泰森食品 (TSN) 2025 Q3 法說會逐字稿

Good morning, everyone and welcome to the Tyson Foods third-quarter 2025 earnings conference call.

大家早安，歡迎參加泰森食品 2025 年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

Please also note today's event is being recorded.

另請注意，今天的活動正在記錄。

At this time, I'd like to turn the conference over to Sean Cornett, VP, Investor Relations. Sir, please go ahead.

現在，我想將會議交給投資者關係副總裁 Sean Cornett。先生，請繼續。

Good morning and welcome to Tyson Foods third quarter fiscal year 2025 earnings conference call.

早安，歡迎參加泰森食品 2025 財年第三季財報電話會議。

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. Additionally, joining us today are Brady Stewart, Group President, Prepared Foods, Beef & Pork, and Chief Supply Chain Officer; Devin Cole, Group President, Poultry & Global Business Unit; and Kristina Lambert, Chief Growth Officer.

在今天的電話會議上，泰森總裁兼執行長唐尼金 (Donnie King) 和財務長科特卡拉威 (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、熟食、牛肉和豬肉業務及首席供應鏈官布雷迪·斯圖爾特 (Brady Stewart)、集團總裁、家禽和全球業務部德文·科爾 (Devin Cole) 和首席增長官克里斯蒂娜·蘭伯特 (Kristina Lambert)。

We have also provided a supplemental presentation which may be referenced on today's call and is available on Tyson's Investor Relations website and via the link in our webcast. 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. 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 risk, uncertainties, and assumptions which may cause actual results to differ materially from our current projections. Please refer to our forward-looking statement disclaimers on slide 2, as well as our SEC filings for additional information concerning risk factors that could cause our actual results to differ materially from our projection. We assume no obligation to update any forward-looking statements. Please note that references to earnings per share, operating income, and operating margin in our remarks are on an adjusted basis for our fiscal period unless otherwise noted. For reconciliation of these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release.

我們還提供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上或透過我們的網路廣播中的連結取得。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。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。請參閱投影片 2 上的前瞻性聲明免責聲明以及我們向美國證券交易委員會 (SEC) 提交的文件，以獲取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資訊。我們不承擔更新任何前瞻性陳述的義務。請注意，除非另有說明，我們評論中提到的每股收益、營業收入和營業利潤率都是根據我們的財務期間進行調整的。有關這些非 GAAP 指標與其對應的 GAAP 指標的調節，請參閱我們的收益新聞稿。

Now I'll turn the call over to Donnie.

現在我將把電話轉給唐尼。

Thanks, Sean, and thank you to those joining us on the call.

謝謝，肖恩，也謝謝參加我們電話會議的各位。

Let me begin by saying that I'm pleased with our performance this quarter, and we've driven results in line with my expectations. Sales, adjusted operating income, and adjusted earnings per share all grew year over year, marking our fifth consecutive quarter of year over year growth across each of these key metrics.

首先，我要說的是，我對本季的表現感到滿意，我們的業績符合我的預期。銷售額、調整後營業收入和調整後每股盈餘均較去年同期成長，這標誌著我們連續第五個季度實現這些關鍵指標的年成長。

This was no accident. We're driving efficiencies across all businesses while delivering growth with world class service and value for our customers and with innovation for our consumers. Our total volume was roughly flat to last year, while Nielsen data shows that we grew retail branded volumes across prepared foods and chicken.

這不是偶然的。我們正在提高所有業務的效率，同時透過為客戶提供世界一流的服務和價值以及為消費者提供創新來實現成長。我們的整體銷售量與去年基本持平，而尼爾森的數據顯示，我們的預製食品和雞肉零售品牌銷售量有所成長。

We also grew volume and dollar share in aggregate across our top 10 categories including Tyson branded frozen chicken, Hillshire Farm snacking and lunch meat, as well as Jimmy Dean breakfast products. Growth and profitability versus last year was driven by our prepared foods, chicken, and pork segments, each delivering double digit growth in adjusted operating income.

我們的十大類別（包括泰森品牌冷凍雞肉、希爾郡農場零食和午餐肉以及詹姆士迪恩早餐產品）的總體銷量和美元份額均有所增長。與去年相比，成長和獲利能力是由我們的預製食品、雞肉和豬肉部門推動的，這些部門的調整後營業收入均實現了兩位數的成長。

The only soft spot in our business is the beef segment with cattle availability at record lows, we continue to experience industry market headwinds. But even in this difficult environment, we are improving our fundamentals with increased prioritization on efficiencies, reducing costs, and bringing innovative new products to market.

我們業務中唯一的弱點是牛肉領域，牛的供應量處於歷史最低水平，我們繼續經歷行業市場的逆風。但即使在這種困難的環境中，我們仍在透過提高效率、降低成本並將創新的新產品推向市場來改善我們的基本面。

We're poised to capitalize on tremendous opportunity ahead of us as we believe heifer retention is likely now begun and cattle availability should improve in coming years. We continue to take meaningful steps forward in building our financial strength with net leverage improving year over year and sequentially, a direct result of deliberate actions and disciplined capital allocation.

我們已準備好利用眼前的巨大機遇，因為我們相信小母牛的保留可能已經開始，並且未來幾年牛的供應量將會提高。我們繼續在增強財務實力方面邁出有意義的步伐，淨槓桿率逐年提高，這是深思熟慮的行動和嚴格的資本配置的直接結果。

Simply put, our strategy is working and we're finding ways to win in today's market. As you know, consumers generally remain cautious and more selective in how they spend. Nielsen data shows food and beverage retail volume remains steady versus last year during the 13 weeks ending in June.

簡而言之，我們的策略正在發揮作用，我們正在尋找在當今市場中獲勝的方法。眾所周知，消費者在消費方面通常保持謹慎且更加挑剔。尼爾森數據顯示，截至 6 月的 13 週內，食品和飲料零售量與去年同期相比保持穩定。

However, protein continues to be the right place to play, and beef, pork, and chicken are all clear winners with consumers.

然而，蛋白質仍然是最佳選擇，牛肉、豬肉和雞肉顯然都是消費者的贏家。

Now let's take a closer look at our branded retail performance in Q3. Volume across these products grew 1.5%, far outpacing total food and beverage. Dollar sales grew 2%. This growth was led primarily by Tyson branded frozen value added chicken, which saw a 10% increase in volume sales driven by our brand relaunch and strong performance.

現在讓我們仔細看看我們第三季的品牌零售業績。這些產品的銷量成長了 1.5%，遠遠超過食品和飲料的總銷量。美元銷售額成長了2%。這一成長主要得益於泰森品牌冷凍增值雞肉，由於我們的品牌重新推出和強勁的業績，其銷量增長了 10%。

We are meeting consumers where they are, and you can see that in new innovations like our Tyson simple ingredient nuggets developed for those seeking high protein and simple ingredients with chicken, cheese, and seasoning, a great taste without compromise.

我們滿足消費者的需求，您可以從新的創新中看到這一點，例如我們為那些尋求高蛋白和簡單配料（包括雞肉、奶酪和調味料）的消費者開發的泰森簡單配料雞塊，其美味毫不妥協。

We also launched fun, family friendly products like Mega Dino Nuggets that are driving engagement and incremental eating occasions. Our volume share increased to 130 basis points, and we're growing off a base where we are the market share leader.

我們還推出了有趣且適合家庭的產品，例如 Mega Dino Nuggets，以推動參與並增加用餐場合。我們的銷售份額增加到了 130 個基點，並且我們在市場份額領先的基礎上不斷增長。

We're especially pleased with the momentum in our snacking portfolio, where volume grew 20% and share increased to 110 basis points, led by strong performance from Hillshire brand snacks. Our Jimmy Dean breakfast lines and Hillshire Farm Lunch Meats also delivered solid volume growth in the 13 week period ending in June.

我們對零食產品組合的發展勢頭感到特別滿意，在 Hillshire 品牌零食強勁表現的帶動下，其銷量增長了 20%，份額增加到了 110 個基點。我們的 Jimmy Dean 早餐系列和 Hillshire Farm 午餐肉系列在截至 6 月的 13 週內也實現了銷量穩步增長。

Innovation, distribution gains, and efficient marketing and promotional support are strengthening our brands and keeping us competitive in the marketplace. And importantly, as consumers look to the perimeter of the store, we are also offering high quality fresh options. For our Tyson Branded Fresh Chicken, volume grew 2.3%.

創新、分銷收益以及高效的行銷和促銷支援正在加強我們的品牌並使我們在市場上保持競爭力。重要的是，當消費者關注商店週邊時，我們也提供高品質的新鮮選擇。我們的泰森品牌鮮雞銷量成長了 2.3%。

As a world-class food company and recognized leader in protein, Tyson Foods is well positioned to meet the robust consumer demand for protein.

作為世界一流的食品公司和公認的蛋白質領導者，泰森食品完全有能力滿足消費者對蛋白質的強勁需求。

Now let's walk through segment performance. Prepared foods delivered a strong third quarter with adjusted operating income up more than 21%, and margins expanding by 150 basis points, reflecting continued progress on our multi-year plan to enhance profitability in this business.

現在讓我們來看看各個部分的表現。預製食品業務第三季表現強勁，調整後營業收入成長超過 21%，利潤率擴大 150 個基點，反映出我們為提高該業務盈利能力而製定的多年計劃正在持續取得進展。

Importantly, the segment returned to top line growth in the quarter, successfully navigating higher raw material costs and improved product mix within and across channels. Innovation and expanded distribution remain key pillars of our strategy, driving both top and bottom line growth, and as mentioned earlier, our Hillshire snacking dips and spreads are contributing to volume and share gains at retail.

重要的是，該部門在本季度恢復了營收成長，成功應對了原材料成本上漲以及通路內和通路間產品組合的改善。創新和擴大分銷仍然是我們策略的關鍵支柱，推動了營收和利潤的成長，正如前面提到的，我們的 Hillshire 零食醬和醬料正在促進零售銷售和市場份額的成長。

We're also leveraging our brand equity to thoughtfully expand into new spaces. We're launching new Hillshire Farm handheld featuring ham and cheese, buffalo style chicken, and Philly cheesesteak, all designed to meet growing consumer demand for convenient, high protein options.

我們也利用我們的品牌資產精心拓展新的領域。我們推出了新款 Hillshire Farm 手持產品，包括火腿和起司、水牛城風味雞肉和費城起司牛排，旨在滿足消費者對方便、高蛋白質食品日益增長的需求。

This marks an exciting step into a new platform for the Hillshire brand and reinforces that we have our most robust innovation pipeline ever as well as our commitment to innovation across the company. Our operational execution initiatives contributed to profit growth in Q3 and helped offset continued cost pressure from raw material inflation.

這標誌著 Hillshire 品牌邁入新平台的激動人心的一步，並強調我們擁有迄今為止最強大的創新管道以及我們對整個公司創新的承諾。我們的營運執行措施促進了第三季的利潤成長，並有助於抵銷原物料通膨帶來的持續成本壓力。

We have strengthened our S&OP process and unlocked efficiencies in our plants, driving fill rates above 98% in the third quarter, the highest since 2019. This has enabled us to better serve our customers with greater consistency and reliability.

我們加強了銷售和營運流程，提高了工廠的效率，使第三季的供應率超過 98%，達到 2019 年以來的最高水準。這使我們能夠以更高的一致性和可靠性更好地為客戶服務。

These improvements have also helped by ensuring that we have the right product in the right place at the right time. We are working to culturize within prepared foods the operational discipline that's critical in our other businesses while adding new tools and analytics to eliminate inefficiencies and reduce waste.

這些改進也有助於確保我們在正確的時間在正確的地點提供正確的產品。我們正在努力在預製食品領域培養對我們其他業務至關重要的營運紀律，同時添加新的工具和分析方法以消除低效率並減少浪費。

There's still more work to do, but we are encouraged by the progress and excited about the long runway for growth and profit improvement in prepared foods. Chicken delivered another quarter of solid top and bottom line growth, including our third consecutive quarter of year over year volume growth.

雖然還有很多工作要做，但我們對取得的進展感到鼓舞，並對預製食品的長期成長和利潤提升感到興奮。雞肉業務再創季度佳績，營收和利潤均實現穩健增長，其中雞肉銷售連續第三個季度同比增長。

Value added volume grew at more than 3.5 times the rate of total segment volume, driving a favorable mix shift that is positively impacting both sales and earnings. Adjusted operating income rose more than 12%, building on a very strong base from Q3 last year.

增值量的成長速度是整個細分市場成長速度的 3.5 倍以上，推動了有利的組合轉變，對銷售和收益產生了積極影響。調整後的營業收入成長超過 12%，這得益於去年第三季強勁的成長基礎。

With grain costs roughly in line with last year, profit growth this quarter came mainly from incremental efficiencies we've unlocked across our plant network. We have made significant strides in transforming our chicken business over the past two years and haven't taken our eye off the ball in driving operational excellence.

由於穀物成本與去年大致持平，本季的利潤成長主要來自於我們在整個工廠網路中解鎖的增量效率。在過去的兩年裡，我們在雞肉業務轉型方面取得了重大進展，並且始終致力於推動卓越營運。

In beef, as you know, we continue to navigate the cattle cycle. Cattle supply is noticeably tighter than a year ago, which significantly compressed spreads in the quarter despite resilient consumer demand. We are managing this market environment with discipline, controlling what we can across the supply chain to meet customer needs.

在牛肉方面，正如您所知，我們繼續探索牛的循環。牛的供應明顯比一年前緊張，儘管消費需求強勁，但本季的價差大幅壓縮。我們正在嚴格管理這個市場環境，控制整個供應鏈中我們能控制的部分，以滿足客戶的需求。

We're also seeing benefits from the network optimization efforts that shifted further processing volumes back into our harvest facilities. At the same time, we're enhancing our value added mix with the help of new data and analytics capabilities that support smarter, faster decision making.

我們也看到了網路優化工作帶來的好處，它將進一步的加工量轉移回我們的收穫設施。同時，我們正在藉助支援更聰明、更快速決策的新數據和分析功能來增強我們的增值組合。

These steps are helping to fortify the foundation for a more resilient and agile beef business both today and over the long term. In pork, we delivered our strongest third quarter adjusted operating income in four years, reflecting the purposeful actions we've taken to improve our operations.

這些措施有助於鞏固當前和長期更具彈性和靈活性的牛肉業務的基礎。在豬肉業務方面，我們在第三季度實現了四年來最強勁的調整後營業收入，這反映了我們為改善營運而採取的有針對性的行動。

Like beef, we increased our capacity utilization by optimizing our network and enhancing our value added mix. We have improved labor and asset efficiency through operational excellence. We have built a fundamentally better pork business, and this quarter's results reflect that progress.

與牛肉一樣，我們透過優化網路和增強增值組合來提高產能利用率。我們透過卓越的營運提高了勞動力和資產效率。我們已經建立了從根本上更好的豬肉業務，本季的業績反映了這一進步。

In closing, we are executing our strategy, controlling the controllables, and finding ways to win in today's market.

最後，我們正在執行我們的策略，控制可控因素，並尋找在當今市場取勝的方法。

With that, I'll turn it over to Curt to walk through our financial results in more detail.

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.

謝謝，唐尼。

Third quarter enterprise sales grew 4% to $13.9 billion led by beef with solid contributions from chicken and prepared foods, reflecting the healthy demand environment for protein. Adjusted operating income was $505 million, up 2.9% driven by strong growth in chicken, prepared foods, and pork, all of which helped offset the decline in beef.

第三季企業銷售額成長 4% 至 139 億美元，其中牛肉銷售額成長最快，雞肉和預製食品也做出了穩健的貢獻，反映出蛋白質需求環境良好。調整後的營業收入為 5.05 億美元，成長 2.9%，這得益於雞肉、預製食品和豬肉的強勁成長，這些都有助於抵消牛肉的下滑。

Adjusted earnings per share grew 4.6% to $0.91, and as Donnie mentioned, this is the fifth consecutive quarter of year over year growth across sales, adjusted operating income, and adjusted earnings per share. Our multi-protein multi-channel portfolio combined with our team's attention on operational execution in a dynamic macro environment continues to deliver results.

調整後每股收益成長 4.6% 至 0.91 美元，正如唐尼所提到的，這是銷售額、調整後營業收入和調整後每股收益連續第五個季度同比增長。我們的多蛋白多通路產品組合加上我們團隊對動態宏觀環境中營運執行的關注，不斷產生成果。

Turning to the third quarter segment performance. In prepared foods, sales were up 3.4% versus last year, primarily driven by progress on raw material cost recovery while continuing to enhance our product mix. Adjusted operating income increased 21% and margin improved by 150 basis points versus last year.

談到第三季的分部表現。在預製食品方面，銷售額較去年同期成長了 3.4%，這主要得益於原材料成本回收的進展以及我們產品組合的持續增強。調整後的營業收入較去年同期成長 21%，利潤率提高 150 個基點。

Benefits from mix as well as continued progress on our operational execution initiatives drove the increase in profitability and more than offset ongoing net raw material cost increases. In chicken, we delivered another quarter of solid top line performance with sales up 3.5% year over year.

組合帶來的好處以及營運執行計劃的持續進展推動了盈利能力的成長，並抵消了持續的原材料淨成本上漲。在雞肉方面，我們又一個季度取得了穩健的業績，銷售額年增 3.5%。

Volume contributed two-thirds of the increase, including a notable contribution from value added product sales, which also drove a favorable mix reflected in price. Adjusted operating income increased 12% as we continue to drive efficiencies in our plants and capture the benefits of top line growth.

銷量貢獻了成長的三分之二，其中增值產品銷售的顯著貢獻也推動了價格上反映的有利組合。由於我們持續提高工廠效率並獲得營業收入成長的好處，調整後的營業收入成長了 12%。

As we discussed last quarter, we increased our brand support investment both year over year and sequentially to continue growing our value added product sales. Sales in beef increased primarily due to a higher average price per pound, reflecting ongoing healthy demand.

正如我們上個季度所討論的那樣，我們逐年增加了品牌支持投資，以繼續增加增值產品的銷售。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。

This offset lower harvest volume from an increasingly tight cattle supply. Adjusted operating income declined as spreads compressed noticeably versus last year, driven primarily by higher cattle costs. In pork, sales were roughly flat, excluding the impact of a legal contingency accrual taken in the third quarter last year.

這抵消了因牛供應日益緊張而導致的收穫量下降。調整後的營業收入下降，因為與去年相比利差明顯壓縮，主要原因是牛隻成本上漲。就豬肉而言，如果不計入去年第三季提列的法律應急費用的影響，銷售額基本上持平。

Adjusted operating income increased 64%, highlighting the benefits from network optimization and operational efficiencies leading to the strongest third quarter results since 2021.

調整後營業收入成長 64%，凸顯了網路優化和營運效率的好處，從而帶來了 2021 年以來最強勁的第三季業績。

Turning to our financial position. Our approach to capital allocation remains disciplined and deliberate. We are focused on maintaining financial strength, investing in the business, and returning cash to shareholders. Year-to-date operating cash flow was $1.6 billion and capital expenditures were $691 million resulting in free cash flow of $929 million, well ahead of year-to-date dividends, which were $524 million.

談談我們的財務狀況。我們的資本配置方法依然嚴謹且慎重。我們專注於維持財務實力、投資業務並向股東返還現金。年初至今的營運現金流為 16 億美元，資本支出為 6.91 億美元，產生 9.29 億美元的自由現金流，遠高於年初至今的 5.24 億美元股息。

We ended the quarter with $4 billion in liquidity and net leverage at 2.1 times. We have successfully reduced net leverage by nearly a full turn over the past year. With leverage continuing to decline and cash flows remaining strong, we restarted open market share repurchases under our share repurchase program late in the quarter, the first since Q1 of 2023.

本季末，我們的流動性為 40 億美元，淨槓桿率為 2.1 倍。過去一年，我們成功將淨槓桿率降低了近一倍。隨著槓桿率持續下降且現金流保持強勁，我們在本季末根據股票回購計畫重啟了公開市場股票回購，這是自 2023 年第一季以來的首次回購。

In fact, we returned $201 million to shareholders through dividends and repurchases this quarter. While dividends remain our primary way of returning cash to shareholders, at current valuation, we believe share repurchases represent a very attractive opportunity.

事實上，本季我們透過股息和回購向股東返還了 2.01 億美元。雖然股息仍然是我們向股東返還現金的主要方式，但以目前的估值，我們認為股票回購是一個非常有吸引力的機會。

Our balance sheet remains healthy as we prioritize financial strength, our investment grade credit rating, and cash management to drive long term shareholder value.

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 updated outlook for 2025. We are raising our overall guidance based on our year-to-date performance and a solid outlook for the fourth quarter. We now anticipate full year sales to be up 2% to 3% year over year.

現在讓我們花點時間回顧一下我們對 2025 年的最新展望。根據今年迄今的表現以及對第四季的穩健展望，我們提高了整體預期。我們現在預計全年銷售額將年增 2% 至 3%。

We are raising the midpoint and narrowing the range for total company adjusted operating income, which we expect to be between $2.1 billion to $2.3 billion, delivering significant growth versus last year across the entire range.

我們正在提高公司調整後總營業收入的中點並縮小範圍，預計該範圍將在 21 億美元至 23 億美元之間，與去年相比整個範圍將實現顯著增長。

We still anticipate interest expense of approximately $375 million and a tax rate of around 25%. We remain disciplined in managing cash, with CapEx expected to be at or below $1 billion and free cash flow in the range of $1 billion to $1.3 billion.

我們仍預期利息支出約為 3.75 億美元，稅率約為 25%。我們在現金管理方面仍保持紀律，預計資本支出將等於或低於 10 億美元，自由現金流將在 10 億美元至 13 億美元之間。

Now to provide more color on our segment outlook. In prepared foods, we expect adjusted operating income in the range of $925 million to $1 billion. Our improvement plan is delivering results and offsetting significantly higher raw material costs.

現在讓我們為我們的細分市場展望提供更多細節。在預製食品方面，我們預計調整後的營業收入將在 9.25 億美元至 10 億美元之間。我們的改進計劃正在取得成果並抵消大幅上漲的原材料成本。

We are raising our adjusted operating income guidance for chicken to $1.3 billion to $1.4 billion, highlighting significant year over year growth of 33% at the midpoint. Based on year-to-date performance and the tight cattle supply conditions, we now expect adjusted operating income in beef to be between a loss of $475 million and $375 million.

我們將雞肉業務的調整後營業收入預期上調至 13 億美元至 14 億美元，中間值年增 33%。根據年初至今的表現和牛肉供應緊張的情況，我們現在預計牛肉調整後的營業收入將在 4.75 億美元至 3.75 億美元之間。

We are tightening the guidance for pork to the high end of the range, anticipating $175 million to $200 million. Our international business has performed well this year, driven by effectively managing controllable costs, maximizing efficiencies, and lowering conversion costs.

我們正在將豬肉價格指導價收緊至區間的高端，預計為 1.75 億美元至 2 億美元。透過有效管理可控成本、最大限度提高效率和降低轉換成本，我們的國際業務今年表現良好。

We now expect adjusted operating income in international/ other to be roughly $125 million.

我們現在預計國際/其他業務的調整後營業收入約為 1.25 億美元。

That covers our segment performance and financial highlights.

這涵蓋了我們的分部業績和財務亮點。

Now I'll turn the call over to Donnie.

現在我將把電話轉給唐尼。

Thanks, Curt.

謝謝，Curt。

I'm pleased with what we have accomplished, driven by the dedication of our team and encouraged about our future. Our diverse protein portfolio, commitment to innovation, focus on operational excellence and a healthy balance sheet continue to position us as a leader, meeting the growing market demand for protein while delivering value to our customers, consumers, and shareholders.

我對我們所取得的成就感到滿意，這得益於我們團隊的奉獻精神，並對我們的未來充滿信心。我們多樣化的蛋白質產品組合、對創新的承諾、對卓越營運的關注以及健康的資產負債表使我們繼續保持領先地位，滿足日益增長的蛋白質市場需求，同時為我們的客戶、消費者和股東創造價值。

Thank you to our team members for all you do and of course, to those on the call for your ongoing support of Tyson Foods.

感謝我們團隊成員所做的一切，當然也感謝所有值班人員對泰森食品的持續支持。

Now I'll hand things back to Sean as we move to Q&A.

現在我將把問題交還給肖恩，我們進入問答環節。

Thanks, Donnie.

謝謝，唐尼。

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

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既適用於我們準備好的評論，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)

（操作員指示）

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Great job on the quarter.

本季表現非常出色。

Given the lowered AOI guidance for beef in your comments earlier on the call indicating that heifer retention has begun, seeing if you could provide more detail on how you're thinking about cattle supply and cost for that segment in the near term and as we move through this herd rebuilding phase.

鑑於您在電話會議早些時候的評論中降低了牛肉的 AOI 指導，表明小母牛的保留已經開始，看看您是否可以提供更多細節，說明您如何考慮短期內以及在我們進入牛群重建階段時該部分的牛供應和成本。

I'll start out and make a few comments and then I'll let Brady add a little color to it as well. But cattle supplies are tightening, creating a compression spread as was noted in the remarks earlier. We anticipate that we think that temporary retention has begun.

我會先發表一些評論，然後讓布雷迪也添加一些色彩。但正如先前評論中指出的，牛的供應正在收緊，從而產生了壓縮價差。我們預計我們認為臨時保留已經開始。

For example, if you look at beef cow slaughter is down 16% from January to June and so that's an early indicator of heifer retention beginning. In terms of beyond that, we think herd rebuilding will begin earnest in 2026, and we think that will -- through the next couple of years after that, so that's when we will get back, let's call it 2028 is when we see herd rebuild and seeing the benefit from that and holding back heifers for breeding purposes.

例如，如果你看一下，你會發現從 1 月到 6 月，肉牛屠宰量下降了 16%，這是小母牛保留開始的早期指標。除此之外，我們認為牛群重建將在 2026 年認真開始，我們認為這將持續幾年，也就是我們回歸的時候，我們稱之為 2028 年，那時我們將看到牛群重建，並從中受益，並將小母牛用於繁殖目的。

Brady, anything you want to add to that?

布雷迪，你還有什麼要補充的嗎？

Thanks, Donnie, and I would just indicate that we're confident in our ability to manage through competitively through this challenging economic time. The beef business continues to manage through this tightened supply with the record high cattle values as well.

謝謝，唐尼，我只是想表明，我們對自己在這個充滿挑戰的經濟時期保持競爭力的能力充滿信心。牛肉產業繼續在供應緊張的情況下維持運營，牛價也創下歷史新高。

Teams really dialed into a strategy where we continue to use data and digital to make the best decisions, understanding the market dynamics that are in place today. We made some pivots here in the last several months relative to how we manage our business.

團隊真正地貫徹了一項策略，即我們繼續使用數據和數位技術來做出最佳決策，以了解當今的市場動態。在過去的幾個月裡，我們在業務管理方式上做了一些調整。

We've reduced some of our lightning feeds to allow us to capitalize on the highest possible yield performance in our plants, and we like that strategy moving forward and then we'll continue to add value to our products and go to market where we see consumers going in the future, which is convenience and protein.

我們減少了部分閃電飼料，以便我們能夠充分利用工廠的最高產量性能，我們喜歡這種向前發展的策略，然後我們將繼續為我們的產品增加價值，並進入我們看到的消費者未來青睞的市場，即便利性和蛋白質。

And so by using those three strategic pillars, we remain confident that we'll continue to manage through this cycle in a very competitive structure.

因此，透過使用這三大策略支柱，我們仍然有信心在極具競爭力的結構中繼續管理這一周期。

And then for my follow up, I wanted to switch to prepared foods. You had a nice profit improvement in the quarter, but you did narrow your AOI guidance for that segment, and the midpoints sound kind of slightly lower than it was before.

然後，為了後續的治療，我想換成預製食品。本季您的利潤有了不錯的成長，但您確實縮小了該部門的 AOI 指導範圍，中間點聽起來比以前略低。

Just seeing if you could provide more detail on the input cost pressure you're seeing in that business and how we should think about the flow through of further pricing from here.

只是想看看您是否可以提供更多有關您在該業務中看到的投入成本壓力的詳細信息，以及我們應該如何考慮從現在開始進一步定價的流程。

Yeah. Let me start with that. We have seen significant increase in raw material. In fact, it's been going on all year and in fact, we talked about some of the recapturing of the raw material increase as those contracts where there's a lag to the market, we're starting seeing some of the benefit of that, but we're managing that very well.

是的。讓我從那開始。我們看到原物料價格大幅上漲。事實上，這種情況已經持續了一整年，事實上，我們談到了一些原材料的重新收回，因為這些合約與市場存在滯後，我們開始看到其中的一些好處，但我們正在很好地管理它。

I think there was roughly $60 million of unplanned raw material increase in the quarter, and the team was able to offset that by really several things, but let's talk about our -- from an operational execution perspective, our prepared foods business is performing better than, in my opinion, and I've been around here a long time and it's ever performed.

我認為本季度的計劃外原材料成本增加了約 6,000 萬美元，團隊能夠通過多種方式抵消這一增長，但讓我們來談談——從運營執行的角度來看，我們的預製食品業務表現比我認為的任何時候都要好，而且我已經在這裡工作了很長時間。

Just the fundamentals of the business. Innovation pipeline is extremely robust, and we're being successful with that innovation that we're bringing to market. We think that we talked about in the last quarter, I believe, or maybe two quarters ago that we were on a multi-year journey to improve the profitability of our prepared foods business and we're on that road.

只是業務的基本面。創新通路極為強大，我們成功將創新推向市場。我們認為我們在上個季度，或者可能是兩個季度前就討論過，我們正在進行一項多年的努力來提高我們的預製食品業務的盈利能力，而且我們正在走這條路。

We had the best Q3 that we've ever had. I think at midpoint, if you look at our 2025, I think it will be the best prepared foods here that we had as a company. And so a lot of good things are relative to prepared foods.

我們經歷了有史以來最好的第三季。我認為，如果你展望 2025 年，我認為我們公司將提供目前為止最好的食品。所以很多好東西都跟預製食品有關。

Brady, any adders to that?

布雷迪，對此還有什麼補充嗎？

No. I think you covered it really well, Donnie. I would just reiterate what you said. We're extremely excited about prepared foods within the quarter with having our best quarter ever. We're really excited about the future as well and the foundation we're setting.

不。我認為你講得非常好，唐尼。我只是想重申你所說的話。我們對本季的預製食品感到非常興奮，這是我們有史以來最好的季度。我們對未來以及我們正在奠定的基礎感到非常興奮。

Just relative to maybe adding some context to your question specifically, Leah, I would just assert that at the end of our fiscal Q3 is when typically we will see seasonally high raw material costs when you think about pork trimmings, beef trimming that goes into some of our prepared foods products, hams and bellies is really where we peak from a year, so that rolls into our COGS from an inventory build perspective and it certainly is part of how we guide into Q4 as well.

利亞，也許只是為了具體補充一下你問題的背景，我只想說，在我們的財政第三季度末，通常我們會看到季節性的高原材料成本，當你想到豬肉邊角料、用於我們一些預製食品、火腿和五花肉的牛肉邊角料時，這確實是我們一年中的峰值，所以從庫存建設的角度來看，這也是我們會計入我們的第四季度，當然是我們如何指導成本的一部分。

Leah, just to add really quick, I think at the midpoint of what we shared for prepared foods, that would indicate a very nice performance in Q4 versus prior year and as Donnie said on the year, a very attractive improvement on year over year for all the reasons that, Donnie and Brady both pointed out.

利亞，我簡單補充一下，我認為，就我們所分享的預製食品的中點而言，這將表明第四季度的表現與去年同期相比非常好，正如唐尼所說的那樣，由於唐尼和布雷迪都指出的所有原因，與去年同期相比，這是一個非常有吸引力的改善。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Brady, I wanted to actually touch back on beef, look in the context of heifer retention beginning. That's obviously a positive, but it was pretty notable, I think the relatively large impairment taken in the quarter on the beef business and potentially that's a push out relative to prior expectations on recovery.

布雷迪，我其實想重新談牛肉問題，從小母牛保留的開始背景來探討。這顯然是積極的，但非常值得注意，我認為本季度牛肉業務的減值相對較大，這可能是相對於先前復甦預期的一個延遲。

So maybe you can just compare and contrast what you're seeing again in the market today on retention relative to the elongation of recovery that kind of triggered the impairment on the business.

因此，也許您可以比較和對比您今天在市場上再次看到的留存率與引發業務損害的復甦延長率。

Sure. First and foremost, I think it's important to understand that this cycle has been different than cycles of the past and has created some dynamics that have been more challenging to forecast as we roll through it. So obviously, relative to the fact that we had a prolonged drought period at the midst of the beef cycle, we have moved into a period that has been more prolonged than the previous cycles over the last several decades as well.

當然。首先，我認為重要的是要理解這個週期與過去的週期不同，並且創造了一些在我們經歷它時更難以預測的動態。因此顯然，相對於我們在牛肉週期中期經歷的長期乾旱期而言，我們已經進入了一個比過去幾十年的周期更長的時期。

Relative to what we're seeing from a data perspective that supports -- Donnie referenced the beef cattle harvest being down year over year significantly as well which provides stability from a cow production perspective.

相對於我們從數據角度看到的情況，唐尼提到肉牛產量比去年同期大幅下降，這從乳牛生產角度提供了穩定性。

The other real data point that we're looking at is feeder cattle receipts into into feed yards as well and seeing some change and some pivot relative to the amount of heifers versus steer that are going into those feed yards as well.

我們正在觀察的另一個真實數據點是進入飼養場的肉牛數量，並且看到進入這些飼養場的小母牛與小公牛的數量發生了一些變化和樞紐。

So that certainly sets the base for us to move forward and have increased supplies into the future as well.

因此，這無疑為我們未來的發展和增加供應奠定了基礎。

I'll kick it over to Curt here to reference the impairment.

我將把它交給 Curt 來參考損害情況。

Yeah. Maybe just a couple of other things to think about relative to taking the beef impairment this quarter. We had shared in previous 10-Ks and 10-Qs that our cushion for the fair value exceeding carrying value was less than 10% for that business.

是的。也許還有幾件與本季牛肉減損有關的事情需要考慮。我們在先前的 10-K 和 10-Q 中曾提到，對於該業務，我們的公允價值超過帳面價值的緩衝不足 10%。

And we also detailed -- in addition to what you talked about, in our 10-Q this quarter, we detailed that as cattle costs have continued to rise, that also caused the carrying value of the beef reporting unit to increase as well, and all those were contributing factors in the ultimate recognition of impairment.

我們還詳細說明了——除了您談到的內容之外，在本季度的 10-Q 報告中，我們詳細說明了隨著牛成本的持續上漲，這也導致牛肉報告單位的賬面價值也增加，所有這些都是最終確認減值的因素。

And maybe as a follow up as well on prepared, and I'm not sure if Kyle is on as well, maybe it would be helpful to hear from him, but two questions. One, just the elasticity that you're seeing so far as you put through some of the pricing on some of those items and maybe secondly, just it's a category that sometimes has odd competitive behavior, so just what are you seeing out of the competitive set across kind of prepared foods and our folks kind of all behaving rationally?

也許作為後續準備，我不確定凱爾是否也在，也許聽聽他的意見會有所幫助，但我有兩個問題。首先，就您目前對某些商品的定價而言，您看到的只是彈性；其次，這個類別有時會出現奇怪的競爭行為，那麼您在各種預製食品的競爭中看到了什麼，我們的人們都表現得比較理性？

You bet. And I would just say this, number one is our ability to manage through these cost pressures that we see from a raw material, we're highly confident in our ability to do that. We're leveraging our strong brands. We have a fantastic innovation pipeline that continues to deliver for us everything from Jimmy Dean, griddle cakes to our Jimmy Dean chicken biscuit.

當然。我只想說，首先我們有能力應對原料帶來的成本壓力，我們對此非常有信心。我們正在利用我們強大的品牌。我們擁有出色的創新管道，持續為我們提供各種產品，從詹米·迪恩烤餅到詹米·迪恩雞肉餅乾。

Our Hillshire Farm snacking portfolio continues to see significant growth and then on bacon, we're seeing growth as well. So our ability to manage through, we have an extreme amount of confidence on it. From elasticity perspective, we continue to track closely.

我們的 Hillshire Farm 零食產品組合持續呈現顯著成長，而培根也呈現成長。因此，我們對自己管理的能力非常有信心。從彈性角度，我們繼續密切追蹤。

We have a significant amount of data and great expertise sitting behind our ability to understand how consumers are behaving with any price increases that they certainly see at point of sale. And so no real material changes in '25 so far.

我們擁有大量的數據和豐富的專業知識，能夠了解消費者在銷售點看到的價格上漲時的反應。因此，到目前為止，25 年還沒有發生真正的實質變化。

We do see consumers continuing to prioritize protein, which we believe is pro Tyson, and protein typically has lower elasticity than other categories within the food space as well. So we'll continue to leverage that multi-protein and multi-value added portfolio and believe it's advantageous as we roll forward.

我們確實看到消費者繼續優先考慮蛋白質，我們認為這是泰森的利好，而且蛋白質的彈性通常也低於食品領域的其他類別。因此，我們將繼續利用多蛋白質和多增值產品組合，並相信它對我們未來的發展有利。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

One click on the chicken segment. So clearly, you've called out in the last call that you're doing a couple of investments into the business and that's why you were initially I would say hesitant on raising the guidance despite already of the first six months having had a very strong performance.

一鍵點擊雞肉段。很明顯，您在上次電話會議上表示，您正在對該業務進行幾項投資，這就是為什麼您最初猶豫是否要提高指導，儘管前六個月的表現已經非常強勁。

Now looking into what you've been able to accomplish in the third quarter and what the implied guidance for the fourth quarter, it really looks solid here. I just wanted to understand of these investments, are they still coming together as expected?

現在看看你們在第三季的成就以及對第四季的隱含指導，看起來確實很穩健。我只是想了解這些投資是否仍如預期進行？

Are you basically able to offset these costs right away? Just if you could share a little bit more thoughts and ideas around the investments and what you expect from them then as we move into 2026.

您基本上可以立即抵銷這些成本嗎？當我們進入 2026 年時，如果您能分享更多關於投資的想法和觀點以及您對投資的期望。

Let me start off and then I will flip it to Devin and he can add some finer points to it, but the chicken business is running efficiently and consistently delivered solid growth across the top and bottom line. In terms of the inputs and let's think grain, grain is relatively stable year over year.

首先讓我先說完，然後我會把它交給德文，他可以補充一些更詳細的要點，但雞肉業務運行高效，並持續實現了營收和利潤的穩健增長。就投入而言，例如糧食，糧食較去年同期相對穩定。

That's a bit of how we see it going forward, but in terms of the $100 million, we talked about that investment, and we will wrap up that investment here in the balance of the year in our Q4, but this business, we're driving operational efficiencies and winning innovation.

這是我們對未來的看法，但就 1 億美元而言，我們談論的是這筆投資，我們將在今年第四季完成這筆投資，但對於這項業務，我們正在提高營運效率並贏得創新。

We talked earlier about the success and the relaunch of the Tyson brand, and we've also talked about the new product on the script that the cheesy nuggets, the simple ingredients with cheese and chicken and seasoning, that's doing very well for us, but strategic partnerships are critical to us and that is a decision we have taken and we're seeing the benefit of that.

我們之前談到了泰森品牌的成功和重新推出，我們還談到了新產品，即芝士雞塊，由芝士、雞肉和調味料製成的簡單配料，這對我們來說非常好，但戰略夥伴關係對我們至關重要，這是我們做出的決定，我們正在看到它的好處。

Now our business is running better than perhaps I've ever seen it run. Certainly would be in the top one or two kinds of performance as I've seen in this business, and I've been around, as you know, many, many years watching this, but our chicken business, let's just say it this way, we are back in the chicken business and executing at a very high level and we have momentum.

現在我們的業務運作得比我以前見過的任何時候都要好。就我所見過的這個行業而言，肯定會是排名前一或前兩種的表現，而且如你所知，我已經關注這個行業很多年了，但是我們的雞肉業務，就這麼說吧，我們又回到了雞肉業務，並且執行水平很高，而且我們勢頭強勁。

We see that momentum. We saw the momentum in Q3. We're seeing it in Q4, and we think it continues from this point forward.

我們看到了這種勢頭。我們在第三季看到了這股勢頭。我們在第四季度看到了這種情況，我們認為這種情況會從現在開始持續下去。

So with that, Devin, you want to add too?

那麼，德文，你也想補充嗎？

Yeah, thanks. Maybe just a couple of comments. We are continuing to reinvest in this business and we will continue to do so. I think we're seeing that we're doing a better job of managing, making sure that that investment is driving the volume and the sort of returns that we want across the business.

是的，謝謝。也許只是幾則評論。我們將繼續對這項業務進行再投資，並且我們將繼續這樣做。我認為我們在管理方面做得更好了，確保投資能推動我們在整個業務中想要的規模和回報。

Just maybe recap a couple points that prove that branded chicken did grow 10%. But -- and total value added grew 8.8% for us in the quarter, and that's really across all of our channels and categories. And so going forward, I think you see very similar strategy from us relative to innovation and how we support that in the marketplace, but maybe I'll just ask Kristina to talk a little bit about the innovation pipeline and how we're thinking about that.

也許只要重述幾點就能證明品牌雞肉確實成長了 10%。但是 — — 本季我們的總附加價值成長了 8.8%，這實際上涵蓋了我們所有的管道和類別。因此，展望未來，我認為你會看到我們在創新方面採取非常相似的策略，以及我們如何在市場上支持創新，但也許我會請克里斯蒂娜稍微談談創新管道以及我們對此的看法。

Yeah. Thanks, Devin. I'm really thrilled with how the Tyson retail value added poultry business is performing under the Tyson brand, right, that double digit volume growth is really coming from increased household penetration, which was led by our innovation.

是的。謝謝，德文。我對泰森品牌下的泰森零售加值家禽業務的表現感到非常興奮，兩位數的銷售成長實際上來自於家庭滲透率的提高，而這又是由我們的創新所推動的。

We had over 20 new items that we have been launching over the past year, a lot of those coming into marketplace now. So we'll start seeing that expanded distribution and velocity continue our momentum along with the product quality improvements and renovations that we've already made in our products and our packaging.

過去一年我們推出了 20 多種新產品，其中許多產品現已進入市場。因此，我們將開始看到，擴大分銷和速度將繼續保持我們的勢頭，同時，我們也在產品和包裝方面進行了品質改進和革新。

The innovation and the marketing support behind that will help us continue to grow. Really proud of the business.

背後的創新和行銷支援將幫助我們繼續發展。真的為這家企業感到自豪。

And then real quick one on for Curt, I guess. As we look into the other parts of the guidance, you've significantly lowered the CapEx number versus what was previous out there, but at the same time, you also brought down the free cash flow guidance.

然後我想，接下來是 Curt 的快速介紹。當我們研究指南的其他部分時，我們發現您大幅降低了資本支出數字（與之前相比），但同時，您也降低了自由現金流指南。

Can you help us reconcile how despite lower CapEx free cash flow got like kind of like narrowed at the lower end and also considering you're already at almost $1 billion anyway as a nine month period. So what are your expectations here for the last quarter?

您能否幫助我們解釋一下，儘管資本支出較低，但自由現金流在低端卻有所收窄，同時考慮到在九個月的時間內，您的自由現金流已經接近 10 億美元。那麼您對上個季度的期望是什麼？

So I would start by the run rate that we're on for CapEx is a little under $700 million. That's really on a pace of where we were through the first half of the year. So while we had a range of $1 billion to $1.2 billion, I think we shared as well with you that we were probably at the lower end of the range for CapEx perspective.

因此，首先我想說的是，我們的資本支出運作率略低於 7 億美元。這其實與我們今年上半年的步伐一致。因此，雖然我們的範圍是 10 億美元到 12 億美元，但我認為我們也告訴過你們，從資本支出的角度來看，我們可能處於該範圍的低端。

So I would characterize that as not really much of a change in expectations of where we were supposed to be, recognizing on a year to date basis, we're a little over $900 million in free cash flow, and we narrowed the range from $1 billion to $1.3 billion.

因此，我認為，對於我們應該達到的水平，預期並沒有發生太大變化，考慮到年初至今的情況，我們的自由現金流略高於 9 億美元，我們將範圍從 10 億美元縮小到 13 億美元。

The real delta in that I think is the level of working capital investment as we continue to see top line growth, as well as some investments in working capital for things such as higher capital costs running through.

我認為，真正的差異在於營運資本投資水平，因為我們繼續看到營收成長，以及一些營運資本投資，例如更高的資本成本。

Heather Jones, Heather Jones Research.

希瑟瓊斯，希瑟瓊斯研究。

Congratulations on the quarter.

恭喜本季。

I want to start the beef segment. So in the last couple of quarters, I have noticed a pretty sizable step up in the amount of cattle that you have hedged. Wondering if I assume that was because your guidance was better than I was expecting given the backdrop.

我想開始牛肉部分。因此，在過去的幾個季度中，我注意到對沖的牛的數量有了相當大的增長。我想知道我是否認為這是因為您的指導比我預期的背景更好。

So wondering how much of that is a factor that did you have a significant chunk of your Q4 covered. Is this a new strategy, and if this is a new strategy going forward to just consistently have a large proportion of your [knees] hedged on the forward look?

所以想知道其中有多少因素影響了您在第四季度取得的很大一部分成果。這是一個新的策略嗎？如果這是一個新的策略，那麼在未來一段時間內，你是否會持續對沖大部分的風險？

I would just say this, we continue to manage our entire supply chain, whether it be hedging or whether it be live cattle purchases along with forward pricing, export sales, and in aligning with our strategic customers in an integrated fashion.

我只想說，我們將繼續管理我們的整個供應鏈，無論是避險還是活牛採購以及遠期定價、出口銷售，並以綜合的方式與我們的策略客戶保持一致。

So none of these pieces work independent of the other, and it's part of a holistic strategy that we have deployed.

因此，這些部分都不能獨立運作，而是我們部署的整體策略的一部分。

And then my follow up is on -- is with -- on beef too. So given the tariffs that's been imposed on Brazilian beef and those flows slowed in anticipation of this, I've been a little surprised that we haven't seen more of a reaction in pricing because it's a pretty significant piece of the beef market.

然後我的後續問題也是關於牛肉。因此，考慮到對巴西牛肉徵收的關稅以及預期這一關稅導致的進口放緩，我有點驚訝我們沒有看到價格出現更多反應，因為巴西牛肉佔牛肉市場的相當重要的一部分。

So just wondering your thoughts on that and how you expect that impact to evolve in the markets going forward.

所以只是想知道您對此的看法以及您預計這種影響將如何在未來的市場中演變。

I appreciate you giving us the opportunity to talk to it.

感謝您給我們機會討論這個問題。

Tariff impacts both on the export side and the import side obviously have a significant amount of timing associated with it. So when the tariffs actually are imposed relative to the time the product actually hits shelf, there's a significant delay, especially with supply chain challenges from some of our imports on lean beef coming from the southern hemisphere as well.

關稅對出口和進口的影響顯然都具有相當長的時間相關性。因此，當關稅實際徵收時，相對於產品實際上架的時間，會出現明顯的延遲，特別是由於我們的一些進口瘦牛肉來自南半球，也給供應鏈帶來了挑戰。

So I'm not sure we've actually seen the opportunity for that to hit retail yet, and then we are in a dynamic market where we've seen a significant inflation in interim prices, specifically on [fat trim] within beef as well, that's creating some changes in the dynamics from that beef complex as well.

因此，我不確定我們是否真的看到了這種產品進入零售業的機會，而且我們處在一個充滿活力的市場中，我們看到了中期價格的大幅上漲，特別是牛肉中的[脂肪修剪]價格，這也給牛肉綜合體的動態帶來了一些變化。

So we'll continue to monitor that and watch that as timing really hits the -- point will hit really POS.

因此，我們會繼續監控並觀察時間是否真的到達 POS 點。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

And so two questions. Can I start with the beast side of things and how significant the threat from new world screwworms is? I know that the border's been shut down with Mexico, but could this deter farmers from wanting to rebuild the herd?

所以有兩個問題。我可以從野獸的角度開始說說新大陸螺旋蠅的威脅有多大嗎？我知道與墨西哥的邊境已經關閉，但這會阻止農民重建牛群嗎？

And maybe what happens practically I mean if dehorning and castration can't happen in certain regions, does that mean we reduce productivity? Is it just infected animals that have to be culled? I'm just curious about how you're thinking about what that could mean if it continues to progress northwards.

也許實際上會發生什麼，我的意思是，如果某些地區不能去角和閹割，這是否意味著我們會降低生產力？是不是只有受感染的動物才需要被宰殺？我只是好奇，如果它繼續向北發展，您如何看待這意味著什麼。

That's a great question, Alexia, and one that we continue to monitor and first and foremost, I think it's really important to indicate our support of the USDA and the actions that have been taken to protect livestock in the United States from new world screwworms.

這是一個很好的問題，亞歷克西亞，我們將繼續關注這個問題，首先，我認為非常重要的是表明我們支持美國農業部以及為保護美國牲畜免受新大陸螺旋蠅侵害而採取的行動。

So appreciate all of the efforts and forward-looking thoughts that the USA has taken. To protect the US herd, impacts to our business in general. I'm referring to the US industry from a beef business perspective. We've had around 500,000 less head imported from Mexico this year so far, and so there has been a supply impact that's been caused by the border closure, and I expect some of that tightening to occur basis those feeder cap placement losses here in the quarter as well.

因此，我們感謝美國所做的一切努力和前瞻性思考。為了保護美國牛群，這對我們的整體業務產生了影響。我是從牛肉產業的角度來談論美國的產業。今年到目前為止，我們從墨西哥進口的牛隻減少了約 50 萬頭，因此邊境關閉對供應產生了影響，我預計部分供應緊縮也會在本季度根據飼養箱上限安置損失而發生。

From an actual producer decision making standpoint, we certainly have not heard any decisions that have been made from a US producer standpoint that indicates they're making a decision to retain heifers or retain cows relative to a threat of new world screwworm.

從實際生產者決策的角度來看，我們當然沒有聽到美國生產者所做的任何決定，表明他們正在決定保留小母牛或保留母牛以應對新大陸螺旋蠅的威脅。

I think there is good confidence that the actions that are being taken by the USDA and working with Mexico will curtail any additional northern movement.

我認為，美國農業部正在採取的行動以及與墨西哥的合作將有力地遏制任何進一步的北方遷移。

And then as a follow up, can I move on to the proposed renewable fuel standard that I think is due to be voted on at the end of October? It's around biodiesel and sustainable aviation fuel could be fairly meaningful. If that is approved and it leads to increased corn prices, but fairly a decrease in soybean meal prices, on the chicken side of the business, are you able to significantly shift the mix of feed into soybean meal to take advantage of that over the next couple of years, or is it a fairly fixed ratio?

然後作為後續問題，我可以繼續討論我認為將於 10 月底進行投票的擬議可再生燃料標準嗎？它對生物柴油和永續航空燃料具有相當重要的意義。如果該法案獲得批准，並導致玉米價格上漲，但豆粕價格卻下降，那麼在雞肉業務方面，您是否能夠在未來幾年內將飼料組合大幅轉變為豆粕以利用這一優勢，還是這是一個相當固定的比例？

It is a fairly fixed ratio in terms of trying to get the carbs and the protein in and between corn and soybean mill, there are other -- it's primarily all that's in the formulation and chicken feed a few vitamins, but it's fairly fixed.

就嘗試獲取玉米和大豆磨粉中的碳水化合物和蛋白質而言，這是一個相當固定的比例，還有其他——主要是配方中的所有成分和雞飼料中的一些維生素，但它是相當固定的。

I mean, you can have depending on where you are. I mean, we've used different different carb sources at times, but we're looking at the entire caloric intake and per ton. And so I don't see any significant change in that, but I would also say, at least based on what we see right now, the grain prices, we think we see them as being very steady.

我的意思是，你可以根據你所在的位置來選擇。我的意思是，我們有時會使用不同的碳水化合物來源，但我們會關注每噸的總熱量攝取。因此，我認為不會有任何重大變化，但我還要說，至少根據我們目前看到的情況，我們認為糧食價格非常穩定。

We have a potentially really high US corn crop coming in. So the all the thought processes around why you might make a substitution, I don't think will come into play at this point.

美國玉米產量可能大幅增加。因此，我認為，關於為什麼要進行替換的所有思考過程現在都不會發揮作用。

Pooran Sharma, Stephens.

普蘭夏爾馬，史蒂芬斯。

Just wanted to ask about pork here. Noted a strong performance, but just wanted to get a better understanding of the backdrop. I think if you look at the last couple of hogs and pigs' reports, a little bit disappointing when it comes to the forward look on supply except for the most recent one.

只是想問這裡關於豬肉的問題。注意到強勁的表現，但只是想更了解背景。我認為，如果你看一下最近的幾份生豬和豬的報告，除了最近的一份報告外，對供應的展望會有點令人失望。

I think we've got a little bit of green shoots, and so I just wanted to get your thoughts on when you expect to kind of see a supply recovery. I think in the past, we had said that we expected to see something in the back half of the year, but I think this has just gotten shifted out a tad bit.

我認為我們已經看到了一些復甦的跡象，所以我想聽聽您對何時預計會看到供應復甦的看法。我認為，過去我們曾說過，我們預計會在下半年看到一些成果，但我認為這只是稍微推遲了一點。

I'd just love to hear your thoughts on pork.

我只是想聽聽你對豬肉的看法。

Let me remind you of this, and if you look at our performance in Q3, and it's largely true throughout the year, it's the strong execution that's driving the profitability. In fact, in Q3, you will see based on -- you'll see some tightening of spreads in there, but we were able to offset that based on operational efficiencies, mixed improvements, there were some higher carcass weights and we also had fewer intercompany sales, but from a USDA perspective, for '25, we are projecting 0.9% increase in pork production and then for 2026, we're seeing from USDA 1.6% in 2026.

讓我提醒你這一點，如果你看看我們第三季的表現，你會發現全年的情況基本上是如此，強勁的執行力推動了獲利能力。事實上，在第三季度，你會看到價差有所收窄，但我們能夠透過營運效率、混合改進來抵消這一影響，胴體重量有所增加，公司間銷售也有所減少，但從美國農業部的角度來看，對於 25 年，我們預計豬肉產量將增長 0.9%，而對於 2026 年，我們預計美國農業部將增長 1.6%。

So Brady, any anything to add to that?

那麼布雷迪，還有什麼要補充的嗎？

No. I'm just thankful we got a question on pork because we're really excited about all of the progress that has been made in that business over the last 2.5 years. I really want to thank the team for all of their work in moving that business forward in a very sustainable manner.

不。我很高興我們收到了有關豬肉的問題，因為我們對過去兩年半以來該行業取得的所有進展感到非常興奮。我真的要感謝團隊為以非常永續的方式推動業務發展所做的一切工作。

Just relative to the supply question, I think there's a few points that are really important. Number one is, if you use the Iowa State University profitability model, we've reached a point here where the last 13 months have been positive, and the expectation basis some futures implied pricing would indicate the next year is also profitable and so that really sets the foundation for some expansion.

僅就供應問題而言，我認為有幾點非常重要。首先，如果使用愛荷華州立大學的獲利模型，我們已經達到了過去 13 個月盈利的水平，並且一些期貨隱含定價的預期基礎表明明年也將實現盈利，因此這確實為擴張奠定了基礎。

Now the opportunity relative to a headwind for pork expansion just rides simply in the fact that to build additional pork housing in the future or live production housing, there's been some inflationary cost and so I think the producers are really looking for plenty of sunshine ahead before they make those investments, but continue to feel very comfortable with adequate supply, with continued improvements from a genetics and productivity standpoint we see from the industry.

現在，相對於豬肉擴張的逆風，機會僅僅在於這樣一個事實：未來建造更多的豬舍或活體生產豬舍會產生一些通脹成本，因此我認為生產商在進行這些投資之前確實在尋找充足的陽光，但仍然對充足的供應感到非常放心，從遺傳學和生產力的角度來看，我們從這個行業看到持續的改進。

I guess my follow up would just kind of be on chicken. Obviously, you've made a ton of improvement over the past couple of years in the business. As we look ahead, how should investors view kind of what a normalized operating margin should be?

我想我的後續內容可能只是關於雞肉。顯然，在過去幾年裡，您在業務上取得了很大的進步。展望未來，投資人該如何看待正常化的營業利益率？

Do you think we've reached somewhat near a peak or do you think there's a lot of room to go further in terms of operating margin improvement?

您認為我們已經接近高峰了嗎？或者您認為在營業利益率改善還有很大的提升空間嗎？

So what I would mention to you this morning is that from a and I'll get to it, [has] chicken profitability. If you look at the results that we saw in Q3, it was strongly driven by, from execution with better fill rates, yield improvements, labor management, and S&OP process.

所以今天早上我想跟大家說的是，從某個角度來說，雞肉具有獲利能力。如果你看一下我們在第三季度看到的結果，你會發現它在很大程度上受到了更好的填充率、產量提高、勞動力管理和 S&OP 流程的執行的推動。

We had strategic alignments. We've made some conscious decisions to align with strategic customers and partnerships in a more meaningful way than we have in the past. That's been a two year process for us, but our chicken business is running well. Execution is well. We have capacity to produce more value added branded products within our portfolio and it's setting up very well.

我們有策略聯盟。我們做出了一些有意識的決定，以比過去更有意義的方式與策略客戶和合作夥伴保持一致。對我們來說這已經是一個兩年的過程了，但我們的雞肉生意進展順利。執行良好。我們有能力在我們的產品組合中生產更多加值品牌產品，而且進展非常順利。

I would tell you that that the improvements that are made and let me add that if you look at the supply picture we've had for '25 thus far, I think it is about the right size. I think you have to remember that meat is essential as viewed by the customer and consumer.

我想告訴你，我們已經取得了進步，並且讓我補充一點，如果你看一下我們迄今為止 25 年的供應情況，我認為它的規模是合適的。我認為你必須記住，從顧客和消費者的角度來看，肉類是必不可少的。

So high protein, it's a priority for them. It's a nutrient dense option for them, and they're choosing protein more often than they have before. But back to chicken, I don't think we've picked in chicken. As a matter of fact, we've had a generally positive operating environment this year.

因此高蛋白對他們來說是優先考慮的事情。對他們來說，這是一種營養豐富的選擇，他們選擇蛋白質的頻率比以前更高。但回到雞肉的問題上，我認為我們並沒有選擇雞肉。事實上，今年我們的經營環境整體良好。

There are things that are cyclical in nature. For example, you see higher priced breast meat and the lower priced wings, but in the total, they're fine. We're executing and we'll continue to execute against our manufacturing efficiencies, growing our business, continue with the innovation that our customers and our consumers prefer.

有些事物本質上是周期性的。例如，你會看到雞胸肉的價格較高，而雞翅的價格較低，但總體來說，它們還不錯。我們正在執行並將繼續執行我們的製造效率，發展我們的業務，繼續我們的客戶和消費者喜歡的創新。

We'll continue to grow the strategic partnerships that I talked about. We'll continue to shift our mix to value added and branded with branded within the poultry complex and have higher value offerings. We're excited about where we are.

我們將繼續發展我所謂的策略夥伴關係。我們將繼續將產品組合轉向增值和品牌化，並在禽肉綜合體內打造品牌，提供更高價值的產品。我們對自己所處的境況感到非常興奮。

Our foundation is in good shape as it relates to chicken and we look at the balance of '25, even into '26 and feel very comfortable with our business and the ability this business to not only perform through the balance of '25 but even through '26 and beyond.

我們與雞肉相關的基礎狀況良好，我們著眼於 2025 年甚至 2026 年的平衡，對我們的業務感到非常有信心，並且這項業務不僅能夠在 2025 年平衡期間表現出色，而且能夠在 2026 年及以後繼續表現良好。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Just wanted to come back to prepared foods. You got a strong price lift or I guess price mix. Maybe it's just a lot more robust than what we're seeing with a lot of other packaged food companies having to give back on price in many cases.

只是想回到準備好的食物。你獲得了強勁的價格提升，或者我猜是價格組合。也許它比我們看到的許多其他包裝食品公司在許多情況下不得不降低價格的情況要強勁得多。

And can you just maybe talk to how much is mix driven and what's behind it? Is it really just the protein demand? Is there just a mixed lift that's a big part of that? How do we think about the momentum there?

您能否談談混合驅動的程度以及背後的原因？這真的只是蛋白質需求嗎？其中很大一部分是混合升降嗎？我們如何看待那裡的發展動能？

Again, we're really excited about our progress in prepared foods and we laid out a strategy last year relative to how we're going to move forward and make sure that we were focused and executed on our value-added platforms within prepared foods as well, which tailors very, very nicely into your question on mix.

再次，我們對我們在預製食品方面取得的進展感到非常興奮，去年我們制定了一項策略，說明我們將如何前進，並確保我們專注於並執行預製食品中的增值平台，這非常非常契合您關於混合的問題。

And so you're exactly right. The price lift is really a combination of a favorable channel mix and it's also driven by the strength of our retail business and the strength of the brands that we have within the specific categories in the portfolio as well.

所以你說得完全正確。價格上漲實際上是有利的通路組合的結合，也是由我們零售業務的實力以及我們產品組合中特定類別品牌的實力所推動的。

Now compounding on top of that is the fact that we have seen some raw material inflation and we have formulas with a lot of our customers and customer base and so that certainly flows through from a pricing perspective as well.

現在，除此之外，我們也看到了一些原物料價格上漲，而且我們與許多客戶和客戶群都有約定俗成的公式，因此從定價的角度來看，這也肯定會產生影響。

Last point is we do continue to like pricing. As I mentioned, we walked out of Q3 with really the highest raw material pricing of the year. But we'll continue to operate the business in a very rational manner and understand where those elasticities are and use data to drive the right decision for the business, but continue to expect to grow both top line and bottom line as we move forward well into the future on prepared foods.

最後一點是我們確實繼續喜歡定價。正如我所提到的，我們在第三季遭遇了今年最高的原物料價格。但我們將繼續以非常理性的方式經營業務，了解這些彈性在哪裡，並利用數據為業務做出正確的決策，但隨著我們在未來的預製食品領域取得進展，我們仍期望營收和利潤都能實現成長。

So maybe a couple of things to add to that, Brady, and I mentioned this earlier that meat is viewed as essential, being a nutrient-rich option. Consumers are continuing to prioritize protein, and so for example, the way that manifests itself when a consumer goes to a grocery store, they're not looking for the non-essential stuff. They're looking for protein and food and we happen to offer chicken, beef, pork, and prepared so we're -- we believe protein is the right place to play and we're certainly doing that.

因此，布雷迪，也許還有幾件事需要補充，我之前提到過，肉類被視為必需品，是一種營養豐富的選擇。消費者繼續優先考慮蛋白質，例如，當消費者去雜貨店時，他們不會尋找非必需品。他們正在尋找蛋白質和食物，而我們恰好提供雞肉、牛肉、豬肉和熟食，所以我們——我們相信蛋白質是正確的選擇，我們也確實這樣做了。

One thing I need to point out as it relates to our prepared foods business, I could not be prouder of our prepared foods team. They've been on this journey that Brady just referenced and I referenced earlier today, but they are absolutely performing across every phase of the game, from innovation and successful innovation and also in terms of shifting their mix to more valuable products.

我需要指出的一點是，由於它與我們的預製食品業務有關，我對我們的預製食品團隊感到無比自豪。他們已經踏上了布雷迪剛才提到的和我今天早些時候提到的這段旅程，但他們在遊戲的每個階段都表現出色，從創新和成功的創新，以及在將他們的產品組合轉變為更有價值的產品方面。

You talked about the pricing. Well, the benefit from an AOI perspective, yes, there was some price recovery that we'd already incurred, but the operational execution across this business, I've not seen that at this level in our business, and there's so much more that we can go do and are going to do in this multi-year journey.

您談到了定價。嗯，從 AOI 角度來看，是的，價格已經有所回升，但就整個業務的運營執行而言，我從未在我們的業務中看到過這種情況，而且在多年的歷程中，我們還有很多事情可以做，還有很多事情要做。

So a lot of upsides to prepared foods, not only for the balance of the year, but as we continue to move further.

因此，預製食品有很多好處，不僅適用於今年的平衡，而且隨著我們繼續前進。

Saumya Jain, UBS.

瑞銀的 Saumya Jain。

So your leverage continues to drop now at around 2.1. So could you elaborate on how we should expect to see that going forward? Should we expect more excess cash going to shareholders, or how is management thinking about capital allocation going ahead?

所以你們的槓桿率目前持續下降，在2.1左右。能詳細解釋一下未來預期嗎？我們是否應該預期會有更多剩餘現金流向股東，或者管理階層如何考慮未來的資本配置？

I think you should continue to expect us to follow our capital allocation priorities. I think significant -- Brady just called out, right, the significant improvement we made from where we were not only a year ago, but two years ago as leverage had peaked at 4.1 times and so tremendous execution by the team.

我認為您應該繼續期望我們遵循我們的資本配置優先事項。我認為意義重大——布雷迪剛才說，與一年前相比，我們取得了顯著的進步，而且與兩年前相比，槓桿率已達到 4.1 倍的峰值，團隊的執行力也十分出色。

Absolutely disciplined and following our capital allocation priorities, and they would remain unchanged. We'll look to continue to maintain our financial strength, invest in the business, and return cash to shareholders. I would note, as I made a comment earlier at the opening that we did start to restart our share repurchase program, although at a very small pace, the first time we restarted that since Q1 of '23.

絕對遵守紀律並遵循我們的資本配置優先事項，並且這些優先事項將保持不變。我們將繼續維持財務實力，投資業務，並向股東返還現金。我想指出的是，正如我在開場時所說，我們確實開始重啟我們的股票回購計劃，儘管速度非常慢，但這是自 23 年第一季以來我們第一次重啟該計劃。

And then international margins continue to be strong. What are the key factors driving that? And do you see those drivers continuing over the rest of the year or what are the key risks of that segment in the near term?

國際利潤率持續保持強勁。推動這現象的關鍵因素是什麼？您認為這些驅動因素會在今年剩餘時間內持續下去嗎？或短期內該領域的主要風險是什麼？

Yeah. This is Devin. I would just mention at the very onset that much of the strategy that we've talked about in other parts of our business domestically, we have employed with our international business over the last year or so, and I think the results that you're seeing are certainly from things that we control primarily.

是的。這是德文。我首先要提的是，我們在國內業務其他部分討論的大部分戰略，在過去一年左右的時間裡都已應用於我們的國際業務，我認為您所看到的結果肯定來自於我們主要控制的事情。

So operational excellence has been one of the key tenets for us. We've got very specific initiatives. That have achieved better efficiencies, lowered our conversion costs, and also we're actively managing the controllable cost within that business.

因此，卓越營運一直是我們的關鍵原則之一。我們有非常具體的舉措。這實現了更高的效率，降低了我們的轉換成本，我們也正在積極管理該業務中的可控成本。

Certainly, it's a dynamic situation both geopolitically and some of the economies that we operate in and around the globe. But that team is working very well together. We expect to have a very good year and quite frankly, all the things that we've put in place and the momentum that we're seeing should translate into going into FY26 as well.

當然，無論是從地緣政治角度，還是從我們在全球開展業務的一些經濟體角度來看，這都是一個動態的情況。但該團隊合作得非常好。我們預計今年的業績將非常好，坦白說，我們已實施的所有措施以及我們看到的勢頭也應該會轉化為 26 財年業績。

(Operator Instructions)

（操作員指示）

Andrew Strelzik, BMO.

蒙特利爾銀行 (BMO) 的 Andrew Strelzik。

I wanted to go back to the beef side to start. Now that we are seeing the start of the heifer retention and maybe have a timeline to think about on profit recovery. Can you talk about your expectations for the magnitude of the herd recovery or maybe compare what your expectations are for this herd recovery versus prior cycles and how does that inform your view of the beef's profit potential in 2028 and beyond?

我想先回到牛肉方面。現在我們看到小母牛保留的開始，也許有一個時間表來考慮利潤恢復。您能否談談對牛群恢復程度的預期，或者將您對本次牛群恢復的預期與之前的周期進行比較，以及這如何影響您對 2028 年及以後牛肉盈利潛力的看法？

I think you probably highlighted when we really see that turnaround into the future as well. And so it's been challenging to really get a forecast to read here as we've moved through the last two years just because what we've seen from a supply perspective has not necessarily managed what we've seen from a demand perspective on the packers side as well.

我想您可能也強調了我們何時真正看到未來的轉變。因此，在過去的兩年裡，我們很難真正獲得一個可以閱讀的預測，因為我們從供應角度看到的情況並不一定能與包裝商方面的需求角度看到的情況相符。

So we've moved into more of a prolonged period of time. The good part is as we move forward, we definitely have a tailwind relative to drought that we probably haven't focused enough on relative to some of the commentary as well.

因此，我們已經進入了一段更漫長的時期。好的一面是，隨著我們不斷前進，我們肯定會遇到與乾旱相關的順風，而對於某些評論，我們可能還沒有給予足夠的重視。

And so that has certainly provided a great opportunity for us to get some rebuild momentum across the industry as well. Outside of that, again, it's been a very dynamic environment. We're seeing historic highs relative to beef and beef demand.

因此，這無疑也為我們提供了一個很好的機會，讓我們能夠重建整個產業。除此之外，這是一個非常活躍的環境。我們看到牛肉和牛肉需求都達到了歷史最高水準。

The consumer has been extremely resilient in their demand for beef and how we rationalize the entire supply chain of beef from feeding and cow production into feeding into packers. We'll continue to monitor that as we move through the next couple of years as well.

消費者對牛肉的需求一直非常有彈性，我們如何合理化從飼養和乳牛生產到飼養到包裝的整個牛肉供應鏈。在接下來的幾年裡，我們將繼續關注這一點。

Yeah. I just want to add one comment on there and just to call out to our beef team and this has been very challenging as you well know, and we talk about this in terms of controlling what we can and we've done that.

是的。我只想補充一條評論，只是想向我們的牛肉團隊呼籲，正如你們所知，這是一個非常具有挑戰性的問題，我們從控制我們能控制的事情的角度來討論這個問題，我們已經做到了。

I would tell you that we are -- our beef assets are running better than they ever have before. And that's not just my assessment though. That's the assessment from the people who are in our organization who've been in our beef business for a long time.

我想告訴你，我們的牛肉資產的運作狀況比以前更好。但這不僅僅是我的評估。這是我們組織內長期從事牛肉業務的人員的評價。

In fact, they've removed over $100 million of controllable cost out of our beef segment this year. And so we're obviously very proud of that. We're trying to do what we can with what we have right now and we look forward to herd rebuild and to a better day in our beef business.

事實上，他們今年已經從我們的牛肉部門削減了超過 1 億美元的可控成本。因此我們對此感到非常自豪。我們正在盡力利用現有資源，期待重建牛群，並期待我們的牛肉業務能有更好的發展。

I guess what I'm trying to get out there and I appreciate those comments very much, but is there anything that you're seeing that would lead you to believe you're normalized or mid-cycle or what have you, beef profits are different in this cycle than in prior cycles?

我想我想表達的是，我非常感謝這些評論，但是，您是否看到了什麼，讓您相信您已經恢復正常或處於週期中期，或者您有什麼發現，本週期的牛肉利潤與之前的周期有所不同？

I'd just say that we continue to analyze where we walk out of walk out of the cycle and gauge where we'll end up from a mid-cycle profitability perspective. So if you look at the last 60 cycles inclusive of this current cycle, there are some differences in it.

我只是想說，我們會繼續分析我們如何走出週期，並從中期獲利能力的角度來判斷我們最終會走向何方。因此，如果你查看包括當前週期在內的過去 60 個週期，你會發現其中存在一些差異。

Again, the prolonged droughts that we saw right at the bottom of the cycle created this elongated, bottom of the cycle and that has created some challenges just relative to forecasting a very dynamic environment relative to the supply of cattle.

再次，我們在週期底部看到的長期乾旱造成了週期底部的延長，這給預測與牛肉供應相關的非常動態的環境帶來了一些挑戰。

Traditionally, we've seen more changes or pivots from a demand perspective than we have this cycle as well. So those two pieces all come together and really shape where we end up as we move into the midpoint in the years to come.

傳統上，從需求角度來看，我們看到的變化或轉變比這個週期要多。因此，這兩部分結合在一起，真正決定了我們在未來幾年進入中點時的最終結果。

And if I could just squeeze one other quick one. In the past couple of quarters, I think you've quantified the efficiencies that you've gotten in prepared foods. So I was hoping you could maybe give us an update there and then maybe if we could think about the size or you could help us think about the size of some of the incremental efficiencies you're talking about in chicken, that would be helpful as well.

如果我可以再快速擠一下的話。在過去的幾個季度中，我認為您已經量化了在預製食品方面所獲得的效率。所以我希望您能給我們一個更新的信息，然後如果我們可以考慮一下規模，或者您可以幫助我們考慮一下您在雞肉中談論的一些增量效率的規模，這也會有所幫助。

Just relatively prepared, Donnie did a great job earlier of framing up all of the advancements we've made from a prepared operations perspective, and there are certainly a number of dynamics that go into these calculations, raw material increase, packaging ingredient increases as well, labor inflation, how you monetize that with and without these particular inflationary factors.

只是相對準備充分，唐尼早些時候做得很好，從準備好的運營角度概括了我們所取得的所有進步，而且這些計算中肯定涉及許多動態因素，原材料增加，包裝成分增加，勞動力通脹，以及如何在有或沒有這些特定通脹因素的情況下將其貨幣化。

Here's what I'll tell you today is there's a sustained process with audits in place to make sure that the advancements we're making from a manufacturing efficiency perspective in prepared foods is here to stay, and we're seeing those advancements really hit the bottom line significantly from a prepared food standpoint.

今天我要告訴大家的是，我們有一個持續的流程和審計，以確保我們在預製食品生產效率方面取得的進步能夠持續下去，而且我們看到這些進步從預製食品的角度來看確實對利潤產生了重大影響。

And Andrew, let me add this. If you think about this, what I'm about to say, this applies to chicken, beef, pork, and our international business. And every function and activity we have at Tyson Foods, we are focused on operational excellence.

安德魯，讓我補充一點。如果你考慮一下，我要說的是，這適用於雞肉、牛肉、豬肉和我們的國際業務。泰森食品的每項職能和活動都注重卓越營運。

What does that mean is scaling the enterprise, leveraging all the assets and capability of this multi-protein behemoth that we have, driving cost savings across the enterprise, addressing inefficiencies and eliminating that where they exist, but also being aligned with customers and in terms of those relationships and what we've characterized as partnerships and we've got more of that today than we've ever had.

這意味著擴大企業規模，利用我們擁有的這個多蛋白質龐然大物的所有資產和能力，推動整個企業的成本節約，解決效率低下的問題並消除存在的效率低下問題，同時也與客戶保持一致，就這些關係以及我們所說的合作夥伴關係而言，我們今天擁有的這種關係比以往任何時候都多。

And then from a consumer perspective, just the constant innovation and we've got the most robust pipeline we've ever had. And then you can layer underneath all of that or on top of all that things like data and digital delivery.

從消費者的角度來看，只要不斷創新，我們就擁有了迄今為止最強大的管道。然後，您可以在所有這些之下或之上分層放置資料和數位傳輸等內容。

Our tools are such today that we're able to make better, smarter decisions across this enterprise. And of course, the disciplined capital allocations and prioritizing cash flow which it's made up the CapEx and working capital, specifically.

我們如今的工具使我們能夠在整個企業中做出更好、更明智的決策。當然，還有嚴格的資本配置和優先考慮的現金流，具體來說，就是資本支出和營運資本。

So that discipline we have exercised across this entire enterprise and so I'll just -- I'll leave you with that.

因此，我們在整個企業中都實行了這種紀律，所以我就——我就把這個留給你們吧。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session.

女士們、先生們，今天的問答環節就到此結束。

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

我想把發言權交還給唐尼金 (Donnie King)，請他做最後發言。

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。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for attending. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的出席。現在您可以斷開線路了。