泰森食品 (TSN) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Tyson Foods second-quarter 2025 earnings conference call (Operator Instructions) Please note, today's event is being recorded.

大家早安，歡迎參加泰森食品 2025 年第二季度收益電話會議（操作員指示）請注意，今天的活動正在錄製中。

I'd now like to turn the conference over to Sean Cornett, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Sean Cornett。請繼續。

Good morning and welcome to Tyson Foods second-quarter fiscal year 2025 earnings conference call. 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. Additionally, joining us today are Brady Stewart, Group President, Prepared foods, Beef, Pork and Chief Supply Chain Officer; Devin Cole, Group President, Poultry and Global Business Unit; and Kristina Lambert, Chief Growth Officer. We have also provided a supplemental presentation which may be referenced in today's call and is available on Tyson's Investor relations website and via the link in our webcast.

早安，歡迎參加泰森食品2025財年第二季財報電話會議。在今天的電話會議上，泰森總裁兼執行長唐尼金 (Donnie King)；財務長 Curt Calaway 將發表準備好的講話，然後進行問答。此外，今天與我們一起出席的還有集團總裁、牛肉、豬肉預製食品和首席供應鏈官 Brady Stewart；德文·科爾 (Devin Cole)，家禽和全球業務部集團總裁；以及首席增長官克里斯蒂娜·蘭伯特 (Kristina Lambert)。我們還提供了一份補充演示文稿，可以在今天的電話會議中參考，也可以在泰森的投資者關係網站上或透過我們的網路廣播中的連結取得。

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

在今天的電話會議中，我們將就未來的預期做出前瞻性陳述。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》的安全港條款提供的。

Forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events or performance that do not relate solely to historical periods. These forward-looking statements are subject to risks, uncertainties, and assumptions, which may cause actual results to differ materially from our current projections.

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，這些評論不僅僅與歷史時期有關。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. We assume no obligation to update any forward-looking statements.

有關可能導致我們的實際結果與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。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. For reconciliations of these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release. Now I'll turn the call over to Donnie.

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。有關這些非 GAAP 指標與其對應的 GAAP 指標的對賬，請參閱我們的收益新聞稿。現在我將把電話轉給唐尼。

Thanks, Sean. You've heard me say before that operational excellence never gets old or goes out of style, and this quarter is another proof point. Our strong results underscore the consistent execution of our strategic priorities. Our teams remain focused on execution and proactively navigating an evolving environment. This marks our fourth consecutive quarter of year over year growth across sales, adjusted operating income, and adjusted earnings per share.

謝謝，肖恩。您之前曾聽我說過，卓越的營運永遠不會過時或過時，而本季就是另一個證明。我們的強勁業績凸顯了我們始終如一地執行策略重點。我們的團隊始終專注於執行並積極應對不斷變化的環境。這是我們銷售額、調整後營業收入和調整後每股盈餘連續第四個季度年增。

Second quarter adjusted operating income is better by more than $100 million or 27% versus last year, and our margin expanded by 70 basis points. Our chicken, pork, and prepared food segments, along with international and other, all delivered year over year adjusted operating income growth. We achieved 48% growth in adjusted earnings per share, reflecting improved operating performance and strategic execution.

第二季調整後的營業收入比去年同期增加了 1 億多美元，增幅為 27%，利潤率則擴大了 70 個基點。我們的雞肉、豬肉和預製食品部門以及國際和其他部門均實現了同比調整後的營業收入成長。我們的調整後每股收益成長了 48%，反映了經營績效和策略執行的改善。

We improved our net leverage ratio versus last year through deliberate actions and are maintaining a healthy balance sheet underpinned by our disciplined capital allocation. This reflects our resilience even as beef remains under pressure.

我們透過深思熟慮的行動改善了去年的淨槓桿率，並在嚴格的資本配置下維持了健康的資產負債表。這反映出，儘管牛肉市場仍面臨壓力，但我們仍具有韌性。

Now let's talk about demand. As we mentioned last quarter, 71% of US consumers sought to increase their protein consumption in 2024, according to an International Food Information Council study. The latest Power of Meat report from the Food Industry Association shows that US meat sales at retail hit an all-time high in 2024, with consumers making purchases more than once per week. According to the study, meat had 98% household reach and was included in nearly 90% of home cooked dinners.

現在我們來談談需求。正如我們上個季度所提到的，根據國際食品資訊委員會的一項研究，71% 的美國消費者希望在 2024 年增加蛋白質消費量。食品工業協會發布的最新《肉類力量》報告顯示，2024年美國零售肉類銷售將創歷史新高，消費者每週購買肉類超過一次。根據研究，肉類已進入98%的家庭，並且近90%的家庭晚餐都含有肉類。

Meat is the clear protein choice recognized for nutritional value, convenience, and versatility. Even with a dynamic backdrop, it is evident that consumers continue to prioritize protein, especially from animal sources, underscoring robust sustained demand across the category.

肉類是公認的營養價值高、方便且用途廣泛的蛋白質選擇。即使在動態背景下，很明顯消費者仍然優先考慮蛋白質，尤其是動物來源的蛋白質，這凸顯了整個類別的強勁持續需求。

As a world class food company and recognized leader in protein, Tyson is well positioned. Our multi-protein multi-channel portfolio allows us to serve a wide range of consumer protein needs across eating occasions and value tiers. Our broad portfolio of strong brands, Tyson, Jimmy Dean, Ballpark, and Hillshire Farm remain key differentiators in a competitive marketplace allowing us to drive long term value.

作為世界級的食品公司和公認的蛋白質領導者，泰森擁有良好的市場定位。我們的多蛋白質多通路產品組合使我們能夠滿足不同飲食場合和價值層次的廣泛消費者蛋白質需求。我們擁有眾多強勢品牌，包括泰森、吉米迪恩、Ballpark 和 Hillshire Farm，它們仍然是我們競爭市場中的關鍵差異化因素，使我們能夠實現長期價值。

Now let's walk through segment performance, prepared foods. Prepared foods continues to be a high performing and dependable driver of profitability. In the second quarter, we delivered double digit margins, expanding by 50 basis points versus the prior year. The team continues to execute with excellence on the factors within their control. We see meaningful runway to expand margins over time. Our multi-year plan focused on optimizing operations, launching winning innovations, and expanding distribution is on track.

現在讓我們來看看細分市場的表現，即預製食品。預製食品繼續成為盈利能力的高效且可靠的推動力。第二季度，我們的利潤率達到兩位數，比前一年成長了 50 個基點。團隊繼續出色地執行其可控制的因素。我們看到了隨著時間的推移擴大利潤率的有意義的跑道。我們的多年計劃重點是優化營運、推出成功的創新和擴大分銷，目前該計劃正在按計劃進行。

As a tangible example of how we are driving operational improvement, we have developed and implemented new tools that provide line and process level visibility of performance versus equipment capabilities. We have achieved measurable gains over the past year with line and labor efficiencies, increasing by 250 basis points and 280 basis points respectively.

作為我們如何推動營運改善的一個具體例子，我們開發並實施了新工具，可提供效能與設備能力的生產線和流程層級可見度。過去一年，我們的生產線和勞動力效率取得了顯著提高，分別提高了 250 個基點和 280 個基點。

These tools, coupled with the improved sales and operations planning process, enable smarter decisions around product scheduling and labor staffing, which in turn are improving productivity, reducing costs, and supporting stronger service levels. As we continue to utilize these tools and improvements across the business, we'll continue to reduce inefficiencies and drive out waste.

這些工具與改進的銷售和營運計劃流程相結合，使得圍繞產品調度和勞動力配備做出更明智的決策成為可能，從而提高生產力、降低成本並支持更強的服務水平。隨著我們繼續在整個業務中使用這些工具和改進，我們將繼續減少低效率並消除浪費。

Innovation also continues to be an area of focus where we are making progress. Our Jimmy Dean chicken biscuits recently won the 2024 Circana Pacesetter Award for New Product of the Year. We are continuing to build on that success with new line extensions like the chicken, egg, and cheese biscuit that newly launched this spring.

創新也繼續成為我們重點關注並取得進展的領域。我們的 Jimmy Dean 雞肉餅乾最近贏得了 2024 年 Circana Pacesetter 年度新產品獎。我們將繼續鞏固這一成功，並推出新的產品線，例如今年春天新推出的雞肉、雞蛋和起司餅乾。

Wright brand continues to resonate with consumers as a leading premium bacon brand. We're now leveraging that equity to expand into smoked sausage, bringing the same trusted quality to a new category. We are also unlocking growth in our Hillshire Farm snacking portfolio as consumers, especially adults, continue to seek convenient protein-rich options.

作為領先的優質培根品牌，Wright 品牌繼續引起消費者的共鳴。我們現在利用這項優勢將業務拓展到燻製香腸領域，將同樣值得信賴的品質帶入新的類別。隨著消費者（尤其是成年人）繼續尋求方便的富含蛋白質的選擇，我們也正在推動 Hillshire Farm 零食產品組合的成長。

In chicken, we delivered our best second quarter adjusted operating income in nine years and our second consecutive quarter of volume growth. This quarter, adjusted operating income nearly doubled compared to the same quarter last year, driven by strong operational execution across the business, including the best order fill rates we've seen in many years and lower grain costs.

在雞肉方面，我們實現了九年來最好的第二季度調整後營業收入，並且連續第二個季度實現銷售增長。本季度，調整後的營業收入與去年同期相比幾乎翻了一番，這得益於整個業務的強勁運營執行，包括我們多年來看到的最佳訂單完成率和更低的穀物成本。

We continue to prioritize building long-term winning relationships with our customers, allowing us to partner in growing the category while stabilizing our earnings profile.

我們繼續優先考慮與客戶建立長期共贏的關係，這使我們能夠在穩定盈利狀況的同時合作擴大產品類別。

In beef we're navigating a challenging environment with discipline. We're managing costs and enhancing mix or more value-added offerings. While limited cattle availability is pressuring spreads, consumer demand has remained resilient. Our teams are executing well across procurement, production, and distribution to meet customer needs and stay on track.

在牛肉產業，我們以紀律性來應對充滿挑戰的環境。我們正在管理成本並增強產品組合或更多的增值產品。儘管牛隻的供應有限對價差造成壓力，但消費者需求仍保持強勁。我們的團隊在採購、生產和分銷方面表現出色，滿足了客戶需求並保持正常運作。

Turning to pork, we delivered our best second quarter adjusted operating income in three years. This reflects the strength of the improvements we have made in building a fundamentally better port business. Operational advancements and momentum and value-added mix contributed to our results, offsetting tighter spreads. And while hog costs remain a factor, we're encouraged by a healthy demand outlook.

談到豬肉，我們實現了三年來最好的第二季調整後營業收入。這體現了我們在建立更好的港口業務方面所取得的進步力度。營運進步、動力和增值組合對我們的業績做出了貢獻，抵消了利差收窄的影響。儘管生豬成本仍然是一個因素，但我們對健康的需求前景感到鼓舞。

Across all segments, we're actively monitoring the evolving macro landscape. And while we're not immune, our experience in navigating past cycles gives us confidence to respond effectively and proactively scenario plans.

在所有領域，我們都在積極監測不斷變化的宏觀情況。雖然我們並非免疫，但我們在過去的周期中累積的經驗讓我們有信心有效地應對並積極主動地制定情境計劃。

Our strategic priorities, operational excellence, customer and consumer obsession, data and digital delivery, capital allocation, and team member development remain unchanged, and our teams are executing them with excellence.

我們的策略重點、卓越營運、客戶和消費者關注、數據和數位交付、資本配置和團隊成員發展保持不變，我們的團隊正在出色地執行這些目標。

Over the past several quarters, we have shared our actions to optimize our plant network, and those efforts are continuing to generate efficiencies while also reducing CapEx requirements. In this next phase of our optimization journey, we're taking deliberate, measured steps to evolve our logistics and distribution infrastructure. These efforts are early stage but are critically important as we work toward greater long-term efficiency.

在過去的幾個季度中，我們分享了優化工廠網路的行動，這些努力正在繼續提高效率，同時降低資本支出要求。在我們優化之旅的下一階段，我們將採取深思熟慮、有分寸的步驟來發展我們的物流和配送基礎設施。這些努力尚處於早期階段，但對於我們努力提高長期效率至關重要。

We will sell multiple smaller conventional cold storage warehouses, unlocking gross proceeds in the range of $250 million to $300 million and then transition as a new anchor partner into several large-scale fully automated next-generation cold storage facilities.

我們將出售多個較小的傳統冷藏倉庫，釋放 2.5 億至 3 億美元的總收益，然後作為新的主要合作夥伴轉型為幾個大型全自動下一代冷藏設施。

These facilities will reduce network complexity, streamline inventory flow, and simplify processes in ways that will better position us to serve our customers smarter and faster now and into the future. This transition will be a multiyear journey, but we believe this will generate around $200 million of annual savings at full completion, which is currently anticipated in 2030. We are confident that these actions will lead to meaningful operational improvements, greater agility, allow future growth, and reducing future capital requirements.

這些設施將降低網路複雜性、簡化庫存流程並簡化流程，使我們能夠更好地為現在和將來的客戶更聰明、更快速地提供服務。這一轉變將是一個多年的過程，但我們相信，在全面完成後，每年將節省約 2 億美元，目前預計在 2030 年實現這一目標。我們相信，這些行動將帶來有意義的營運改善、更高的靈活性、促進未來成長並減少未來的資本需求。

Before I turn things over to Kurt, I'd like to take a moment to talk about the thoughtful steps we're taking across our portfolio to align with evolving opportunities around products ingredients, and quality standards.

在將任務交給庫爾特之前，我想花點時間談談我們在整個產品組合中採取的深思熟慮的措施，以適應產品成分和品質標準不斷變化的機會。

As a recognized leader in protein, none of the products Tyson Foods offers through our school nutrition programs include petroleum-based synthetic dyes as ingredients. Today, the vast majority of our retail branded Tyson products, including our Tyson Dino nuggets, Tyson Chicken nuggets, Tyson Chicken Bites, and Jimmy Dean Maple Griddle Cake do not contain any of these types of dyes, and we have been proactively reformulating those few products that do.

作為公認的蛋白質領導者，泰森食品透過我們的學校營養計畫提供的所有產品均不含石油基合成染料作為成分。如今，我們零售品牌泰森的絕大多數產品，包括泰森恐龍雞塊、泰森雞塊、泰森雞塊和詹米迪恩楓糖煎餅，都不含任何此類染料，而且我們一直在積極地重新配製那些含有此類染料的少數產品。

We expect that our work to eliminate use of petroleum-based synthetic dyes in production will be completed by the end of May, much sooner than the timeline provided by the US Department of Health and Human Services. With that, I'll turn it over to Curt to walk through our financial results in more detail.

我們預計，在生產中消除石油基合成染料的使用工作將於 5 月底完成，比美國衛生與公眾服務部提供的時間表早得多。接下來，我將把時間交給 Curt 來更詳細地介紹我們的財務表現。

Thanks, Donnie. Second quarter enterprise sales were $13.1 billion, but that includes a reduction of $343 million or 2.6% related to a legal contingency accrual primarily reflected in pork. Excluding this, sales would have grown as expected year over

謝謝，唐尼。第二季企業銷售額為 131 億美元，但其中包括與主要反映在豬肉上的法律應急費用相關的 3.43 億美元或 2.6% 的減少。除此之外，銷售額較去年同期預期將有所成長

year. Adjusted operating income increased by 27% to $515 million, driven by another strong quarter of performance in chicken and solid contributions from international and other, pork and prepared foods, all of which helped offset the decline in beef. Adjusted earnings per share grew more than 48%.

年。調整後的營業收入成長 27%，達到 5.15 億美元，這得益於雞肉產品再創佳績，以及國際及其他地區、豬肉和預製食品的穩健貢獻，所有這些都有助於抵消牛肉銷量的下滑。調整後每股收益成長超過48%。

As Donnie mentioned, this is the fourth consecutive quarter of year-over-year growth across sales, AOI and adjusted EPS. Our multi-protein multichannel portfolio, combined with our team's continued execution in a changing macro environment is delivering results.

正如唐尼所提到的，這是銷售額、AOI 和調整後每股收益連續第四個季度同比增長。我們的多蛋白多通路產品組合，加上我們團隊在不斷變化的宏觀環境中的持續執行，正在產生成果。

Turning to second quarter segment performance. In prepared foods, sales were in line versus last year as higher pricing was offset by softer volume. It's worth noting that pricing was up across retail and food away from home channels, a reflection of our effective brand portfolio and pass-through pricing.

談到第二季的分部表現。在預製食品方面，由於價格上漲被銷售下降所抵消，銷售額與去年持平。值得注意的是，零售和外食通路的價格都有所上漲，這反映了我們有效的品牌組合和轉嫁定價。

Adjusted operating income increased nearly 5% and margin improved 50 basis points versus last year. We continue to be more efficient with our marketing, advertising, and promotional support cost as well as broader SG&A expenses.

調整後的營業收入較去年同期成長近 5%，利潤率提高 50 個基點。我們持續提高行銷、廣告和促銷支援成本以及更廣泛的銷售、一般和行政費用的效率。

We also continue to make progress with our operational execution initiatives. These improvements, along with pricing and lapping of start-up costs last year more than offset the impact of the ongoing raw material cost increases.

我們的營運執行計劃也持續取得進展。這些改進，加上去年的定價和啟動成本的重疊，足以抵銷持續原物料成本上漲的影響。

In chicken, we delivered our second consecutive quarter of year-over-year volume growth contributing to a 2% increase in sales. Adjusted operating income increased 95% versus last year, highlighting our best second quarter performance since fiscal 2016. Year-over-year profit growth was driven by ongoing operational improvements and the net benefit of lower grain cost.

在雞肉方面，我們連續第二季實現銷量年增，帶動銷售額成長 2%。調整後的營業收入較去年同期成長 95%，創下 2016 財年以來第二季的最佳表現。利潤年增主要得益於持續的營運改善和糧食成本降低所帶來的淨收益。

Sales in beef increased primarily due to a higher average price per pound, reflecting ongoing healthy demand. Adjusted operating income declined driven by spread compression, emphasizing higher year-over-year cattle cost.

牛肉銷售的成長主要是由於每磅平均價格的上漲，反映出持續的健康需求。調整後的營業收入因價差壓縮而下降，強調了牛成本比去年同期上升。

In Pork, sales we're roughly in line versus last year, excluding the impact of the legal contingency accrual. Adjusted operating income increased 67%, reflecting the strongest second quarter result in the past three years. Cost discipline and improvements in utilization and value-added mix more than offset tighter spreads.

在豬肉方面，排除法律意外應計的影響，我們的銷售額與去年大致持平。調整後的營業收入成長了 67%，這是過去三年來最強勁的第二季業績。成本控制以及使用率和增值組合的改善足以抵消利差收窄的影響。

Turning to our financial position. Our capital allocation strategy is consistent and deliberate. We remain focused on maintaining financial strength, investing in the business, and returning cash to shareholders.

談談我們的財務狀況。我們的資本配置策略是一致且深思熟慮的。我們仍然專注於保持財務實力、投資業務和向股東返還現金。

Year-to-date operating cash flow was $846 million, and capital expenditures came in at $464 million, resulting in free cash flow of $382 million. Year-to-date dividends were $349 million. We remain committed to the dividend as our primary way of returning cash to shareholders.

年初至今的營運現金流為 8.46 億美元，資本支出為 4.64 億美元，自由現金流為 3.82 億美元。年初至今的股利為 3.49 億美元。我們仍然致力於將股利作為向股東返還現金的主要方式。

We ended the quarter with net leverage at 2.3 times and $3.2 billion in liquidity after paying off our $750 million term loan that was due in 2026. Our balance sheet remains healthy as we prioritize financial strength, our investment-grade credit rating, and cash management to drive long-term shareholder value.

在償還了 2026 年到期的 7.5 億美元定期貸款後，本季末我們的淨槓桿率為 2.3 倍，流動資金為 32 億美元。我們的資產負債表保持健康，因為我們優先考慮財務實力、投資等級信用評級和現金管理，以推動長期股東價值。

Now let's take a moment to review our outlook for fiscal '25. Our total company guidance is unchanged. We anticipate sales to be between flat to up 1% year over year. Adjusted operating income is expected to be between $1.9 billion and $2.3 billion representing growth across the entire range.

現在讓我們花點時間回顧一下我們對 25 財年的展望。我們的公司整體指導保持不變。我們預計銷售額將與去年同期持平或成長 1%。調整後的營業收入預計在 19 億美元至 23 億美元之間，代表整個範圍內的成長。

We still anticipate interest expense of approximately $375 million and a tax rate of around 25%. We remain focused on disciplined cash management, with CapEx expected to be between $1 billion and $1.2 billion and free cash flow in the range of $1 billion to $1.6 billion.

我們仍預期利息支出約為 3.75 億美元，稅率約為 25%。我們仍然專注於嚴格的現金管理，預計資本支出在 10 億美元至 12 億美元之間，自由現金流在 10 億美元至 16 億美元之間。

The macro environment is dynamic, affecting each of our businesses to varying degrees. But as you can see from our supplemental materials and in our press release, our segment-level adjusted operating income guidance remains unchanged as well. With that, I'll turn the call over to Donnie

宏觀環境是動態的，對我們的各項業務都有不同程度的影響。但正如您從我們的補充資料和新聞稿中看到的那樣，我們分部層級的調整後營業收入指引也保持不變。好了，我會把電話轉給唐尼

Thanks, Kurt. In closing, I'm proud of the results our team delivered this quarter and encouraged by the momentum we're building. Despite a complex and evolving macro environment, we're focused on what we can control and executing with excellence.

謝謝，庫爾特。最後，我為我們團隊本季取得的成績感到自豪，並對我們正在建立的勢頭感到鼓舞。儘管宏觀環境複雜多變，我們仍專注於我們能夠控制的事情並出色地執行。

With sustained consumer demand for protein, the strength of our iconic brands, and a continued commitment to operational excellence, we believe we are well positioned to drive long term value for our shareholders, who are 138,000 team members from the front lines of our facilities to our offices around the world. Thank you. Your hard work, resilience, and commitment are what make our success possible. And our customers and suppliers, thank you for your continued partnership and support.

憑藉消費者對蛋白質的持續需求、我們標誌性品牌的實力以及對卓越運營的持續承諾，我們相信我們有能力為股東創造長期價值，我們的股東是從工廠一線到全球各地辦事處的 138,000 名團隊成員。謝謝。您的辛勤工作、堅韌不拔和奉獻精神使我們的成功成為可能。感謝我們的客戶與供應商一直以來的合作與支持。

Before moving to Q&A, I'd like to introduce Kristina Lambert, Tyson Food's new Chief Growth Officer. Kristina was named executive Vice President of Strategic Initiatives and joined the Tyson Foods Enterprise Leadership team earlier this year.

在進入問答環節之前，我想介紹一下泰森食品新任首席成長官克里斯蒂娜·蘭伯特。克里斯蒂娜被任命為策略計畫執行副總裁，並於今年稍早加入泰森食品企業領導團隊。

Kristina has more than 28 years of experience in the protein industry. Prior to her most recent role, Kristina led our retail frozen value-added business within the poultry organization, where she maintained full P&L responsibility, expanded our innovation pipeline, and managed the relaunch of the iconic Tyson brand.

克里斯蒂娜在蛋白質產業擁有超過 28 年的經驗。在擔任最近的職位之前，克里斯蒂娜領導了我們家禽組織內的零售冷凍增值業務，在那裡她全面負責損益，擴大了我們的創新管道，並管理了標誌性泰森品牌的重新推出。

Melanie Boulden, our Chief Growth Officer and former group President of prepared foods, is retiring from Tyson Foods. I want to thank her for the results she has delivered and the team she has built. We're sad to see her go, but we wish her the best in the future. Melanie will remain a consultant for Tyson Foods, ensuring a seamless transition with Kristina. With that, I'll turn it over to Sean as we open the line for your question.

我們的首席成長長兼前預製食品集團總裁梅蘭妮·博爾登 (Melanie Boulden) 即將從泰森食品退休。我要感謝她所取得的成果和她所建立的團隊。我們很遺憾看到她離開，但我們祝她未來一切順利。梅蘭妮將繼續擔任泰森食品的顧問，確保與克里斯蒂娜的順利過渡。接下來，我將把時間交給肖恩 (Sean)，我們將開始回答您的問題。

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

謝謝，唐尼。我們現在開始回答您的問題。請記住，我們對前瞻性陳述和非公認會計準則衡量標準的警告也適用於我們在以下問答中準備好的評論。接線員，請提供問答說明。

(Operator Instructions) Alexia Howard, Bernstein.

（操作員指示）亞歷克西亞·霍華德，伯恩斯坦。

Thank you. Good morning, everybody. So you beat consensus expectations this quarter on the profit line, but you didn't raise guidance for the full year. How did the result come through versus your internal expectations and what's coming through better or worse than expected? And then I have a follow-up.

謝謝。大家早安。因此，本季的利潤超出了普遍預期，但您並沒有提高全年的利潤預期。與您的內部預期相比，結果如何？結果比預期好還是差？然後我有一個後續問題。

Thank you, Alexia. This is Donnie. Let me -- before jumping into that, let me share a couple of additional thoughts on Q2. I think this quarter clearly demonstrates the importance of our multi-protein multichannel portfolio. We are best positioned intentionally to provide affordable, accessible, and nutritious protein that the consumer continues to demand in this very dynamic environment.

謝謝你，亞歷克西亞。這是唐尼。在深入探討這個問題之前，讓我先分享一些關於第二季的額外想法。我認為本季清楚證明了我們的多蛋白多通路產品組合的重要性。我們的最佳定位是提供價格實惠、易於獲取且營養豐富的蛋白質，以滿足消費者在這個高度動態的環境中持續的需求。

While beef is experiencing the most challenging market conditions we've ever seen, we increased total adjusted operating income by 27% and every segment grew other than beef.

儘管牛肉正經歷著我們所見過的最具挑戰性的市場條件，但我們的總調整後營業收入卻增加了 27%，除牛肉以外的所有部門都實現了成長。

Chicken has stand out performance, our best Q2 AOI in nine years. Prepared foods has continued steady margin performance. I am pleased with our efficiency improvements through better yields, reducing waste, and a continuing push for best-in-class execution in our plants. We've made significant strides in maximizing the efficiency of trade and math spending and our innovation pipeline is the largest that we've ever had.

雞肉表現突出，創下了我們九年來第二季度的最佳 AOI 成績。預製食品的利潤率持續保持穩定。我對我們的效率改進感到滿意，透過提高產量、減少浪費以及持續推動工廠實現一流的執行。我們在最大限度地提高貿易和數學支出效率方面取得了重大進展，我們的創新管道是我們有史以來最大的。

And we are committed to growing our prepared foods business, both volume and bottom line. We remain agile and work with pace to optimize our operations and distribution network, and I'm excited about the next step on our journey as we transform our logistics network.

我們致力於擴大我們的預製食品業務，包括產量和利潤。我們保持敏捷並努力優化我們的營運和分銷網絡，我對我們轉型物流網絡的下一步感到興奮。

This will unlock annual savings of approximately $200 million over time and will support our growth into the future. The dynamic environment we and others have referenced include uncertainty from tariff impacts and pressure on the consumer. But our guidance considers those risks, and we're growing at the bottom line across the entire range.

隨著時間的推移，這將帶來每年約 2 億美元的節省，並支持我們未來的成長。我們和其他人提到的動態環境包括關稅影響的不確定性和消費者的壓力。但我們的指導考慮了這些風險，並且我們在整個範圍內實現了盈利增長。

Now in terms of guidance, I will add a little and then (technical difficulty) color too as well. Overall, we remain excited about our FY25 we expect to generate profitability growth over the last year -- last part of the year, the entire range of our earnings guidance while managing through the most challenging beef environment we've ever seen. So we feel good about that overall. And our overall view of the business hasn't materially changed since we spoke last. And we're reaffirming the 19 to 23.

現在就指導而言，我會添加一點，然後（技術難度）也會添加顏色。總體而言，我們仍然對 25 財年感到興奮，我們預計盈利能力將比去年（今年下半年）增長，實現整個盈利預期範圍，同時應對我們所見過的最具挑戰性的牛肉環境。所以我們總體上對此感覺良好。自上次談話以來，我們對業務的整體看法並沒有實質變化。我們重申 19 至 23 的規定。

I would tell you that that considers -- we consider all the things such as the chicken business and what that looks like for the balance of the year. We think prepared foods will be more balanced across the year. We -- as you see what happened in the first half of the year in beef and we lost $181 million and then you stack on tariffs and consumer pressure and inflation that we're seeing in the marketplace. We feel good about where we are at this point based on what we know at this point. Curt?

我想告訴你，我們考慮了所有的事情，例如雞肉生意以及今年剩餘時間的狀況。我們認為全年的預製食品將更加均衡。我們——正如你所看到的，今年上半年牛肉市場讓我們損失了 1.81 億美元，然後再加上關稅、消費者壓力和市場上的通貨膨脹。根據我們目前所了解的情況，我們對目前的狀況感到滿意。柯特？

Yeah, just maybe a couple of comments. I think overall your question included, did it come in line with our expectations or what were the differences? I think it came, in line with our expectations, kind of reiterating our overall stance on the full year.

是的，也許只有幾則評論。我認為總體而言，您的問題包括，它是否符合我們的預期或有哪些差異？我認為它符合我們的預期，並重申了我們對全年的整體立場。

Certainly in the prepared comments we made reference to our guidance does include the outlook for the remainder of the year with an assumption for tariffs and consumer dynamics. But I think we're pleased with where we are and very proud of the improvement we made on a year over year basis. And we are growing across all parts of the range that we've provided for the full year.

當然，在準備好的評論中，我們提到的指導確實包括對今年剩餘時間的展望以及對關稅和消費者動態的假設。但我認為我們對目前的狀況感到滿意，並對我們逐年取得的進步感到非常自豪。我們全年提供的所有產品系列都在不斷發展。

And can I follow up on chicken because I think the guidance you've obviously come through very strongly in the first half of the year. But keeping the guidance the same implies, I think, a fairly big decline year over year in operating income. Is there something changing there in terms of the industry dynamics? What should we be aware of? Thank you, and I'll pass it on.

我可以跟進一下雞肉的狀況嗎？因為我認為您在今年上半年給出的指導顯然非常有力。但我認為，保持相同的指導意味著營業收入比去年同期將大幅下降。就行業動態而言，那裡有什麼變化嗎？我們該注意什麼？謝謝，我會傳達的。

Thanks, Alexia. We still feel like we had a great -- we obviously had a great first half of the year. If you look at the numbers -- there's just some uncertainty as you look at the back half of the year. If we look and compare it against our annual -- our adjusted operating income, it looks pretty good.

謝謝，亞歷克西亞。我們仍然覺得我們度過了一個美好的——顯然，我們度過了一個美好的上半年。如果你看一下這些數字——看看今年下半年的情況，你會發現有些不確定性。如果我們將其與我們的年度調整後營業收入進行比較，它看起來相當不錯。

But we also look at what consensus looks like as it relates to chicken. I think chicken will be a clear winner in this -- for the balance of 2025. Let me start with that level of detail, and I will kick it over to Devin Cole, and Devin can give us more detail around the chicken business.

但我們也會研究與雞肉有關的共識。我認為，就 2025 年而言，雞肉將是明顯的贏家。讓我從這個細節開始，然後我會把它交給德文·科爾 (Devin Cole)，德文可以向我們提供有關雞肉業務的更多細節。

Yeah. Thanks, Donnie. Again, we did deliver a very strong quarter. I'd say largely due to the strength and execution of our team, and I want to thank everyone for their focus and dedication around those efforts. Generally, our strategy will remain unchanged, but we do need to stay flexible with our tactics in this environment.

是的。謝謝，唐尼。再次，我們確實取得了非常強勁的季度業績。我想說這很大程度歸功於我們團隊的力量和執行力，我要感謝大家對這些努力的關注和奉獻。整體來說，我們的策略不會改變，但在這種環境下，我們確實需要保持策略的彈性。

I think things that we delivered in the quarter that will continue to be a priority and continue to deliver excellence moving forward, we have outperformed the industry in live. We extended our improvements related to plant performance, and then the intense focus on the customer continued.

我認為我們在本季度交付的成果將繼續成為優先事項，並將繼續在未來提供卓越的服務，我們在現場表現已經超越了整個行業。我們擴大了與工廠性能相關的改進，並繼續高度關注客戶。

As mentioned, we, we've now had two consecutive quarters with fill rates over 98%. And our innovation pipeline is resonating very well. And if you look ahead, we did reaffirm our guidance in the range of $1 billion to $1.3 billion. And I think that takes into consideration, one, the confidence that we have in the operating environment, but also the sustainable progress we've made in the first half of the year. But I think we also have to layer in as a consideration investments that we'll be making in the back half of the year, primarily to strengthen and extend our number one share in value-added retail food service.

如同所提到的，我們已經連續兩個季度實現超過 98% 的填充率。我們的創新管道反應非常好。如果你展望未來，我們確實重申了 10 億美元至 13 億美元的指引範圍。我認為這不僅考慮到我們對經營環境的信心，也考慮到我們在今年上半年的永續進展。但我認為，我們還必須考慮下半年將進行的投資，主要是為了加強和擴大我們在加值零售食品服務領域的第一個份額。

We also have to consider our diversified pricing models. It's worth recalling that we utilize those models with our customers committee, which are going to grain markets to build stable margins over time and to just factoring in the overall macroeconomic environment.

我們還必須考慮多樣化的定價模式。值得回顧的是，我們與客戶委員會一起使用這些模型，這些模型將進入穀物市場以隨著時間的推移建立穩定的利潤率，並僅考慮整體宏觀經濟環境。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey guys, good morning, thank you for taking the question. Donnie, I actually wanted to start on the changes in the cold storage facilities that came out. I think you mentioned $200 million of annual savings, and that's maybe over a five-year period. And as I dug through the 10-Q, it looks like that will mostly be split between chicken and prepared foods.

大家好，早安，謝謝您回答這個問題。唐尼，我實際上想從冷藏設施的變化開始談起。我想您提到了每年節省 2 億美元，這可能是五年內實現的。當我仔細研究 10-Q 時，我發現其中大部分將分為雞肉和預製食品。

So maybe just two things. One, if we could get a little bit more detail on kind of that breakout that you're anticipating, again, realizing it's over the long term; and b, obviously, this has been an ongoing discussion probably for quite a bit of time. But just what kind of led finally to pulling the trigger on this? Is it part of the broader, again, restructuring as we think about the margin profile and sustainability of higher margins for chicken and prepared going forward?

所以可能只有兩件事。第一，如果我們能夠更詳細地了解您所預期的突破，再次意識到這是一個長期的過程； b，顯然，這是一個持續討論相當長一段時間的問題。但究竟是什麼原因最終導致了這項舉動呢？當我們考慮雞肉和肉類的利潤狀況以及未來更高利潤的可持續性時，這是否是更廣泛的重組的一部分？

Yeah. Thanks, Peter. I think you largely answered the question in some of your comments, but just let me reaffirm those things for you. We've talked now for a couple of years about assessing every facet of our business. And I'll tell you, we've been -- when we looked at our logistics network, and we identified some things that we didn't like, we identified opportunities for improvement.

是的。謝謝，彼得。我認為您在某些評論中已經基本回答了這個問題，但請允許我向您重申這些內容。我們已經討論了幾年來對我們業務的各個方面進行評估。我會告訴你，當我們審視我們的物流網絡時，我們發現了一些我們不喜歡的事情，我們發現了改進的機會。

And Brady Stewart and that team that works on this -- have been working on this for well over a year in terms of trying to get to this point. Since Brady and his team did all the work, let me ask him to deliver some details behind the project.

布雷迪·斯圖爾特 (Brady Stewart) 和從事此項工作的團隊已經為此努力了一年多，試圖達到這一點。由於布雷迪和他的團隊完成了所有工作，我請他介紹一下專案背後的一些細節。

Thanks, Donnie. And as you mentioned, specifically want to call out the team for laying out a really appropriate strategy. Today, our network is too complex and too costly. And so we saw an opportunity to really rightsize our network that allows us to continue to grow into the future, but also bring cash into the enterprise as well.

謝謝，唐尼。正如您所提到的，我特別想呼籲團隊制定真正合適的策略。今天，我們的網路太複雜，成本太高。因此，我們看到了真正調整網路規模的機會，這不僅使我們能夠在未來繼續發展，還能為企業帶來現金。

And so we mentioned the length of time associated with this transition and transformation. And it's really important to understand that there's new cold storages that will be built that will get our products closer to customers, which reduces the total number of miles, reduces our carbon footprint in delivering our products to our customers. And ultimately, we'll deliver that over $200 million in annual savings as we move out three to five years from now.

因此，我們提到了與這種轉變和轉型相關的時間長度。真正重要的是要了解，我們將建造新的冷藏庫，以便讓我們的產品更接近客戶，從而減少總里程數，減少我們將產品運送給客戶時的碳足跡。最終，從現在起的三到五年內，我們將實現每年超過 2 億美元的節省。

And Brady, just before I move on to my next question, just a rough split on that $200 million between the two?

布雷迪，在我提出下一個問題之前，您能粗略地將這 2 億美元分配給兩人嗎？

This is Curt. I don't know that we have that for today. I think go back to the statement that -- I think about right, this network is principally for our poultry and prepared business, very little utilization of the network that Brady's speaking to for for beef and pork. So it would follow kind of the normal or a relative share split, if you will, based on the volumes that are moving through the poultry and prepared foods items.

這是 Curt。我不知道我們今天是否有這個。我認為回到剛才的說法——我認為是正確的，這個網絡主要用於我們的家禽和熟食業務，很少利用布雷迪所說的牛肉和豬肉網絡。因此，如果你願意的話，它將遵循正常或相對的份額分配，基於通過家禽和預製食品項目的數量。

That's helpful and maybe this one, I don't know, it's probably a bit of a jump ball in terms of the question. But in prepared food specifically, I think, again in the queue you called out kind of higher raw material costs, and so maybe you know you kind of got to the to the margin you did based on SG&A. I'm just curious kind of how we should think about the go forward there listening to some of your peers. They're obviously baking in higher raw materials.

這很有幫助，也許這個問題，我不知道，就問題而言，可能有點跳躍。但具體到預製食品，我認為，在隊列中您再次提到了較高的原材料成本，因此也許您知道您根據銷售、一般和行政費用獲得了利潤。我只是好奇，在聽取一些同行的意見後，我們該如何考慮繼續前進。他們顯然使用了更高級的原料進行烘烤。

But are we getting to the numbers really just kind of on lower SG&A going forward? That obviously has implications for the top line, so I just wanted to understand that.

但是，我們得到的數字真的只是未來降低銷售、一般和行政費用 (SG&A) 的一種方式嗎？這顯然對營收有影響，所以我只是想了解這一點。

Sure. And thanks for the question, Peter. This is Brady again. Number one, I think it's really important to understand that we're very excited about our prepared foods business. And this comes in a multitude of different areas.

當然。謝謝你的提問，彼得。這又是布雷迪。首先，我認為真正重要的是要明白我們對我們的預製食品業務感到非常興奮。這涉及許多不同的領域。

Number one is we're excited about the team we have in place and the true management operating system that that team is placed. And we're excited about our brands. We have leading brands that will continue to play a part with our customers and our consumers as well.

首先，我們對現有的團隊以及團隊所處的真正的管理作業系統感到非常興奮。我們對我們的品牌感到興奮。我們擁有領先的品牌，它們將繼續為我們的客戶和消費者發揮作用。

And so when you really look out in front, it's important to understand, I think, really in three different buckets that create the excitement. Number one is from an innovation perspective. Donnie, in his prepared remarks, commented on our innovation coming with right brand premium sausage. He commented on the amazing growth we've had from the Hillshire Snacking platform. And he commented on the innovation we brought forth with the success with our Jimmy Dean chicken biscuit as well.

因此，當你真正向前看時，我認為，重要的是要理解真正創造興奮的三個不同因素。第一是從創新的角度。唐尼在他的準備好的演講中評論了我們的創新來自於正確品牌的優質香腸。他評論了 Hillshire Snacking 平台所取得的驚人成長。他也對我們成功推出的詹米·迪恩雞肉餅乾所帶來的創新進行了評論。

On top of that, we have one of the most robust innovation pipeline in the history of Tyson Foods. And we're extremely excited that we have innovation coming within the next year in every single one of our core categories for prepared foods. And so that's going to drive us from a growth perspective into the future. Second is from a distribution perspective, we continue to see distribution gains and get our products in the right place for our consumers to continue to have access to them.

最重要的是，我們擁有泰森食品史上最強大的創新管道之一。我們非常高興，明年我們的每個核心預製食品類別都將有創新。因此，從成長的角度來看，這將推動我們走向未來。第二，從分銷的角度來看，我們繼續看到分銷收益，並將我們的產品放在正確的位置，以便我們的消費者可以繼續獲得它們。

And then lastly, we're really supporting innovation and distribution with core fundamentals. And Donnie mentioned in his opening remarks as well that we have strengthened our foundation through operational improvements. And that comes in the form of both distribution that comes in the future relative to our supply chain announcement and also comes relative to the improvements we've seen from an operations perspective in our manufacturing assets. So I think when you parlay all three of those items on top of each other, again, we're very excited about our prepared foods business.

最後，我們確實透過核心基礎來支持創新和分銷。唐尼在開場白中也提到，我們透過營運改善加強了基礎。這不僅體現在未來與我們的供應鏈公告相關的分銷形式中，也體現在我們從營運角度看到的製造資產的改進中。因此，我認為，當你將這三項內容結合在一起時，我們對我們的預製食品業務感到非常興奮。

So if I could add just one thing to -- a couple of things to what Brady has said. If you think about our prepared foods business, since we made the major acquisition of Hillshire in 2014, this business today, we're literally putting it together. And from end to end, from operations through supply chain, through trade and map efficiency management, growing with strategic customers, investing behind the brands, we're doing a lot of things. This has been a, let's call it, a 9% to 10% business. We think it's better than that.

因此，如果我可以對布雷迪所說的內容補充一點——幾件事的話。如果您想想我們的預製食品業務，自從我們在 2014 年對 Hillshire 進行了大規模收購以來，我們今天正在將這項業務整合在一起。從端到端，從營運到供應鏈，從貿易到地圖效率管理，與策略客戶共同成長，投資品牌，我們正在做很多事情。我們可以稱其為 9% 到 10% 的生意。我們認為這比那更好。

And we believe to think the unlocks that we have before us will actually -- are proof points for the delivery of something north of a 10% return on sales as it relates to our prepared foods business. We're in -- I would just say we're in early innings, but maybe mid innings as it relates to prepared foods. But there's going to be a better day in prepared foods than even what we see today.

我們相信，我們面前的這些解鎖實際上將證明我們能夠實現與預製食品業務相關的 10% 以上的銷售回報率。我們正處於——我只想說我們正處於早期階段，但也許就與預製食品有關而言，我們正處於中期階段。但未來預製食品將會比我們今天看到的更美好。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Hi. To follow up on that last question, I really do appreciate all the efforts that are being made in prepared foods. And certainly it seems just, optically from an external angle, that there's an upside to margin.

你好。為了回答最後一個問題，我真的很欣賞在預製食品方面所做的一切努力。當然，從外部角度來看，利潤率確實有上升空間。

I think the question that I get sometimes and that I wanted to put to you a little bit is, A, when do we start to see a real uptick --meaningful uptick right above 10% on a sustainable basis, obviously not perfectly above 10% every quarter. So a little bit on the timing. And then secondly, sort of what's different this time, I guess is one of the questions I get also, right?

我認為我有時會問的一個問題，也是我想問你的一個問題，那就是，A，我們什麼時候才能開始看到真正的上升——可持續的、有意義的上升，剛好超過 10%，顯然不是每個季度都完美超過 10%。所以稍微注意一下時間。其次，這次有什麼不同，我想這也是我被問到的問題之一，對吧？

It's -- we've heard from Tyson a level of optimism for many years right now about prepared foods getting above 10% hasn't really stuck at that level. So just kind of want to get a sense for for those two if it makes sense.

多年來，我們一直聽到泰森對預製食品佔比超過 10% 持樂觀態度，但這一水平並未真正保持下去。所以只是想了解這兩者是否有意義。

Sure, Ken, good morning, and fair question as it relates to prepared foods. If I look at prepared foods, and let's call it earlier days, prior days, prepared food is depending on the quarter and the timing. You would see one element of the business performing well, and that was typically large enough to get us into the 9% to 10%.

當然，肯，早上好，這是一個與預製食品有關的公平問題。如果我看一下準備好的食物，我們稱之為早些時候、前幾天，準備好的食物取決於季度和時間。您會看到業務的某個要素表現良好，這通常足以讓我們進入 9% 到 10% 的範圍。

What we're describing to you today and Brady can speak in greater detail to this is that we are -- we have a process in place for every phase of the game from end to end to improve the performance of this business. We believe there is tremendous upside to this prepared foods business, and I would tell you.

我們今天向你們描述的情況以及布雷迪可以更詳細地談論的情況是，我們為遊戲的每個階段製定了從端到端的流程，以提高這項業務的績效。我們相信，預製食品產業有著巨大的成長潛力，這一點我可以告訴你們。

And I don't know how to correct the fact that we haven't done what you thought we would do in the past other than to be able to show you that we're going to deliver what we said we're going to do. But this prepared foods business, operationally, supply chain, from a trade and map perspective, from a com customer relationship growing across multiple channels is doing all the right things today. And it's on purpose and led by Kyle and Aaron and Brady and that team. Brady, you want to add anything to that that I haven't.

我不知道如何糾正我們過去沒有做到你們認為我們會做的事情這一事實，除了向你們證明我們將履行我們說過要做的事情。但從營運、供應鏈、貿易和地圖角度，以及從跨多個管道發展的客戶關係來看，這家預製食品企業今天所做的一切都是正確的。這是有目的的，由凱爾、亞倫、布雷迪和那個團隊領導。布雷迪，你想補充什麼我還沒補充的嗎？

Thanks, Donnie. Really, really well said. And number one is just to get back to the foundation. The team has really laid in management operating system that is truly sustainable. And so to be able to continue to improve on our manufacturing costs and supply chain costs really highlighting our line in labor efficiency, our yield improvements we've seen as well, and in benchmarking against engineered standards across our entire network, really lays the foundation for us to continue to build on.

謝謝，唐尼。確實，說得非常好。首要的一點就是回歸基本面。球隊真正奠定了永續發展的管理營運系統。因此，能夠繼續改善我們的製造成本和供應鏈成本，真正凸顯我們的勞動效率、我們所看到的產量提高，以及在整個網路內與工程標準進行基準測試，真正為我們繼續發展奠定了基礎。

And then lastly is this innovation pipeline that we have, I am extremely proud of the team to put this together with our growth team, the R&D team, and our business management team as well. This really provides us a huge platform to leapfrog into the future.

最後是我們擁有的創新管道，我為團隊將其與我們的成長團隊、研發團隊以及業務管理團隊整合在一起感到非常自豪。這確實為我們跨越未來提供了巨大的平台。

Okay. And then -- I appreciate that. Then just a quick question on chicken demand. It feels like within quick service, more items are being added to menus every week as articles increasingly about on that topic. And so it's becoming, I think, apparent to some observers that maybe chicken demand at QSR would be a little bit better than what people had initially hoped.

好的。然後——我很感激。那我只想問一個關於雞肉需求的簡單問題。感覺快餐業每週都會添加更多菜品，因為有關該主題的文章越來越多。因此，我認為，一些觀察家認為，快餐店對雞肉的需求可能會比人們最初希望的要好一些。

At the same time, the QSR channel maybe has some of its own challenges. So I just kind of want to get a sense for what's in your guidance for QSR chicken demand now as opposed to a few months ago in light of some of those puts and takes.

同時，QSR通路也可能面臨一些自身的挑戰。因此，我只是想了解一下，考慮到一些因素，您對現在 QSR 雞肉需求的指導與幾個月前相比有何不同。

Sure, well, I mean, I will give you my short answer to that. And if you look at the the macro environment, when food will be consumed away from home, typically in an environment like this, you would see QSR growth. And particularly QSR -- within the QSR business, you're going to see chicken perform.

當然，好吧，我的意思是，我會給你一個簡短的答案。如果你看一下宏觀環境，當人們在外面吃飯時，通常在這樣的環境中，你會看到 QSR 的成長。特別是在 QSR 行業中，你會看到雞肉的表演。

I think it would be reasonable to think that that will occur again. I think that we see signs of that going on today and the demand there for our business even in food service, it is still quite strong. So let me flip it over to Devin and let him add some color around that.

我認為有理由相信這種情況會再次發生。我認為我們今天看到了這種跡象，即使在食品服務領域，對我們業務的需求仍然相當強勁。所以讓我把它翻給 Devin，讓他在上面添加一些顏色。

Yeah. Maybe just a couple of points there. I mean, I think relative to the QSR arena, we did see strong growth within the quarter with double-digit growth within that portfolio. And we see the same thing you do with continued promotional activity throughout the spring and summer. So we're encouraged by that.

是的。也許只有幾點。我的意思是，我認為相對於 QSR 領域，我們確實看到本季強勁成長，該投資組合實現了兩位數的成長。我們也看到你們在整個春季和夏季持續進行促銷活動。所以我們對此感到鼓舞。

But I'll also tell you that it's bigger than that for us. We have a broad portfolio across all of our foodservice categories as well as retail, and we did see growth within retail at our value-added and daily offerings. So I would say that as we look across all of our customer base, we do continue to partner with them. And we're able to provide options that consumers are increasingly looking for convenience and value. So we feel good about our overall volume outlook.

但我還要告訴你，對我們來說，這比這更重要。我們在所有餐飲服務類別以及零售方面擁有廣泛的產品組合，我們確實看到零售領域的增值產品和日常產品有所成長。因此我想說，當我們審視我們所有的客戶群時，我們確實會繼續與他們合作。我們能夠提供消費者日益尋求的便利和價值的選擇。因此，我們對整體銷售前景感到樂觀。

Great, thank you.

太好了，謝謝。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Just a first question maybe on beef and just the general environment. So it feels like you only had a small volume drop in the quarter that could almost be explained by just the leap year and some of the calendar effect. So just wanted to understand a little bit better what you're seeing in terms of supply of cattle and the cost of that into your operations?

第一個問題可能與牛肉和一般環境有關。因此感覺本季銷量僅略有下降，幾乎可以用閏年和一些日曆效應來解釋。所以，我只是想更了解一下您在牛的供應方面以及其對您們的營運成本方面的情況？

And how you think about the earlier signs maybe as to some of the heifer retention? Is that building or not? So how should we think about just beef throughout the cycle? Are we at the bottom? Or is it just still too early to tell? That would be my first question.

您如何看待早期出現的與小母牛保留有關的跡象？那是不是一棟建築？那我們該如何看待整個週期的牛肉呢？我們處於底部嗎？還是現在下結論還太早？這是我的第一個問題。

Sure, Ben. Let me add a little bit to the demand softness that you talked about in our 2Q. That happens every year with us. It's not unusual to see a seasonal demand softness in Q2. And so we didn't see that as anything notable really other than the fact that it was that time of year. But I'll give it to Brady to talk about the supply, HEPA retention, and volumes.

當然，本。讓我對您在第二季度談到的需求疲軟稍微補充一下。我們每年都會發生這樣的事。第二季出現季節性需求疲軟並不罕見。因此，除了當時正值一年中的那個時候之外，我們並沒有覺得這有什麼值得注意的。但我會讓布雷迪來談論供應、HEPA 保留和容量。

Well, thanks, Donnie. And Ben, I think it's important to note that cattle on feed from a weight perspective are extremely heavy. We're at record weights throughout the business as well. So we're seeing some weights that is offsetting from a volume perspective, some of the lower head count we're seeing as the supply has been obviously lower than a year ago.

好吧，謝謝，唐尼。本，我認為需要注意的是，從重量角度來看，飼養的牛非常重。我們的整個業務重量也創下了歷史新高。因此，從數量角度來看，我們看到一些權重被抵消了，我們看到一些較低的員工數量，因為供應量明顯低於一年前。

Relative to heifer retention, and I would just say this, and Curt has mentioned this before, if we're not at the bottom relative to cow inventories, we can definitely see it from here as well. And I think a couple of reference points behind that certainly would be we've seen an extreme drop almost 18% in beef cow harvest numbers.

相對於小母牛保留率，我只想說這一點，而且 Curt 之前也提到過這一點，如果我們相對於母牛存欄量沒有處於最低水平，那麼我們肯定也可以從這裡看到這一點。我認為這背後的幾個參考點肯定是我們已經看到肉牛收穫數量急劇下降了近 18％。

And then secondary to that is we have seen a drop relative to heifers on feed, which means the heifers are not on feed. They're being retained by farmers and ranchers as well. And we're seeing a 4% drop in heifers year over year as well. So, I think the signs are really aligning to a rebuild to start to occur and from a liquidation standpoint, really seeing the bottom at this point as well.

其次，我們發現小母牛的採食量下降，這意味著小母牛沒有採食。農民和牧場主也保留了它們。我們還發現小母牛數量比去年同期下降了 4%。因此，我認為這些跡象確實表明重建即將開始發生，而且從清算的角度來看，目前也確實已經觸底。

Okay. Perfect. And then my second question really is just about the international business. Clearly, there was a pretty significant improvement on a year-over-year basis. And when we're looking at it on a six-month basis. I mean, it's a massive difference versus last year.

好的。完美的。我的第二個問題其實只是關於國際業務。顯然，與去年同期相比，有了相當顯著的改善。當我們以六個月為週期來觀察它。我的意思是，這與去年相比有很大不同。

So help us maybe understand, and I know in past you've talked a lot about international being an important part of the growth journey, but what have you done different and actually executed on to start to see the fruits and the benefits of all these investments that you had in years past to drive international? And what's like kind of the level you think about international could contribute on an annual basis beyond maybe what is your fiscal guidance for 2025?

所以請幫助我們理解，我知道您過去經常談論國際化是成長之旅的重要組成部分，但您做了哪些不同的事情並實際執行了哪些措施，才開始看到過去幾年為推動國際化而進行的所有這些投資的成果和好處？您認為國際上每年能做出多大的貢獻，或者您對 2025 年的財政指導是多少？

Yeah. Sure, this is Devin. I appreciate you bringing that up, and I'll make this perhaps sound simpler than it really is, meaning that it's really about the work that our team has accomplished. It's one thing to have a strategy, and it's a completely different thing to have execution against the strategy. And we have both in this area.

是的。當然，這是德文。感謝您提出這個問題，我可能會讓這個問題聽起來比實際情況更簡單，這意味著它實際上與我們的團隊所完成的工作有關。制定戰略是一回事，而執行戰略又是完全不同的另一回事。我們在這個領域兩者兼具。

We have simply improved our operational fundamentals, and we've also executed a very good commercial growth strategy. You can see that in the results. And in fact, our strongest quarter on record.

我們只是改善了我們的營運基礎，我們也執行了非常好的商業成長策略。您可以在結果中看到這一點。事實上，這是我們有史以來最強勁的季度。

There were -- looking ahead, there were some overall benefit in the quarter related to one-time impacts. However, we expect to continue on this path. That will be favorable, certainly in the prior year and in line with our expectations.

展望未來，本季將有一些與一次性影響相關的整體收益。然而，我們希望繼續走這條路。這將是有利的，當然與去年相比也符合我們的預期。

I do expect the performance in the back half of the year could be affected by the macroeconomic environment because certainly, the consumer around the world is not immune to some of the economic challenges that we see. But listen, overall, we feel great about the team. We feel great about the strategy and the future of the global business. And our portfolio remains important to us.

我確實預計下半年的表現可能會受到宏觀經濟環境的影響，因為全球消費者肯定無法免受我們所看到的一些經濟挑戰的影響。但聽著，總的來說，我們對這支球隊感覺很好。我們對全球業務的策略和未來充滿信心。我們的投資組合對我們仍然很重要。

Tom Palmer from Citi.

花旗銀行的湯姆·帕爾默。

Good morning and thanks for the question. Maybe just start out any help as we think about third-quarter expectations. I mean if I look at industry trends and general seasonality, it would seem like chicken typically is better in the third quarter than the second quarter from a profit standpoint, maybe pork a little bit weaker? Just any help kind of thinking through what we just saw this past quarter and kind of what you're anticipating as we roll into the third quarter?

早安，感謝您的提問。當我們考慮第三季的預期時，也許這會給我們帶來一些幫助。我的意思是，如果我看一下行業趨勢和一般季節性，從利潤的角度來看，第三季度的雞肉通常比第二季度更好，而豬肉可能會稍微弱一些？您是否能幫助我們思考一下上個季度我們看到的情況以及您對第三季的預期？

Thanks. This is Curt. Maybe start off with how we're thinking about the year. Obviously, we don't give individual quarter guidance. But I think the basis of your question was, look, from a chicken standpoint, the first half of the year, generating about $680 million.

謝謝。這是 Curt。也許可以從我們如何看待這一年開始。顯然，我們不會提供單一季度的指導。但我認為你提出這個問題的基礎是，從雞肉的角度來看，今年上半年，雞肉的銷售額約為 6.8 億美元。

Obviously, as Devin had said earlier, still a range of $1 billion to $1.3 billion. But we acknowledge, it definitely is a constructive operating environment that we're in. But hurry on to repeat Devin's comments, that we'll continue to make some investments but a little heavier rate in the back half of the year.

顯然，正如德文之前所說，仍然在 10 億美元到 13 億美元之間。但我們承認，我們所處的營運環境確實是一個建設性的。但趕快重複德文的評論，我們將在今年下半年繼續進行一些投資，但幅度會稍微大一些。

But for the overall year, we would still expect to be at or above the midpoint in the upper half of the range for chicken. Certainly, pork delivering well so far, $114 million on a year-to-date basis with a range of $100 million to $200 million. So we'll leave it to you to kind of imply where that will be.

但就全年而言，我們仍然預計雞肉價格將處於或高於該範圍上半部的中點。當然，到目前為止，豬肉的銷售情況良好，年初至今的銷售額為 1.14 億美元，範圍在 1 億至 2 億美元之間。因此，我們將把它留給您來暗示那將會在哪裡。

Certainly it is a business that generally has a positive strong our Q1 and a strong first half of the year relative to normal historical cycles, but acknowledging at $114 million over the low end of the range thus far.

當然，相對於正常的歷史週期而言，這項業務在第一季和今年上半年總體表現強勁，但迄今為止，其營收已超過預期區間的低端，達到 1.14 億美元。

So maybe add a couple of comments to the guidance, just speaking very generally about the business. If you look at our beef business, and I realize it's losing money today, but our beef business, the team and our lead our beef business are operating at a very high level. The execution, from what I've seen, has never been better than what we see today from our beef business.

因此，也許可以在指南中添加一些評論，只是非常籠統地談論業務。如果你看看我們的牛肉業務，我意識到它今天正在虧損，但我們的牛肉業務、團隊和我們的領導我們的牛肉業務都處於非常高的水平。從我所看到的情況來看，我們的牛肉業務的執行情況從來沒有比現在更好。

From a pork perspective, our pork business is performing very well. You saw it in the numbers, just the management operating systems that we have in place in both beef and pork. Some technology that we've deployed against those businesses is certainly helping with that.

從豬肉角度來看，我們的豬肉業務表現非常好。您可以從數字中看到，我們在牛肉和豬肉領域都已實施管理作業系統。我們針對這些企業部署的一些技術肯定對此有所幫助。

You saw in chicken, a very constructive Q1, got a lot of momentum. And there'll be some investments in brands on the Tyson brand in the back half of the year. That's the kind of the $1 billion to $1.3 billion kind of conversation.

您可以從雞肉中看到，第一季非常具有建設性，並且具有很大的發展勢頭。今年下半年我們將對泰森品牌進行一些投資。這就是有關 10 億美元到 13 億美元之間的對話。

And then if I think about prepared, laid out earlier today, there's a lot of upside to prepare. We're in kind of mid-innings if you will, in terms of performance and prepared. But there's a lot of upside for us as a company.

然後，如果我考慮今天早些時候所做的準備，我會發現準備有很多好處。從表現和準備程度來看，我們正處於中期階段。但對我們公司來說，這仍有許多好處。

In our international business, it's a smaller business that we have. But their strategy they have in place and their execution against that strategy is really good. And then maybe finally as it relates to consumers and customers, we're aligned with strategic customers and feel good about those relationships. And we're growing their business and thereby growing our business.

在我們的國際業務中，這是我們規模較小的業務。但是他們所製定的策略以及該策略的執行效果確實很好。最後，也許就消費者和客戶而言，我們與策略客戶保持一致，並對這些關係感到滿意。我們正在發展他們的業務，從而也發展我們的業務。

But from a consumer perspective, in this environment, wherever that consumer is, we're intersecting with that consumer, and we provide the high-end or value tier propositions for those consumers. So we feel good about all of those in the business in general.

但從消費者的角度來看，在這種環境下，無論消費者在哪裡，我們都會與消費者產生聯繫，並為這些消費者提供高端或高價值的產品。因此，我們對整個行業中的所有人感到滿意。

Thanks for that walkthrough. Maybe I could just follow up quickly on international. Why has it been so strong the past couple quarters, and I guess how persistent do you think the drivers of that might be?

感謝您的指導。也許我可以快速跟進國際情況。為什麼過去幾季表現如此強勁？您認為推動這種表現的因素有多持久？

Yeah, so maybe just to repeat, I mean it really is as simple as we set out, call it a year ago with a very defined strategy, knowing that we needed to be better at our operational fundamentals. And I think the result of that is, one, we run more efficient operations, more profitable operations. But what it's really done is allowed us to go to our customers with a case that's equal to better than what we see from our competitors, meaning we have innovation pipelines, we have competitive cost, we have talent, we have everybody aligned against that strategy.

是的，所以也許只是重複一遍，我的意思是它真的像我們一年前製定的一樣簡單，有一個非常明確的策略，知道我們需要在營運基礎上做得更好。我認為這樣做的結果是，首先，我們的營運更加高效，利潤更高。但它真正做到的是讓我們能夠向客戶提供比競爭對手更好甚至更好的案例，這意味著我們擁有創新管道、有競爭力的成本、有人才，並且每個人都遵循這項策略。

So again, it is around the operational fundamentals and getting our facilities, where they need to be from a commercial growth strategy. And I don't see that changing. Those things are very well defined. We have a great leadership team in place, and everybody is working towards the same strategy.

所以，這又是關於營運基礎和從商業成長策略的角度來建造我們的設施。我不認為這種情況會改變。這些事情定義得非常明確。我們擁有一支優秀的領導團隊，每個人都在朝著同一個策略努力。

Andrew Strelzik, BMO.

蒙特利爾銀行 (BMO) 的 Andrew Strelzik。

Good morning. Thanks for taking the questions. My first one is back on the outlook for chicken. You mentioned some uncertainty and also the investments. I was just hoping you could elaborate a little bit on both of those factors.

早安.感謝您回答這些問題。我的第一篇是關於雞肉的展望。您提到了一些不確定性以及投資。我只是希望您能詳細說明這兩個因素。

So can you maybe compare or quantify the investments in chicken in the back half of the year versus the front half of the year? And has that expectation changed at all over the last several months? And then on the uncertainties. Are those really trade related or is there something else? I guess I would have thought with some of your lags on pricing, you'd have visibility through the third quarter at this point?

那麼，您能否比較或量化下半年和上半年對雞肉的投資情況？在過去的幾個月裡，這種期望有沒有什麼改變？然後是不確定性。這些真的與貿易有關嗎或有其他原因？我想我會認為由於你們在定價方面存在一些滯後，你們現在應該能夠預見第三季的情況嗎？

Yeah, so maybe let me break that up just a little bit. The investment itself, we talked about an incremental $100 million year over year in FY25, and that's going to be weighted more towards the back half.

是的，也許讓我稍微分解一下。就投資本身而言，我們談到了 2025 財年投資將比上年增加 1 億美元，而且這筆投資將更集中在下半年。

We do have some new product launches. And we've also got some work going on with our strategic customers. But I would say, too, that it's not just about trade and market expand necessarily.

我們確實有一些新產品推出。我們也與策略客戶進行了一些合作。但我也想說，這不一定只涉及貿易和市場擴張。

We've also made some significant investments to make sure that we've got the right quality, particularly with our retail products, branded retail products. And we've also made sure that we've got the right packaging in place, make sure that we're meeting the needs of the shop including those that are increasingly utilizing delivery pick up.

我們也進行了一些重大投資，以確保我們的產品具有正確的質量，特別是我們的零售產品、品牌零售產品。我們還確保採用正確的包裝，確保滿足商店的需求，包括那些越來越多地使用送貨上門服務的商店的需求。

I think too about the innovation piece of our business will be not only critical in the quarter, in the year but beyond. And everything that we're doing starts with the consumer insights. We are reaching our consumers to digital platforms, and that's part of the spend that we talked about.

我也認為我們業務的創新部分不僅在本季、今年甚至更長遠的未來都至關重要。我們所做的一切都是從消費者洞察開始的。我們正在透過數位平台接觸消費者，這是我們談到的支出的一部分。

And then we use data to make sure that we're getting a return on those investments. But across all those things, that's really where that spend is occurring, and we feel very good about what that will mean for the future of the business.

然後我們使用數據來確保我們獲得這些投資的回報。但在所有這些事情中，這確實是支出發生的地方，我們對這對業務的未來意味著什麼感到非常高興。

You mentioned pricing, just to touch on that. Overall pricing is very healthy. We did see a slight decline on average sales process in the quarter primarily due to some cost plus pricing models that we have. But think about it this way, we mentioned before, we utilize a very diverse set of pricing models by design, and that's everything from negotiated to fix price.

您提到了定價，我只是想談談這一點。整體定價非常健康。我們確實看到本季平均銷售流程略有下降，這主要是由於我們採用的一些成本加成定價模型。但這樣想想，我們之前提到過，我們在設計上採用了一套非常多樣化的定價模型，包括從協商價格到固定價格。

We have grain-based, cost-plus formulas. And we've even got some market-based pricing. And ultimately, those are all designed to evolve our commercial relationships, build these long-term relationships, and allow us to focus growing the category and really stabilize our earnings.

我們有以穀物為基礎的成本加成配方。我們甚至有一些基於市場的定價。最終，所有這些都是為了發展我們的商業關係，建立長期關係，並讓我們專注於發展產品類別並真正穩定我們的收益。

Maybe just to add a couple of things really quick. I think your question touched on consumer or customer uncertainty or the impact of trade flows. I think what we intended to talk about there is, right, the consumer will continue to move around in what they're choosing to buy, and elements of the population will see value.

也許只是想快速添加幾件事。我認為您的問題涉及消費者或客戶的不確定性或貿易流動的影響。我認為我們想要討論的是，消費者在選擇購買什麼產品時會繼續變動，而部分民眾會看到價值。

I think we're set up to be able to position our offerings to the customers and consumers to meet those needs. And that investment in the back half that we talked about will be a little more incremental in the back half than the front half.

我認為我們已經做好準備，能夠向客戶和消費者提供滿足這些需求的產品。我們談論的後半部分的投資將比前半部分稍微增加一些。

But reiterate what we said, right? We're still expecting to be at or above the midpoint of the range that we gave, which with a $680 million first half of the year, even at the high end of the range, $1.3 billion, that $620 million in the back half of the year. That's the context we want you to make sure you understand from that.

但重申我們說過的話，對嗎？我們仍然預計該數字將達到或超過我們給出的範圍的中點，即今年上半年為 6.8 億美元，即使是該範圍的高端，即 13 億美元，下半年也將達到 6.2 億美元。這就是我們希望您能夠理解的背景。

Got it. Okay. That's helpful. And then my other question was just on -- more specifically on tariffs. Have you seen any changes in export trade flows related to that or any impacts on your business so far, either pull forward on demand, shifts away from the US to other countries. I'm just curious how you're seeing that so far and your hand capping that in your outlook?

知道了。好的。這很有幫助。然後我的另一個問題是關於——更具體地說是關於關稅。到目前為止，您是否看到與此相關的出口貿易流量有任何變化或對您的業務有任何影響，無論是需求提前，還是從美國轉移到其他國家。我只是好奇您目前對此有何看法，以及您對此有何看法？

Sure. Let me give you the punchline first. We do not expect global protein consumption to change. That's our topline view as it relates to that. There could be temporary short-term disruptions that as global trade flows adjust. We anticipate that.

當然。讓我先跟你講講笑點。我們預計全球蛋白質消費量不會改變。這是我們與此相關的主要觀點。隨著全球貿易流動的調整，可能會出現暫時的短期中斷。我們預計這一點。

But as we talked about last quarter, we've been contingency planning to minimize disruptions to both trade and supply chain. And frankly, we've been doing this for 90 years. There have been tariffs. There have been nontrade tariff barriers that -- we've been all those things, and we're confident in our ability to tap and succeed.

但正如我們上個季度所討論的那樣，我們一直在製定應急計劃，以盡量減少貿易和供應鏈的中斷。坦白說，我們已經這樣做了 90 年。已經有關稅了。存在著非貿易關稅壁壘——我們已經經歷過所有這些，我們有信心我們有能力利用這些壁壘並取得成功。

We're certainly interested in working with the administration in Congress to try to resolve this sooner rather than later. But we feel good about where we are and what we have done. We have factored everything as it relates to tariffs and consumer pressure and so forth into our guidance.

我們當然有興趣與國會政府合作，爭取盡快解決這個問題。但我們對自己的現狀和所做的事情感到滿意。我們已將與關稅、消費者壓力等相關的所有因素都納入了我們的指導中。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. I just want to come back to beef. Obviously, there's a lot of challenges there, but one thing that's proven to be better than we'd expected or feared is the consumer demand. Even as pricing has been sticky and going up, the revenues continue -- been growing nicely.

謝謝。早安.我只是想回到牛肉話題。顯然，這裡存在著許多挑戰，但事實證明，消費者需求比我們預期或擔心的還要好。即使價格一直保持穩定並不斷上漲，收入仍然持續良好成長。

So maybe any sense of just what you're seeing there? Is it driven by more of a higher-end consumer? Help us maybe understand just what's helping keep that sales growth momentum go on.

那麼，您可能對所見的事物有什麼感覺嗎？它是否更多地受到高端消費者的推動？幫助我們了解什麼有助於維持銷售成長動能。

Yeah, it's a great question, Michael. And obviously, the consumer has been extremely resilient relative to beef. And we've seen appropriate strength on middle meats. But I think what's really helped us cut out up at such a high level has been some of the values that are being derived through the grinds complex as well.

是的，這是一個很好的問題，邁克爾。顯然，消費者對牛肉的購買力極強。我們已經看到了中肉的適當強度。但我認為，真正幫助我們達到如此高水準的是透過研磨複合體所獲得的一些價值。

And regardless of format, if it's in the format of a patty, if it's in ground beef and chubbs, we've really seen a lot of resiliency in it. That provides us some benefits all the way from the check to the round as well. And so I would highlight the resiliency and opportunity for a consumer to potentially move from middle meats down into ground beef.

並且無論其形式如何，如果是肉餅形式，如果是碎牛肉和肉丸，我們都確實看到了它的巨大彈性。這也為我們從支票到回合的整個過程提供了一些好處。因此，我想強調的是，消費者有可能從中肉轉向碎牛肉。

And consumers are going to continue to beef. And I think that's really the highlight is they still have the opportunity to move into these grinds complexes from some of the middle meats as well.

而消費者的不滿情緒仍將持續。我認為真正的亮點是他們仍然有機會從一些中間肉類轉向這些研磨複合物。

Okay, that's great. That's helpful. And just to follow up on the regulatory environment. Is there a sense for what your exposure is to SNAP recipient households and if there's some cutback or dial back in what those benefits look like? Have you been able to quantify what if any risk you think that might give?

好的，太好了。這很有幫助。只是為了跟進監理環境。您是否了解 SNAP 受助家庭的受惠情況，以及這些福利是否會有所削減或減少？您是否能夠量化您認為可能帶來的風險？

This is Donnie. This is a little bit across the Board or all over the Board, I should say. But interestingly enough, is here in Arkansas. About a month ago, our governor sought a waiver from USDA to substitute rotisserie chicken into the SNAP program as opposed to some candy and sweet goods and so forth.

這是唐尼。我應該說，這有點全面或全面了。但有趣的是，它就位於阿肯色州。大約一個月前，我們的州長向美國農業部尋求豁免，將烤雞而不是一些糖果和甜食等納入 SNAP 計劃。

And so we see that catching on across the country. We see protein. As we talked about or I talked about in the earlier comments, we're seeing US meat sales at all-time high in 2024, 98% of household penetration. So protein is clearly a winner in the marketplace, whether that's chicken, beef, pork or turkey.

我們看到這種現像在全國流行起來。我們看到了蛋白質。正如我們所討論的或我在先前的評論中所討論的，我們預計 2024 年美國肉類銷售將達到歷史最高水平，家庭普及率將達到 98%。因此，蛋白質顯然是市場上的贏家，無論是雞肉、牛肉、豬肉或火雞。

So we feel good about that. I have no specifics as it relates to what the economic value is in terms of SNAP and how that may trade and how the administration may do it. But once we know, we'll certainly make you aware of that.

因此我們對此感到很高興。我沒有具體資訊說明 SNAP 的經濟價值是多少、如何交易以及政府如何操作。但一旦我們知道了，我們一定會讓你知道的。

Okay. Thanks so much.

好的。非常感謝。

Pooran Sharma, Stephens Inc.

Pooran Sharma，Stephens Inc.

Great. Thanks for the question. Just wanted to ask about -- operationally, we had a pretty cold winter, across many parts of the US. Just want to understand if you could help us qualitatively or if you could quantify. Any cold weather impacts.

偉大的。謝謝你的提問。只是想問一下——從營運角度來看，美國許多地區經歷了一個相當寒冷的冬天。只是想了解您是否可以提供定性幫助或量化幫助。任何寒冷天氣都會產生影響。

I will say, I was impressed -- continue to be impressed by chicken, but I get the sense that maybe you were impacted with the cold weather and you could have done a little bit better. But I'll stop there and see if what color you have to share.

我想說，雞肉給我留下了深刻的印象——繼續給我留下深刻的印象，但我感覺也許你受到了寒冷天氣的影響，你本可以做得更好一些。但我會停下來看看您是否要分享什麼顏色。

Sure, I would tell you that early Q2, we certainly had weather disruptions across in the center part of the country, up and down the east coast. We often see, snow, ice, tornadoes, hurricanes. I mean, honestly, you get to see it all, but We manage our business to be able to deliver in spite of those things. And we try to keep our team members safe through those processes and our animals safe in those -- alive during those processes. And I think we fared very well early in the quarter, but it did cost us some money.

當然，我可以告訴你，第二季度初，我們國家中部地區以及東海岸上下確實受到了天氣幹擾。我們常看到雪、冰、龍捲風、颶風。我的意思是，老實說，你可以看到這一切，但儘管如此，我們仍能管理我們的業務，以便能夠實現目標。我們盡力確保團隊成員在這些過程中的安全，並確保動物在這些過程中的安全—存活。我認為我們在本季度初表現非常好，但這確實花費了我們一些錢。

Yeah. This is Curt. I think I wouldn't call it anything where it was materially different than historical norms. I think to add to what Donnie said, right, the benefit of our network and portfolio as we prepare for winter storm, specifically, as you referenced, moving within the network and optimizing as best as we can. And while it was certainly a challenging Q2 given the weather, we are accustomed to dealing with that.

是的。這是 Curt。我想我不會稱它為與歷史規範有實質不同的東西。我想補充一下唐尼所說的，在我們為冬季風暴做準備時，我們的網絡和投資組合的好處，具體來說，正如你提到的，在網絡內部移動並儘可能地進行優化。儘管考慮到天氣因素，第二季度無疑是一個充滿挑戰的時期，但我們已經習慣了這種情況。

Great. Appreciate the color there. I guess my follow-up will just be, just pork related. Just hot supplies have been coming a little bit lighter than expected. Wanting to get a sense, if you think the industry is continuing to rationalize production or supplies or if this is just a temporary disruptions, weather or disease related. How do you expect supply availability to trend through the back half of the year?

偉大的。欣賞那裡的色彩。我想我的後續報道將只與豬肉有關。只是熱銷貨源比預期少了一些。想要了解的是，您是否認為該行業正在繼續合理化生產或供應，或者這是否只是暫時的中斷、天氣或疾病有關。您預計下半年供應情況將如何改變？

Great question. And I think the real reference point is the fact that if you look at a lot of the models that are published, the pork producer is able to be profitable, which is a great reversal from a couple of years ago as well. So that certainly provides some financial continuity and stability to continue to keep the South productive.

好問題。我認為真正的參考點是，如果你看一下已經發布的許多模型，你會發現豬肉生產商能夠盈利，這與幾年前的情況相比是一個巨大的逆轉。因此，這無疑提供了一定的財政連續性和穩定性，以繼續保持南方的生產力。

Second part of that is we continue to see opportunity relative to genetic improvement in herd health from a sale perspective. And so those productivities in terms of pigs per litter continue to be on an upward trajectory, which is positive relative to supply as well.

第二部分是，從銷售角度來看，我們持續看到與畜群健康基因改良相關的機會。因此，以每窩豬隻數量計算的生產率持續呈上升趨勢，這對於供應量而言也是正面的。

And then lastly, as we come out of our fiscal Q2, I think it's important to note that the kind of move out of disease season relative to pork production. And so you see some of those impacts that certainly flow through. But from a supply perspective, we don't see any large disruptions.

最後，隨著我們走出財政第二季度，我認為需要注意的是，相對於豬肉生產而言，疾病季節的轉變是很重要的。因此，您會看到其中的一些影響肯定會產生。但從供應角度來看，我們沒有看到任何大規模的中斷。

And our outlook for the rest of the year is really to continue to layer into our operational improvements that we've seen year-to-date. We have plenty of runway left that the team is executing to that we would expect to offset any supply disruptions.

我們對今年剩餘時間的展望實際上是繼續鞏固我們今年迄今所取得的營運改善。我們的團隊正在執行剩餘的大量資源，我們預計這些資源將抵消任何供應中斷。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Thanks for the question. I'll try to be quick. First one is on beef and then my follow-up will be on chicken. The first one, beef and pork. So if I remember correctly, I don't think your initial guidance included an impact from tariffs and it now does. So is it fair to assume that if those are resolved relatively quickly, there's potential upside to guidance?

謝謝你的提問。我會盡量快一點。首先是牛肉，然後是雞肉。第一個，牛肉和豬肉。所以如果我沒記錯的話，我認為你最初的指導意見並沒有包括關稅的影響，但現在卻包括了。那麼，是否可以合理地假設，如果這些問題能夠相對快速地解決，那麼指導就有潛在的上升空間？

This is Curt. I think I'll start out really quick. We did -- in the last quarter, we did reference that our ranges included our outlook and impact associated with tariffs. Certainly, it was early days when we were on the call last quarter. But we did consider that in the prior quarter.

這是 Curt。我想我會很快開始。我們確實——在上個季度，我們確實提到我們的範圍包括我們的展望和與關稅相關的影響。當然，上個季度我們召開電話會議時還處於早期階段。但我們在上一季確實考慮過這一點。

Okay. And then on the chicken front, I hate to belabor this, but it's obviously a very constructive setup, and (inaudible) tend to be long, dark meat, which has been on fire. So I was just wondering, you referenced the $100 million investment, which I've talked about all along. I was wondering, given your move to feeder plants and just the inherent advantage that gives you relative to your peers, are you also planning on investing more in the pricing side to protect and gain share? Or just -- I'm still having trouble rectifying your -- reconciling your second half implied guide with the backdrop we have. And it doesn't seem to add to just $100 million. So just trying to figure that out.

好的。然後說到雞肉，我不想過多地談論這一點，但這顯然是一個非常有建設性的設置，並且（聽不清）往往是長而深色的肉，已經著火了。所以我只是想知道，您提到了 1 億美元的投資，我一直在談論這個。我想知道，鑑於你們轉向饋線工廠以及相對於同行而言的固有優勢，你們是否還計劃在定價方面投入更多資金來保護和獲得份額？或者只是——我仍然無法糾正你的——將你的後半部分隱含指南與我們現有的背景相協調。而且似乎不只 1 億美元。所以只是想弄清楚這一點。

Sure. I'm not sure I can help you, but let me give you some of the components of this. The -- if you think about from a dark meat, I'm not clear about what that -- what you're meaning with that. What I can tell you is 95% of the dark meat we produce is sold domestically. So that's one proof point.

當然。我不確定我能否幫助你，但讓我為你介紹其中的一些組成部分。如果你從深色肉的角度來思考，我不清楚那是什麼意思。我可以告訴你的是，我們生產的95％深色肉都在國內銷售。這是一個證明點。

If you look at where or what we've done relative to adding value to dark meat, whether that be boneless, skinless retail or more value-added products as it relates to dark meat, we've been on a journey to convert more of the commodity into value-added or premiums. And we haven't stopped that journey.

如果您看看我們在增加深色肉價值方面所做的工作，無論是去骨、去皮的零售產品，還是與深色肉相關的附加價值更高的產品，我們都在努力將更多的商品轉化為增值產品或優質產品。我們並沒有停止這趟旅程。

And so we feel good about that. And so we also said from a guidance standpoint that we thought we'd be middle range to upper range. It's the factors we considered there were really two. One was the year-to-date momentum would push you to the top of the range and the investment back in the brand and plus any consumer pressure or tariff unknowns or activity, we've built that into this model. So we're comfortable with the $1 billion to $1.3 billion. But Devin, do you want to?

因此我們對此感到很高興。因此，我們也從指導的角度表示，我們認為我們的水平將處於中檔到高檔。我們考慮的因素其實有兩個。一是年初至今的發展動能將推動您達到最高水平，並將投資重新投入品牌，再加上任何消費者壓力或關稅未知數或活動，我們都已將其納入此模型。因此我們對 10 億到 13 億美元感到滿意。但是德文，你想嗎？

This is Curt. Let me add just for -- just a second. I think just to go back, Heather, on the reference I made on an earlier question, right, we made $680 million in the front half of the year at the high end of our range, that would imply a back half of $620 million or down to 60 versus the front half. Again, we said we'd be at or above the upper half. Hopefully, that gives you a little bit of context relative to the spend of the $100 million.

這是 Curt。讓我補充一下——就一秒鐘。希瑟，我想回到我之前的問題上，對的，我們上半年的盈利為 6.8 億美元，處於我們預期的最高水平，這意味著下半年的盈利為 6.2 億美元，或者說比上半年下降了 60%。我們再次表示，我們將達到或超過上半部。希望這能讓您了解一些有關這 1 億美元支出的背景資訊。

And so to reiterate, the dark meat comment, from an overall perspective, overall chicken, about 95% of the total revenue in chicken gets sold domestically.

因此，重申一下關於深色肉的評論，從整體角度來看，就雞肉而言，雞肉總收入的 95% 左右是在國內銷售的。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

I'll ask two questions very quickly. You continue to generate a significant amount of free cash flow. So what could be the policy for better shareholder returns given the amount of free cash flow you're generating?

我會很快問兩個問題。您繼續產生大量的自由現金流。那麼，考慮到您產生的自由現金流，可以採取什麼政策來提高股東回報呢？

And my second question here is, given the downturn we are generally seeing in an economy and your strong balance sheet, any opportunities for small bolt-on acquisitions that you see out there? And in which business segments could you target for small bolt-on deals?

我的第二個問題是，鑑於我們普遍看到的經濟低迷和你們強勁的資產負債表，您認為是否存在進行小型附加收購的機會？您可以在哪些業務領域中瞄準小型附加交易？

This is Curt. Thanks for the question. From a free cash flow standpoint in the first half of the year, we were just a little shy of $400 million. We still provided a guidance range for the full year of free cash flow between $1 billion and $1.6 billion. At our run rate of dividends, we've spent about $700 million on dividends for the full year.

這是 Curt。謝謝你的提問。從上半年的自由現金流角度來看，我們略低於 4 億美元。我們仍然為全年自由現金流提供了 10 億美元至 16 億美元的指導範圍。按照我們的股息發放率，我們全年的股息支出約為 7 億美元。

Our leverage, certainly acknowledging we've made significant improvement over the last six quarters going from 4.1 times to 2.3 times. Our long-term goal is still at 2 times. So we have a little bit of ways to go before we get to our ultimate goal. And with respect to M&A, our stance remains the same. We look at opportunities, but we're very selective in what we choose to look at. But overall context, still looking at opportunities more in the value-added parts of our portfolio.

我們的槓桿率，當然承認我們在過去六個季度中取得了顯著的改善，從 4.1 倍增加到 2.3 倍。我們的長期目標還是2倍。因此，在實現最終目標之前，我們還有一段路要走。對於併購，我們的立場保持不變。我們尋找機會，但我們對所選的內容非常挑剔。但總體而言，我們仍在尋找投資組合中增值部分中的更多機會。

Thank you. That concludes our question-and-answer session. I'd like to turn the conference back over to Donnie King for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給唐尼金 (Donnie King) 做最後發言。

Thank you for your time and continued interest in Tyson Foods. We look forward to sharing our progress with you next quarter.

感謝您的時間和對泰森食品的持續關注。我們期待下個季度與您分享我們的進展。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路並享受美好的一天。