾天前我們從美國農業部得到了初步更新。

And it doesn't feel like there's much hope maybe in those numbers.

也許這些數字看起來並不給人太多希望。

But just wanted to understand what are your first take -- what is your first take as to the report and what -- how you think the conditions are for Heifer retention potentially happening and how that then would impact your beef results lower versus higher end of that $200 million to $400 million loss for the year?

但只是想了解一下您對這份報告的第一印像是什麼，以及您認為小母牛保留的條件可能如何，以及這將如何影響您的牛肉業績，無論是低端還是高端。 2 億到4 億美元嗎？

Sure.

當然。

Thanks for that question around beef.

感謝您提出有關牛肉的問題。

I think I will flip this over to Brady and let him give you a great detail as it relates to our beef business.

我想我會把這個問題交給布雷迪，讓他給你詳細介紹一下與我們的牛肉業務有關的事情。

Thanks for the question.

謝謝你的提問。

And I think it's really important to understand that the beef business has cyclicality in it.

我認為，了解牛肉產業的周期性非常重要。

And at the top side of these cycles, we see a curve and at the bottom end of these cycles, we see a curve as well.

在這些週期的頂部，我們看到一條曲線，在這些週期的底部，我們也看到一條曲線。

And it really feels like we are at the absolute bottom of the cycle here relative to that curve.

並且確實感覺我們相對於該曲線正處於週期的絕對底部。

And there's a few leading indicators that I think are really important to continue to evaluate, and it's what we add into our model.

我認為有幾個領先指標確實很重要，需要繼續評估，我們也將其添加到了我們的模型中。

And first and foremost, past year conditions are an improved state versus the last several years.

首先，去年的情況比前幾年有所改善。

And so that definitely provides an opportunity for us to increase the herd as we move forward.

因此，這無疑為我們今後擴大畜群提供了機會。

Second, relative to the fact that we have record high live cattle prices and record high life feeder prices, there's profitability to be had by cow-calf operators.

其次，相對於活牛價格和飼養價格創歷史新高這一事實，母牛-小牛養殖者可以獲得盈利。

And so that certainly provides a tailwind as well.

所以這肯定也提供了順風。

The third indicator is what are we actually seeing from a cow harvest perspective.

第三個指標是我們從乳牛產量角度實際看到的情況。

And we're seeing cattle harvest numbers down nearly 19% year over year, which provides some solid base in terms of the beef, cow herd as we move forward as well.

我們發現牛的屠宰量比去年同期下降了近 19％，這為我們今後的肉牛養殖提供了堅實的基礎。

And then the last thing I think that's really important to acknowledge is the pastures that beef cows graze, their best use has been, and will continue to be, used as pasture for beef cow production.

最後我認為真正重要的是要承認肉牛放牧的牧場，其最佳用途一直是、並將繼續是用作肉牛生產的牧場。

And when you couple all of those things, I think it's just really important to understand that we're at a point in time relative to these inventories, but we have several indicators that are providing us some support that we will see rebuild here in the future.

當你把所有這些因素結合起來時，我認為真正重要的是要明白，我們正處於與這些庫存相關的時間點，但我們有幾個指標為我們提供了一些支持，我們將在未來看到這些指標的重建。

Okay.

好的。

And then just a quick follow-up.

然後只是快速的跟進。

It's more like as you think about the cadence, and I think you mentioned the usual seasonality into 2Q.

這更像是你考慮節奏時的情況，我認為你提到了第二季度的通常季節性。

But you also said maybe first half, second half a little bit more balanced.

但您也說過也許上半場和下半場會更平衡一些。

Could you give a little bit more detail as to the seasonality on the four major segments and the balance between the four major segments as you think about it for the year?

您能否詳細介紹一下四大細分市場的季節性以及您對全年四大細分市場之間平衡的看法？

I'm having trouble hearing your question.

我聽不清楚你的問題。

Shall I try it again?

我要再試一次嗎？

Sorry, mic moved a little bit.

抱歉，麥克風稍微動了一下。

Now the question is, you said -- to expect the typical seasonality into the second fiscal quarter.

現在的問題是，您說—預計第二財季會出現典型的季節性。

But more or less a more breakeven kind of first half, second half.

但上半年和下半年或多或少都比較平衡。

So could you help us maybe understand on a per segment basis, the four major segments as we think about it, when -- what goes into the 2Q and how to think about the second half, if there's any particularity you would like to highlight, so we're aware of that into 2Q as we update our assumptions?

那麼，您能否幫助我們了解每個細分市場的情況，我們所考慮的四個主要細分市場，第二季度的情況如何，以及如何考慮下半年，如果您想強調什麼特殊性，所以當我們更新假設時，我們意識到了第二季的情況嗎？

Thanks, Ben.

謝謝，本。

This is Curt.

這是 Curt。

I'll answer that.

我來回答這個問題。

So I think the most specific one we provided some guidance on was really Prepared Foods, where we said that would be a little counter the normal seasonality where we typically would see stronger performance in the front half versus the back half.

因此，我認為我們提供指導的最具體的領域實際上是預製食品，我們說這將與正常的季節性略有相反，我們通常會看到前半年的表現比後半年更強勁。

But this year, we expect to be more balanced across the year really as some of our -- we implement some of the plans relative to efficiencies.

但今年，我們預計全年將會更加平衡，因為我們實施了一些與效率相關的計畫。

We'll really tilt that a little unusual more to a back half year.

我們確實會將這種不尋常的情況更傾向於去年半年。

I think if you look at the guidance that we've provided and particularly the midpoint of each of the ranges, you come to your own conclusion relative to specifically how Q2 versus a second half would lay out.

我認為，如果您看一下我們提供的指導，特別是每個範圍的中點，您就會得出自己的結論，具體了解第二季度與下半年的走勢。

But broadly speaking, generally chicken, the strongest in Q1 and Q3.

但整體來說，一般來說雞在Q1和Q3表現最強。

Across our chicken and beef segments and pork, we would expect a more normally kind of a little bit of a seasonal challenge in Q2 just as we manage through weather.

在我們的雞肉、牛肉和豬肉業務中，我們預計第二季將面臨一些更正常的季節性挑戰，就像我們應對天氣一樣。

Okay, perfect.

好的，完美。

Thanks for that, Curt.

謝謝你，Curt。

Andrew Strelzik, BMO.

安德魯·斯特雷爾齊克（BMO）。

Hey, good morning.

嘿，早安。

Thanks for taking the questions.

感謝您回答這些問題。

I had two.

我有兩個。

And the first one is digging a little more on what you were saying on the prepared kind of layout for the rest of the year.

第一個是進一步挖掘您所說的關於今年剩餘時間的準備好的佈局的內容。

And I think input costs will continue to be a headwind or maybe even more of a headwind as you go forward.

我認為，隨著時間的推移，投入成本將繼續成為阻力，甚至可能成為更大的阻力。

And so I'm just kind of curious if you could dig in a little bit more on the pieces or the levers to deliver the guidance that you talked about in terms of pricing and the elasticity that you've been seeing or would anticipate to see?

因此，我只是有點好奇，您是否可以更深入地了解這些部分或槓桿，以提供您在定價和彈性方面所談論的指導，以及您已經看到或預計將看到的指導？

And any color that you can give on kind of the flow of productivity through the year to offset some of those headwinds?

您能具體說明一下全年的生產力流動情況，以抵銷一些不利因素嗎？

Sure.

當然。

Good morning, Andrew, and thanks for the question.

早安，安德魯，謝謝你的提問。

I'd just remind you in Prepared Foods, we continue to grow distribution in our prepared business.

我只是想提醒你，在預製食品領域，我們將繼續擴大預製食品業務的分銷。

We had the largest innovation pipeline we've ever had at Tyson in Prepared Foods, and we continue to optimize our operations.

泰森食品在熟食領域擁有迄今為止最大的創新管道，我們正在持續優化我們的營運。

So with that, Q1 was -- was we saw a rapid increase in inputs and certainly had an impact.

因此，在第一季度，我們看到投入迅速增加，而且肯定產生了影響。

And I talked about that a little earlier.

我剛才已經談到了這一點。

But let me pass it over to Kyle Narron, and he can give you a little greater detail as it relates to the balance of the year.

但請讓我將其交給凱爾·納倫 (Kyle Narron)，他可以為您提供與今年餘額相關的更詳細資訊。

Yes.

是的。

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

謝謝唐尼和安德魯提出這個問題。

As Donnie mentioned, we built our full-year improvement plan on controlling the controllables, surrounding growing distribution, launching winning innovation and optimizing our operations.

正如唐尼所提到的，我們制定了全年改進計劃，重點關注可控因素、擴大分銷、推出勝利創新和優化營運。

And I would tell you that in Q1, we made tremendous progress in all of those areas.

我想告訴你，在第一季度，我們在所有這些領域都取得了巨大進展。

We grew distribution, or share, 40 basis points quarter over quarter in our key categories.

我們主要產品類別的分銷量（或份額）比上一季成長了 40 個基點。

We continue to be pleased with the performance of our Jimmy Dean bacon and Hillshire Snacking items that both remain two of the fastest-growing brands in their categories.

我們繼續對吉米迪恩培根和 Hillshire 零食產品的業績感到滿意，這兩個品牌仍然是各自類別中成長最快的品牌之一。

And we had another great season with consumers on our Jimmy Dean roll sausage, where we continue to realize share growth as the category leader.

我們的吉米·迪恩卷香腸系列產品又度過了一個暢銷季，作為該類別的領先者，我們的份額繼續增長。

Our second initiative was launching winning innovation, and I would tell you we're doing just that.

我們的第二項措施是推出成功的創新，我想告訴你們，我們正在這樣做。

Jimmy Dean Griddle Cakes has surpassed $100 million in the last 52 weeks, which is the first of any launch we've had in the last six years.

吉米·迪恩煎餅 (Jimmy Dean Griddle Cakes) 的銷量在過去 52 週內已超過 1 億美元，這是我們六年來首次推出的銷量超過 1 億美元的產品。

And our chicken biscuit is growing distribution and actually has higher trial and repeat purchase rates than the Griddle Cakes did six months through its launch.

我們的雞肉餅乾的銷量正在不斷增長，實際上，其試用率和重複購買率比推出六個月後的烤盤蛋糕還要高。

We're also excited about the pipeline of additional items that we'll be launching in the back half of the year.

我們也對今年下半年將要推出的一系列新產品感到興奮。

And then the third initiative around optimizing our operations, I would tell you we're off to a great start with those initiatives.

然後第三個舉措是關於優化我們的運營，我想告訴你，我們在這些舉措上已經有了一個很好的開始。

We remain focused on operating with discipline and establishing standardized processes that allow us to be world-class operators.

我們始終專注於規範營運和建立標準化流程，以使我們成為世界一流的營運商。

So although we had simply some timing of input cost inflation in the first quarter that put pressure on margins.

因此，儘管我們在第一季只是經歷了一些投入成本上漲，但這對利潤率造成了壓力。

Demand for protein remains strong, and we are controlling the controllables.

對蛋白質的需求依然強勁，我們正在控制可控因素。

What we're doing is working, and I'm confident in our ability to deliver within the guidance range for the balance of the year.

我們正在做的事情是有效的，我相信我們有能力實現今年餘下時間的指導範圍。

Okay.

好的。

Great.

偉大的。

And my other question was on the chicken business and the chicken outlook, and it was great to see raising the top end of the guidance range there on the back of the strong quarter that you put up.

我的另一個問題是關於雞肉業務和雞肉前景，很高興看到在您發布的強勁季度業績的支持下，提高了指導範圍的最高端。

But I was a little surprised that you -- they left the bottom end of the range unchanged.

但我有點驚訝——他們保持範圍的底端不變。

And so I guess, can you just kind of walk through some of the factors that kept you from lifting the lower end of the range or maybe some of the risks that you see that would drive your scenarios that would drive you to the lower end of the chicken guidance range?

所以我想，您能否簡單介紹一下導致您無法提高最低預期範圍的一些因素，或者您認為可能導致您達到最低預期範圍的一些風險？

Thanks.

謝謝。

Sure, Andrew.

當然，安德魯。

As I mentioned earlier, very proud of what we've been able to do in our Chicken business.

正如我之前提到的，我們對我們在雞肉業務上的成就感到非常自豪。

I also pointed out that when we did build our plan, we considered all the R&Os that you do as it relates to tariffs, market dynamics and as well as immigration.

我還指出，當我們制定計劃時，我們考慮了與關稅、市場動態以及移民相關的所有 R&O。

We've built that into our model.

我們已經將其納入我們的模型中。

But we did raise guidance in our Chicken business on the top side.

但我們確實提高了雞肉業務的預期。

And so let me flip that over to Wes, and I know he's been here.

所以讓我把這個問題交給韋斯，我知道他來過這裡。

He's ready to respond to something.

他已經準備好回應某件事了。

So Wes?

那麼韋斯？

Yes.

是的。

Andrew, thanks for the question.

安德魯，謝謝你的提問。

Let me start by saying I feel really good about the midpoint of the range.

首先我要說的是，我對這個範圍的中間點感覺非常滿意。

Q1 was on plan.

Q1 按計劃進行。

We see solid demand going forward.

我們預計未來需求將保持強勁。

We're well balanced supply and demand, and the industry looks more well balanced than it did earlier in the year.

我們的供需平衡，而且整個行業看起來比今年早些時候更加平衡。

So strong fundamentals, strong customer service and a strong consumer reach program for the balance of the year.

因此，我們在今年餘下的時間將擁有強勁的基本面、強勁的客戶服務和強大的消費者覆蓋計劃。

It would take a major extraneous event for us to be on the low end, whether it be major weather or bird health issues.

只有發生重大外部事件，我們才會處於低端，無論是重大天氣還是鳥類健康問題。

Got it.

知道了。

Okay, thank you very much.

好的，非常感謝。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hi, good morning.

嗨，早安。

Thanks for the question.

謝謝你的提問。

Just wanted to follow up on Andrew's questions around Prepared Foods.

只是想跟進安德魯關於預製食品的問題。

And Kyle, just having been in the seat now for several months, kind of as you take a look at the division with fresh eyes and obviously, some of the optimization plans.

凱爾 (Kyle) 上任剛幾個月，就以全新的眼光審視該部門，顯然也制定了一些優化計劃。

I mean are you satisfied with kind of the state of the current portfolio, whether that's legacy brands or legacy categories that you may be in that maybe need reevaluation?

我的意思是，您是否對目前的投資組合狀況滿意，無論是傳統品牌還是可能需要重新評估的傳統類別？

Just trying to understand really what the optimization kind of might look like over the next 12 months and whether there's some reshape activity that needs to happen in there?

只是想真正了解未來 12 個月的最佳化情況是什麼樣的，以及是否需要進行一些重塑活動？

Again, just as we kind of consider the margin profile in the business, while it's on the right trajectory, it's still trailing the peers pretty meaningfully.

再次，正如我們考慮業務的利潤狀況一樣，雖然它處於正確的軌道上，但仍然遠遠落後於同行。

So I would appreciate kind of more detail there.

因此我希望能夠了解更多詳細資訊。

Yeah, thanks for the question, Peter.

是的，謝謝你的提問，彼得。

Let me just start by saying I'm very pleased with our iconic brand and product portfolio.

首先，我要說的是，我對我們的標誌性品牌和產品組合非常滿意。

Having three of the top 10 brands in protein and having category leadership in eight of the 10 categories we play in is what I would call a world-class portfolio.

我們擁有蛋白質領域十大品牌中的三個，並在我們涉足的十大類別中的八個領域中佔據領先地位，這就是我所說的世界一流的產品組合。

The reason I would remain confident for the balance of the year is because of some of the new distribution gains we have in retail that will begin to materialize in the back half of the year.

我之所以對今年的剩餘業績保持信心，是因為我們零售業的一些新的分銷收益將在今年下半年開始實現。

Our performance in foodservice continues to outpace the industry, and we continue to see growth in broadline distribution and commercial chains.

我們在餐飲服務領域的表現繼續領先於行業，我們繼續看到綜合分銷和商業連鎖店的成長。

And as I mentioned previously, we continue to see the benefit of our robust innovation pipeline, and we expect to continue to build on the remarkable success of our Jimmy Dean Griddle Cake and chicken biscuit.

正如我之前提到的，我們繼續看到強大的創新管道的好處，並且我們期望繼續鞏固吉米·迪恩煎餅和雞肉餅乾的卓越成功。

So yes, as mentioned before, we did see some margin pressure in Q1 due to input costs.

是的，正如之前提到的，我們確實看到第一季由於投入成本而承受了一些利潤壓力。

But as stated, we're controlling the controllables.

但正如所說，我們正在控制可控因素。

We're executing the plan that we've laid out as part of our multiyear strategy.

我們正在執行我們多年戰略中製定的計劃。

We'll continue to focus on growing quality share with consumers and customers.

我們將繼續致力於提高消費者和客戶的品質份額。

We'll continue to launch world-class innovation and we'll be world-class operators in our assets.

我們將繼續推出世界一流的創新，並成為世界一流的資產營運商。

Got it.

知道了。

Thanks for that.

謝謝。

And Donnie, I think probably the market this morning is looking for a bit more detail as it relates to tariffs.

唐尼，我認為今天早上的市場可能正在尋找與關稅相關的更多細節。

I know Heather asked the question, but anything more you can provide just how you see the moving pieces, and there are quite a bit of them by protein across beef, pork and chicken?

我知道 Heather 問了這個問題，但您能否提供更多信息，說明您如何看待這些變化的部分，牛肉、豬肉和雞肉中的蛋白質含​​量相當高嗎？

Even if it's at a high level.

哪怕它處於高水平。

And it's encouraging to hear you're going to work with the administration, but just how you see the trade dynamics kind of unfolding even if it's in the very near term?

聽到您將與政府合作真是令人鼓舞，但即使在短期內，您如何看待貿易動態的發展？

Thanks.

謝謝。

Sure.

當然。

I will take another shot at that.

我會再試一次。

And in terms of Mexico, the product that we have going in there, the concern and what we've been contingency planning on is pork.

就墨西哥而言，我們進入該國的產品、關注點以及應急計劃是豬肉。

We also have chicken, really a couple of parts of chicken.

我們也有雞，其實是幾塊雞。

We have mechanically separated chicken.

我們用機械分離了雞肉。

We have chicken leg quarters going into Mexico.

我們有雞腿要運往墨西哥。

Mexico is a large trading partner for us.

墨西哥是我們一個重要的貿易夥伴。

So essentially, what we would do, whether it be pork or whether it would be chicken is that we would find other markets, we would leverage our global knowledge and expertise to try to move those products if necessary.

因此，從本質上講，無論是豬肉還是雞肉，我們都會找到其他市場，如果有必要，我們會利用我們的全球知識和專業技能來嘗試銷售這些產品。

But we saw the information over the weekend.

但我們週末看到了這些資訊。

There's still some details to be worked out in that from what I have seen.

就我所見，仍有一些細節需要解決。

But what I would tell you as it relates to Mexico, and you could say the same about Canada.

但我要告訴你的是，它與墨西哥有關，你也可以對加拿大說同樣的話。

In Canada, you have some -- we have some chicken products, but it's very small going into Canada.

在加拿大，我們有一些雞肉產品，但進入加拿大的量非常少。

It's predominantly heavy file going into Canada.

主要是重型文件運往加拿大。

We have some feeder cattle and some hogs coming into the US out of Canada.

我們有一些肉牛和豬從加拿大運往美國。

So depending on what happens there, we would adjust accordingly.

因此，我們會根據那裡發生的情況進行相應的調整。

But we've been -- we've been preparing for this, making adjustments.

但我們一直在為此做準備，做出調整。

We now have to execute some of those things and -- but we think we have risk adjusted in our guidance of the implications of all of those.

我們現在必須執行其中的一些事情——但我們認為我們已經在指導中對所有這些事情的影響進行了風險調整。

But I think I would leave it there.

但我想我會把它留在那裡。

And Brady, anything you would add to it from?

布雷迪，您還有什麼要補充的嗎？

Or Wes from a chicken or pork perspective?

或是從雞肉或豬肉的角度來看韋斯？

Thanks, Donnie.

謝謝，唐尼。

I think you really covered the situation well.

我認為你確實很好地描述了這一情況。

So very, very early in this process.

所以這個過程還處於非常非常早期的階段。

We've seen tariff instances in the past, and they can be very dynamic as the two trade entities continue to work together.

我們過去曾見過關稅實例，隨著兩個貿易實體繼續合作，關稅實例可能會非常動態。

I think the real call out relative to pork, and that's one of the big question marks that sits out in front of us is the fact that we really operate as a supply chain.

我認為與豬肉有關的真正問題，也是擺在我們面前的一大疑問，是我們是否真的是以供應鏈的形式運作的。

And when we have pork producers, pork packers and then our trade partners that are in Mexico as well, it really operates as a true global supply chain.

當我們在墨西哥有豬肉生產商、豬肉包裝商以及貿易夥伴時，它就真正形成了全球供應鏈。

And where that value gets pushed back and forth in the supply chain is certainly something that we'll keep an eye on.

而這種價值在供應鏈中如何來回傳遞無疑是我們會密切關注的事情。

Yes, Peter, this is Wes.

是的，彼得，這是韋斯。

On poultry, I would say, look, we shipped over 3 billion pounds in our Q1 and less than 80 million pounds of that went to Mexico.

關於家禽，我想說，我們第一季的出貨量超過 30 億磅，其中不到 8,000 萬磅運往墨西哥。

And then as Donnie said, Canada is predominantly heavy hands.

正如唐尼所說，加拿大主要是採取重拳出擊的方式。

But if you think about a global level of supply and demand dynamic, what you're really talking about is a disruption of who's selling and who's buying and when.

但如果你思考全球層面的供需動態，你真正談論的是誰在賣、誰在買、何時買的混亂。

Awesome.

驚人的。

Thanks very much, guys.

非常感謝大家。

Appreciate it.

非常感謝。

Tom Palmer, Citi.

花旗銀行的湯姆·帕爾默。

Hey, thanks for the question, guys.

嘿，謝謝大家提問。

I wanted to first ask, in the 10-Q, there's reference to a network optimization plan that began during the fiscal first quarter.

我想先問一下，在 10-Q 中，提到了在第一財季開始的網路優化計畫。

Just any detail on the changes that might accompany this plan and which segments will be impacted?

請詳細說明該計劃可能帶來的變化以及哪些部分會受到影響？

And then is there a targeted cost savings figure associated with this program?

那麼，該計劃是否有一個目標成本節省數字？

Thanks, Tom.

謝謝，湯姆。

This is Curt.

這是 Curt。

So yes, we did disclose in the quarter at the new network optimization plan.

是的，我們確實在本季披露了新的網路優化計劃。

And we provided some more details in the Q you did point out.

我們在您指出的問題中提供了更多細節。

And the charges we took for Q1 were really just actions that we have already discussed or talked about that occurred earlier this quarter.

我們針對第一季採取的指控實際上只是我們在本季早些時候已經討論過或談到的行動。

But really more importantly, right, we -- as Donnie has said multiple times, continue to review our network with an absolute desire to continually improve on that network optimization across all segments.

但實際上更重要的是，正如唐尼多次說過的那樣，我們將繼續審查我們的網絡，並絕對希望不斷改善所有部分的網路優化。

And that's what you should expect in that network optimization plan.

這正是您在網路優化計劃中所期望的。

There's not a specific target that we have.

我們沒有具體的目標。

But really just as we continue to evaluate the network and moves necessary to be as optimal as we can around the entire product -- moving our products around in production and where they get distributed to.

但實際上，正如我們繼續評估網路和必要的舉措一樣，我們盡可能使整個產品達到最佳狀態——在生產過程中移動我們的產品並將其分發到各地。

Okay, thanks for that.

好的，謝謝。

Then on the beef segment, look, industry data might have suggested something a bit weaker than what you ultimately reported.

那麼在牛肉領域，你看，行業數據可能表明一些比你最終報告的要弱一些的事情。

You noted the higher weights, but also the increased value-add sales.

您注意到重量有所增加，但增值銷售額也增加了。

Could you maybe give us some added detail on the value-add piece?

您能否向我們提供更多有關增值部分的細節？

What products comprise value add?

哪些產品具有加值功能？

And is there a specific channel to highlight where you're really seeing strike?

是否有一個特定的管道可以突出顯示您真正看到罷工的地方？

Thank you for the question.

感謝您的提問。

And first and foremost, I want to thank our team for brilliant execution in the first quarter.

首先，我要感謝我們團隊在第一季的出色表現。

So we laid a plan out to ensure we have continuous improvement and control what we could control within this beef cycle and the team did a great job of delivering that end of the quarter.

因此，我們制定了一項計劃，以確保我們能夠持續改進並控制我們在牛肉週期內可以控制的內容，並且團隊在本季度末出色地完成了任務。

You mentioned volume and certainly, we're seeing heavier cattle weights relative to the fact that we have less expensive input costs and really high live cattle values as well.

您提到了數量，當然，相對於我們較低的投入成本和活牛價值而言，我們看到牛的重量增加了。

So it's really promoting that theater to continue to put weight on.

因此，這確實會促進劇院繼續加強。

But when we actually talk about what we control, our team did a fantastic job of taking the type and kind and mix and grade of cattle that we are procuring and making sure we translate that into greater value in the quarter.

但當我們真正談論我們控制的事情時，我們的團隊做得非常出色，確定了我們採購的牛的類型、種類、組合和等級，並確保將其轉化為本季度的更大價值。

And you can really see it come through relative to our numbers and how we delivered.

而且您可以從我們的數位和交付情況中真正看到這一點。

From a demand perspective, demand has been strong.

從需求角度來看，需求一直很強勁。

And where we've seen abnormally strong demand has been on the end cuts and in the grinds.

我們發現，對端切和研磨品的需求異常強勁。

And continuing to provide value-added solutions for our customers and the consumers that tailored to that demand-driven impact is extremely important to us, specifically in the grind complex as well.

持續為我們的客戶和消費者提供針對需求驅動影響的增值解決方案對我們來說非常重要，特別是在研磨綜合體中也是如此。

And so we've seen really good demand on lean beef grinds.

因此，我們看到瘦牛肉碎的需求量非常好。

We've seen really good demand on patties and other value-added products that come out of our grind stream as well.

我們發現，從我們的研磨流中生產的肉餅和其他加值產品的需求確實很大。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Thank you.

謝謝。

Good morning.

早安.

Just wanted to unpack chicken margins a little bit more.

只是想進一步了解雞肉的利潤。

They're the strongest in about eight years or so.

它們是大約八年來最強的。

And you touched on the feed cost being favorable, but you also mentioned plant performance and execution.

您提到了飼料成本有利，但您也提到了工廠的性能和執行。

Can you just maybe elaborate a little bit on some of what that is and how sustainable we should expect that to be as well?

您能否稍微詳細說明一下這是什麼以及我們應該預期它的可持續性如何？

Yes Michael, this is Wes.

是的，邁克爾，我是韋斯。

Let me start by saying thank you to the team that I'm pleased with our Q1 performance.

首先，我要向團隊表示感謝，我對我們的第一季的表現感到滿意。

We're focused on the right work.

我們專注於正確的工作。

Foundationally, we're a good chicken company, and we continue to look for ways to get better.

從根本上來說，我們是一家優秀的雞肉公司，我們不斷尋找變得更好的方法。

But I think the genesis of your question is really in this next part, and it's around winning with customers and consumers.

但我認為你的問題的真正起源就在下一部分，它是關於如何贏得客戶和消費者的青睞。

And so we had the best order fill that we've had in eight years at -- over 98%.

我們的訂單完成率達到了八年來的最高水準——超過 98%。

And both protein and convenience continues to win with consumers, and we're the market share leader there.

蛋白質和便利性繼續受到消費者的青睞，我們是該市場的領導者。

Our value-added growth rate is two times our total.

我們的增加值成長率是整體的兩倍。

We have the number one share in retail and foodservice and both are growing.

我們在零售和餐飲服務領域佔有第一的份額，兩者都在成長。

And one of the biggest unlocks is shifting our mix to align with consumer demand.

其中最大的轉變就是改變我們的產品組合來滿足消費者的需求。

And so over the last year, through a lot of different moves we've accomplished that.

所以在過去的一年裡，我們透過許多不同的措施實現了這個目標。

And then aligning with strategic customers to create win-win solutions.

然後與策略客戶協調一致，創造雙贏的解決方案。

And then the one I'm really excited about creating tailwinds is our Q1 relaunch of our retail fully cooked is progressing well.

然後，讓我真正興奮的是，我們第一季重新推出的零售全熟產品進展順利。

So I would say it this way, we've fortified our foundation.

所以我想說的是，我們已經鞏固了我們的基礎。

We're winning with customers, and we're meeting consumer demand at a different level than we have in a long, long time.

我們贏得了客戶的青睞，並以不同於長期以來的水平滿足了消費者的需求。

And just a follow-up on the order fill rates.

只是對訂單完成率的追蹤。

Is there a process that's changed or something kind of structural and could that translate to any other segment in terms of improving fill rates more broadly?

是否存在一個改變的流程或某種結構，這是否可以轉化為任何其他部分以更廣泛地提高填充率？

Yes, Michael, that's a really good question.

是的，邁克爾，這是一個非常好的問題。

Last year, I referenced is in one of our three strategic pillars, really doing a good job at our supply and operations planning.

去年，我提到這是我們的三大策略支柱之一，我們的供應和營運規劃確實做得很好。

And so our demand planning has gotten much better.

因此我們的需求計劃變得更好了。

Our forecast accuracy has improved.

我們的預測準確率提高了。

Our scheduling and execution at the plants have reduced waste and put product in the right place at the right time.

我們在工廠的調度和執行減少了浪費並將產品在正確的時間放置在正確的地點。

And so that's really driving a lot of value.

這確實帶來了很大的價值。

Okay, thanks.

好的，謝謝。

I'll pass it on.

我會傳達的。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

Good morning, everyone.

大家早安。

So I think most of the specific meat questions have been answered.

所以我認為大多數關於肉類的具體問題都已經得到了解答。

Can I ask two things?

我可以問兩件事嗎？

First of all, on labor.

首先，關於勞動力。

Are you seeing any impact of the broader deportation activity that's recently begun on worker attendance or worker availability, your ability to recruit if that labor market is tightening up?

您是否認為最近開始的更廣泛的驅逐活動對工人出勤率或工人可用性產生了任何影響，如果勞動力市場收緊，這會對您的招募能力產生什麼影響？

Any impact that you're anticipating on that front?

您預計這方面會產生什麼影響？

And then I have a follow-up.

然後我有一個後續問題。

Thank you for the question, Alexia.

謝謝你的提問，Alexia。

Let me take that one and start out by saying that everyone that works at Tyson Foods, it's legally authorized to do so.

讓我先說一下，在泰森食品工作的每個人都有合法的授權來做這件事。

We're confident that we'll be able to continue to successfully run our business.

我們有信心能夠繼續成功經營我們的業務。

Maybe to remind everyone that there are different statuses for immigrants, for example, we have DACA, refugees, parole and temporary protected status.

也許是為了提醒大家，移民有不同的身份，例如，我們有 DACA、難民、假釋和臨時保護身份。

And we're in complete compliance on every one of those.

我們完全遵守其中的每一條規定。

There have been no immigration or ICE visits to any of our facilities.

從未有移民局或 ICE 人員造訪過我們的任何設施。

We led the way as a company with E-Verify and the mutual agreement between government employees -- employers, the image program.

作為一家公司，我們在 E-Verify 以及政府員工與雇主之間的相互協議和形象計劃方面處於領先地位。

We provide a competitive compensation and benefit package to attract and retain frontline talent.

我們提供有競爭力的薪資和福利待遇以吸引和留住第一線人才。

We've also done scenario planning, depending on different potential changes coming from the new administration.

根據新政府可能帶來的不同變化，我們也進行了情境規劃。

And even today, we're tracking absenteeism across all plants and to date, have not seen any changes in attendance.

直到今天，我們仍在追蹤所有工廠的缺勤情況，到目前為止，沒有發現出勤率有任何變化。

And so I think I'll leave it at that.

所以我想我就到此為止了。

Great, thank you.

太好了，謝謝。

And then as a follow-up, could I just dig into the free cash flow coming down a little bit from last year.

然後作為後續問題，我能否深入探討一下與去年相比自由現金流略有下降的情況。

What was the driver of that?

造成這種情況的原因是什麼？

On the CapEx side, we're seeing an uptick.

在資本支出方面，我們看到了上升趨勢。

And I guess on the CapEx side specifically, I know you pulled that back quite a bit over the last couple of years because leverage was trying to be brought down.

我想，具體到資本支出方面，我知道過去幾年你們已經把這部分支出縮減了不少，因為槓桿率一直在降低。

Are there projects on the capital side that need to come back?

資金面還有什麼項目需要回來嗎？

Should we expect an increase in CapEx over time?

我們是否應該預期資本支出會隨著時間的推移而增加？

Thank you, and I'll pass it on.

謝謝您，我會傳達的。

Thanks.

謝謝。

This is Curt.

這是 Curt。

Let me start on the free cash flow question.

讓我先來談談自由現金流的問題。

Really, on the change versus prior year, you are correct, right.

確實，與去年相比的變化，您是對的，對的。

We were about $946 million first quarter last year, $760 million this year.

去年第一季我們的營收約為 9.46 億美元，今年約為 7.6 億美元。

But I will hurry on to comment that we did update our guidance on overall free cash flow for the year to be a range of between $1 billion to $1.6 billion.

但我還是要趕緊評論一下，我們確實更新了今年整體自由現金流的預期，將其範圍調整為 10 億美元至 16 億美元之間。

Really, the delta almost exclusively for this quarter versus a year ago was a change in working capital.

實際上，本季與去年同期相比的變化幾乎完全是營運資本的變化。

We had some timing effects that were more favorable to us.

我們獲得了一些對我們更有利的時機效應。

Last year, less so in this particular quarter for this year.

去年，但今年這個特定季度的情況就沒那麼好了。

But hurry on to make reference to still a very supportive free cash flow overall with a guidance range of $1 billion to $1.6 billion.

但請趕緊提及，總體而言，自由現金流仍然非常可觀，指引範圍為 10 億美元至 16 億美元。

With respect to your CapEx, certainly, it's been a very focused effort for us to land the CapEx range that's right for us.

關於您的資本支出，當然，我們一直非常集中精力，以達到適合我們的資本支出範圍。

And certainly, the last -- the couple of years in '22 and '23, right, we were fairly high at about $1.9 billion in each of those two years.

當然，最後——22 年和 23 年的兩年，我們的收入相當高，每年約 19 億美元。

But the longer-term average for us is really more in that $1 billion to $1.2 billion range.

但對我們來說，長期平均值實際上在 10 億到 12 億美元之間。

And remember that those years high in '22 and '23 were really driven by double-digit number of new facilities that we've put on during that time that definitely inflated it.

請記住，22 年和 23 年的高峰實際上是由那段時間我們新建的兩位數設施所推動的，這無疑推高了價格。

But I would applaud the team.

但我會為這支球隊鼓掌。

We have taken a very disciplined approach in capital not only for the projects you're seeing roll through now as we're planning over the next three years to ensure that we're getting the return that we expect with that capital level of deployment that we have.

我們在資本方面採取了非常嚴謹的方法，不僅是針對你現在看到的項目，也是針對未來三年的計劃，以確保我們能夠通過資本部署水平獲得預期的回報。

And even at that, even at the rate that we pulled it back, we are still trending in excess of a normal depreciation level.

即便如此，即便以我們回檔的速度，其貶值趨勢仍然超過了正常的貶值水準。

Great.

偉大的。

Thank you very much.

非常感謝。

I'll pass it on.

我會傳達的。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Great, thanks for the question.

非常好，謝謝您的提問。

Congratulations on the exceptional quarter.

恭喜您度過了一個非凡的季度。

Just wanted to start out.

只是想開始。

I know everybody here has kind of asked about chicken already, but I wanted to dive into it a little bit further.

我知道這裡的每個人都已經問過關於雞肉的問題了，但我想進一步深入探討。

You've done a lot of work.

你已經做了很多工作。

You said there's more left on the table.

你說桌子上還剩下更多東西。

I think on the last call, you mentioned there was about $500 million to $700 million of self-help opportunity.

我記得在上次電話會議中您提到大約有 5 億至 7 億美元的自助機會。

And on this call, you mentioned there's cost to take out for just fiscal '25.

在這次電話會議中，您提到光是 25 財年就有成本需要負擔。

Just wondering if you have an update to this number or just kind of help us think about how much opportunity is left within chicken?

只是想知道您是否對這個數字有更新，或者只是幫助我們思考一下雞肉中還剩下多少機會？

Yeah, good morning.

是的，早安。

This is Wes.

這是韋斯。

Yes, we continue to deliver lower controllable costs and continuous improvement is part of what we do every day.

是的，我們持續提供更低的可控成本，持續改善是我們日常工作的一部分。

I'd ask you to think about the fortified foundation and the operational improvements is really how you invest in insights, innovation and message consumers.

我請你思考一下鞏固的基礎和營運改善實際上是如何投資於洞察力、創新和資訊消費者。

So it's the -- being the low-cost producer and drive revenue at the same time.

因此，它是——成為低成本生產商並同時增加收入。

And so I'd say it this way.

所以我會這樣說。

We're well positioned to offset the increased consumer spend in 2025 through operational efficiencies.

透過提高營運效率，我們有能力抵銷 2025 年消費者支出的增加。

The full-year outlook looks neutral on markets.

市場對全年前景持中性態度。

And so you can calculate the differ rental as operational improvement.

因此，您可以將不同的租金計算為營運改善。

Great.

偉大的。

No, I appreciate that insight.

不，我很欣賞這種見解。

I guess my follow-up, I wanted to ask about pork.

我想接下來想問的是有關豬肉的問題。

The USDA is projecting higher hog supplies, particularly in the back half of the year.

美國農業部預測生豬供應量將會增加，特別是今年下半年。

And given the results that you kind of just posted, and with the cadence of higher hog supplies in the back half of the year, do you think you could see a material improvement in pork margins, particularly in the back half of the year when you do see higher hog supplies?

鑑於您剛發布的結果，以及下半年生豬供應量增加的節奏，您是否認為豬肉利潤率會大幅提高，特別是在下半年，屆時您生豬供應量會增加嗎？

Thanks for the question.

謝謝你的提問。

And I think it's really important, first and foremost, before we get into the macro economic environment we're operating in on the pork side is to commend the team on really, really solid performance relative to our operational improvements.

我認為，首先，在我們進入我們所處的宏觀經濟環境之前，非常重要的一點是，要讚揚團隊在營運改善方面所取得的真正堅實表現。

We have significant efficiency gains year over year that the team has realized.

我們團隊的效率逐年顯著提升。

Extremely proud of the world-class team that we have here in Springdale operating our pork business as well.

我們為在斯普林代爾經營豬肉業務的世界一流團隊感到非常自豪。

And we've seen improvements really across the board from a plant operations perspective in terms of cost to operate, from a margin improvement in terms of converting and converting margins really.

從工廠營運的角度來看，我們在營運成本、轉換利潤率和轉換利潤率等方面都確實看到了全面改善。

Really solid performance as well.

性能確實非常出色。

So we feel really comfortable with our team.

因此我們對我們的團隊感到非常滿意。

We feel comfortable with our plan as we move forward as well.

我們對我們的計劃感到很滿意，並且不斷向前推進。

From a macro standpoint, I think it's important to point out a few things.

從宏觀角度來看，我認為有必要指出幾點。

Number one is, versus the last several years, we have lower input costs, and that's really providing an opportunity following the liquidation cycle that we saw in 2023 and part of 2024 from a sow perspective to provide stability to the producers to have appropriate margins as we move forward as well.

首先，與過去幾年相比，我們的投入成本較低，從母豬的角度來看，這確實為我們在2023 年和2024 年部分時間看到的清算週期之後提供了一個機會，可以為生產者提供穩定性，以獲得適當的利潤。

So I think that really provides the tailwind wins or the foundation for potential expansion or at least stability within the numbers we have as well.

因此，我認為這確實為潛在的擴張提供了順風優勢或基礎，或者至少在我們現有的數字內也保持了穩定。

In terms of actual margins, we'll continue to monitor that.

就實際利潤率而言，我們將繼續監控。

But as we all know, we've got a good supply situation in front of us, really good disease impacts.

但眾所周知，我們面前的供應情況良好，疾病影響確實良好。

So low disease impacts in the industry that certainly helps provide that incremental supply that you mentioned.

因此，該行業對疾病的影響較低，肯定有助於提供您所提到的增量供應。

Great.

偉大的。

I appreciate the call, and congrats again on the quarter.

感謝您的來電，並再次恭喜本季取得的成績。

(Operator Instructions) Manav Gupta, UBS.

(操作員指示) Manav Gupta，瑞銀。

Thank you for squeezing me in.

謝謝你擠進我。

Your leverage continues to drop.

您的槓桿率持續下降。

It was 2.6 last quarter.

上個季度是 2.6。

It's now 2.3. By all estimates, it should be below the target by the end of the first half.

現在是 2.3。根據各種估計，到上半年末，這個數字應該會低於目標。

So just trying to understand where we go from here?

那麼只是想了解我們接下來要去哪裡呢？

Sometimes companies then revise the leverage target lower.

有時公司會下調槓桿目標。

Sometimes they continue to operate a lower number.

有時他們會以較低的數量繼續運作。

And in some cases, companies come back and say, going ahead as we set our leverage target, excess cash goes to shareholders.

在某些情況下，公司會回頭說，按照我們設定的槓桿目標，多餘的現金將歸股東所有。

So I'm just trying to understand how the management is thinking about that?

所以我只是想了解管理階層是如何考慮這個問題的？

Yes, thanks.

是的，謝謝。

Certainly, I appreciate taking note of the improvement we've made in leverage from 4.1 times down to 2.3 across the last five quarters.

當然，我很高興看到我們的槓桿率在過去五個季度中從 4.1 倍下降到 2.3 倍。

And I'll reiterate from the earlier comments, right.

我將重申先前的評論，對的。

That was really driven by operational excellence, either commercial execution, focus on working capital, focus on our CapEx tight controls and getting returns, as I said to an earlier question.

正如我在之前的問題中所說的那樣，這實際上是由卓越營運推動的，無論是商業執行、專注於營運資金、專注於我們的資本支出嚴格控制和獲得回報。

But our financial capital priorities really do remain unchanged around maintaining financial strength, investing back across our business and returning cash to shareholders.

但我們的金融資本重點確實保持不變，即保持財務實力、投資我們的業務並向股東返還現金。

And as Donnie pointed out earlier this morning in January, so that was a subsequent event to this quarter.

正如唐尼在一月份早些時候指出的那樣，這是本季的後續事件。

We did pay off $750 million term loan.

我們確實償還了7.5億美元的定期貸款。

It was a term loan that was due in May of '26 that will further reduce our gross debt and reduce cash.

這是一筆定期貸款，將於 26 年 5 月到期，這將進一步減少我們的總債務並減少現金。

But obviously, that would be net debt or net leverage neutral.

但顯然，這將是淨債務或淨槓桿中性。

You did make a comment to our long-range target of at or below 2 times.

您確實對我們的長期目標（等於或低於 2 倍）做出了評論。

So while we're very pleased with the journey from 4.1 to 2.3 times across the last five quarters, we do still have a little bit ways to go.

因此，雖然我們對過去五個季度從 4.1 倍到 2.3 倍的進步感到非常滿意，但我們還有一段路要走。

But we -- it is not unusual for us to also maintain leverage below that target.

但我們將槓桿率維持在該目標以下的情況並不罕見。

But our financial capital priorities will remain the same around maintaining that strength.

但我們的金融資本重點將保持不變，即維持此實力。

Taking opportunities to invest in our business as we see them either for growth or profit improvement.

抓住機會投資我們的業務，因為我們認為這可以促進成長或提高利潤。

And then lastly, returning cash to shareholders.

最後，向股東返還現金。

I would just add, as I finished, we did announce on the November call and paid recently, our dividend increase.

我只想補充一下，正如我剛才所說，我們確實在 11 月的電話會議上宣布了增加股息，最近也支付了股息。

So that makes 13 consecutive years of a dividend increase.

這意味著股利已連續13年增加。

Thank you.

謝謝。

And ladies and gentlemen, at this time, we'll conclude today's question-and-answer session.

女士們、先生們，今天的問答環節到此結束。

I'd like to turn the floor back over to Donnie King for any closing remarks.

我想將發言權交還給唐尼金 (Donnie King)，請他做最後發言。

Thank you.

謝謝。

And so I have an announcement to make this morning.

所以今天早上我要宣布一件事。

And as you remember, a little over two years ago, I asked Wes Morris to come out of retirement and get our poultry business back on track and develop a strong succession plan.

你們還記得，兩年多前，我要求韋斯莫里斯重返崗位，讓我們的家禽業務重回正軌，並製定強有力的繼任計劃。

At the time I asked WES for three years, and we're now in the final year of the three-year commitment.

當時我向 WES 申請了三年的合作，現在我們正處於三年承諾的最後一年。

So over the balance of the year, Wes will be transitioning out of the company and back to his ranch with his wife Carrie.

因此，在今年餘下的時間裡，韋斯將離開公司，和妻子凱莉一起回到他的牧場。

They're happy place.

他們是快樂的地方。

I think Wes has clearly gotten our business back on track and developed a great team and I am forever indebted to Wes and thank him for his leadership and his friendship.

我認為韋斯顯然已經讓我們的業務重回正軌並組建了一支優秀的團隊，我永遠感激韋斯，感謝他的領導和友誼。

In the coming weeks, I'll announce the new President of poultry, and we will have a seamless transition over the balance of the year.

接下來的幾週內，我將宣布新任家禽總裁，我們將在今年餘下時間內實現無縫過渡。

So thank you, Wes, for your time.

所以，韋斯，謝謝你抽出時間。

Thank you for your talents and thank Carrie for allowing her to let us have you for the three years.

感謝您的才華，也感謝 Carrie 允許我們擁有您三年。

So with that, thank you for your time today and interest in Tyson Foods.

所以，感謝您今天抽出時間並對泰森食品感興趣。

We look forward to updating you on progress in the next quarter.

我們期待在下個季度向您通報進度。

Ladies and gentlemen, the conference has now concluded.

女士們、先生們，會議現已結束。

We do thank you for attending today's presentation.

我們非常感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路了。