泰森食品 (TSN) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Tyson Foods second-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加泰森食品（Tyson Foods）2026 會計年度第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Jon Kathol, VP, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Jon Kathol。請開始。

Good morning, and welcome to Tyson Foods' second-quarter fiscal year 2026 earnings conference call.

早安，歡迎參加泰森食品 2026 會計年度第二季財報電話會議。

On today's call, Tyson Foods President and Chief Executive Officer, Donnie King; Chief Financial Officer, Curt Calaway; and Chief Operating Officer, Devin Cole, will provide prepared remarks. Following the prepared remarks, we will have a Q&A session. 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.

在今天的電話會議中，泰森食品總裁兼執行長 Donnie King、財務長 Curt Calaway，以及營運長 Devin Cole 將發表事先準備的談話。在準備發言之後，我們將進行問答環節。我們也提供了一份補充簡報，今天的電話會議可能會引用；該簡報可於泰森投資人關係網站以及我們網路直播連結中取得。

During today's call, we will make forward-looking statements regarding our expectations for the future. These forward-looking statements made during the 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 risks, uncertainties, and assumptions, which may cause actual results to differ materially from our current projections.

在今天的電話會議中，我們將就對未來的預期發表前瞻性陳述。本次電話會議中的前瞻性陳述係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款提供。前瞻性陳述包括所有反映我們對未來事件或表現之預期、假設或信念，且不僅限於歷史期間的評論。這些前瞻性陳述受到風險、不確定性與假設的影響，可能導致實際結果與我們目前的預測存在重大差異。

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.

請參閱簡報第 2 頁的前瞻性陳述免責聲明，以及我們向美國證券交易委員會（SEC）提交的文件，以取得可能導致實際結果與我們預測存在重大差異之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。

As we mentioned last quarter, segment results are presented on a segment operating income level and will be discussed on an adjusted basis. The primary difference between segment operating income and the method used in previous quarters is that we no longer allocate corporate expenses and amortization down to the segment level. We have recast previously reported quarterly results for the previous three fiscal years to reflect the new format.

如同我們在上一季提到的，各事業部門的結果係以部門營業利益（segment operating income）層級呈現，並將以調整後基礎進行討論。部門營業利益與先前季度所採用方法的主要差異在於：我們不再將公司費用與攤銷分攤至部門層級。我們已將過去三個會計年度先前揭露的季度結果重新編製，以反映新的呈現格式。

The segment change has no impact on consolidated historical US GAAP financial results. The recast financial information is accessible through the Events and Presentations section of the company's Investor Relations website at ir.tyson.com.

此部門變更不影響合併層級的歷史美國一般公認會計原則（US GAAP）財務結果。重新編製的財務資訊可於公司投資人關係網站 ir.tyson.com 的「活動與簡報」（Events and Presentations）專區取得。

Please note that references to earnings per share, segment operating income, and operating margin in our remarks are on an adjusted basis for our fiscal periods, unless otherwise noted. For reconciliations of these non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release.

請注意，除非另有說明，我們談話中提及的每股盈餘、部門營業利益與營業利益率，均為本公司各會計期間的調整後基礎。如需將這些非 GAAP 指標與相對應的 GAAP 指標進行調節，請參閱我們的財報新聞稿。

Now, I will turn the call over to Donnie.

現在，我把電話會議交給 Donnie。

Thank you, Jon, and thanks to everyone joining us today.

謝謝你，Jon，也感謝今天加入我們的各位。

Overall, I'm pleased with our performance in the second quarter, and we are raising our AOI guidance for the year to incorporate better performance year to date and continued confidence in the future of our business. I'd like to reinforce what we're building at Tyson, a diversified protein-centric company positioned to capture growing demand for high-quality protein.

整體而言，我對第二季的表現感到滿意；我們也上調今年的調整後營業利益（AOI）指引，以反映年初至今更佳的表現，以及我們對業務未來持續的信心。我想再次強調我們在泰森所打造的方向：一家以蛋白質為核心、產品多元化的公司，具備掌握高品質蛋白質需求成長的有利定位。

Animal protein remains top of mind for consumers and continues to gain momentum as a foundational part of a healthy diet. We are directly tied to and expand to benefit from this long-term trend. We're focused on disciplined execution, a diversified multi-protein portfolio, and a balanced approach to capital allocation. Our scale and operating capabilities support cash generation across cycles, enabling us to reinvest in the business, reduce leverage over time, and return capital to shareholders consistent with our capital priorities. We remain committed to our long-term strategy that creates value for customers, consumers, and shareholders, and will continue to be transparent with our investors along the way.

動物性蛋白仍是消費者關注的重點，並持續作為健康飲食的基礎而加速成長。我們與這項長期趨勢直接連結，並可望擴大受益。我們專注於紀律執行、多元的多蛋白產品組合，以及均衡的資本配置方法。我們的規模與營運能力可在不同景氣循環中支持現金創造，使我們能再投資於業務、隨時間降低槓桿，並依循資本優先順序回饋股東。我們仍致力於能為客戶、消費者與股東創造價值的長期策略，並將在過程中持續對投資人保持透明。

Our shift to segment operating income is working as intended. This change empowers our business leaders to pursue volume growth and enhance our decision-making based on a more direct view of the impacts of those decisions without corporate expenses and amortization, which are more fixed in nature. As stated previously, we will continue to focus on reducing spend and maximizing efficiency in our corporate functions and see more runway with both initiatives.

我們改採部門營業利益的作法，正如預期般發揮效果。此變更使我們的業務領導團隊能追求銷量成長，並在不納入較具固定性質的公司費用與攤銷的情況下，更直接地看見決策影響，從而提升決策品質。如先前所述，我們將持續聚焦於降低支出並最大化公司職能的效率，且我們認為這兩項措施仍有更大的推進空間。

Let me tell you more about the quarter, and Devin and Curt will elaborate. Our second-quarter results, with $13.7 billion in sales and $497 million in adjusted operating income, demonstrate that our strategy is working and is gaining momentum for both Tyson Foods and our customers. We remain focused on continuous improvement, and our team is energized by the opportunities ahead.

我先進一步說明本季表現，Devin 與 Curt 也會補充說明。我們第二季的結果——銷售額 137 億美元、調整後營業利益 4.97 億美元——顯示我們的策略正在奏效，且對泰森食品與我們的客戶而言都正在加速發酵。我們仍專注於持續改善，團隊也對前方的機會充滿動能。

Within Chicken, we delivered another impressive quarter with $523 million in segment operating income and a 12.2% margin, while navigating a more normalized commodity environment and typical Q2 seasonality. Strong execution on the controllables and more efficient marketing and promotional spend drove improved performance. Demand remains robust, and our customer-centric approach is working. Overall year-over-year Chicken volume was up 1.7%, with retail and foodservice volumes growing nearly three times faster than total volume, reflecting momentum with our strategic customers.

在雞肉業務方面，我們在較為正常化的大宗商品環境與第二季典型季節性之下，仍交出另一個亮眼季度：部門營業利益 5.23 億美元、利潤率 12.2%。在可控因素上的強勁執行，以及更有效率的行銷與促銷支出，帶動表現改善。需求依然強勁，我們以客戶為中心的方法正在奏效。整體而言，雞肉銷量年增 1.7%；其中零售與餐飲服務（foodservice）銷量成長速度接近總銷量的三倍，反映我們與策略性客戶合作的動能。

Importantly, these results were not driven by broad price increases, with base pricing being slightly lower in the quarter, but rather, we saw improvements in product mix and executed well operationally. Our end-to-end Chicken business, including our chicken genetics business, is performing at a high level as we continue to deliver on our commitments, but we see ample opportunities for more improvement and growth. This is another example of how our Chicken business is outperforming compared to a commodity chicken business.

重要的是，這些結果並非來自全面性的漲價；本季基礎定價反而略低。相對地，我們看到產品組合改善，且營運執行到位。我們端到端的雞肉業務（包含雞隻育種基因業務）表現維持高水準，持續履行承諾；但我們也看到仍有充足的改善與成長機會。這也再次說明，我們的雞肉業務相較於一般大宗雞肉業務，具備更佳的超額表現。

Moving to Prepared Foods. Segment operating income increased to $352 million, even as commodity costs were higher year over year. And our margin expanded to 14%, reflecting strong demand, share gains, and disciplined execution. Sales grew 4.8% and volume grew 0.4%.

接著談調理食品（Prepared Foods）。即使大宗原物料成本年增，部門營業利益仍提升至 3.52 億美元。利潤率擴大至 14%，反映強勁需求、市占提升與紀律執行。銷售額成長 4.8%，銷量成長 0.4%。

Importantly, we continue to drive innovation and our brands are winning in the marketplace. In Q2, we gained share in volume, dollars, and units. Our brand strength and focus on customer relationships, along with improved promotional efficiency and targeted MAP investments, are delivering strong return on investments.

同樣重要的是，我們持續推動創新，我們的品牌在市場上表現出色。在第二季，我們在銷量、金額與件數（units）方面均取得市占成長。我們的品牌力與對客戶關係的聚焦，加上促銷效率提升與有針對性的 MAP 投資，正帶來強勁的投資報酬。

Turning to Beef. Our segment results reflected the expected volatility in the cattle cycle. We successfully completed the previously announced strategic decision to optimize our manufacturing footprint. As a result, our second-quarter results reflect only a portion of these operational adjustments, which are intended to improve utilization and strengthen our cost position.

再來談牛肉（Beef）。我們的部門結果反映了牛隻週期中預期的波動性。我們已成功完成先前公告、用以最佳化製造版圖的策略性決策。因此，我們第二季的結果僅反映這些營運調整的一部分；這些調整旨在提升產能利用率並強化成本競爭力。

Importantly, we're staying focused on the levers we can control -- plant utilization, operating discipline, customer mix, and execution -- and we expect the benefits from these actions to bill as we move through the year. Our outlook for the remainder of the year implies lower losses in the back half than the front half of the year. We continue to expect results below historical margin levels until cattle supplies normalize.

重要的是，我們持續聚焦於可控的槓桿——工廠產能利用率、營運紀律、客戶組合與執行力——我們預期這些行動的效益將在今年推進過程中逐步顯現。我們對今年剩餘期間的展望，意味著下半年虧損將低於上半年。在牛隻供應恢復正常之前，我們仍預期結果將低於歷史利潤率水準。

Our Pork segment performed well in a stable operating environment. All parts of the Pork value chain, from hog supply, pork production through retail and foodservice customers, are in relative balance, allowing for more predictable and stable operating margins. Pork's relative value-to-beat is likely to benefit revenue for the balance of the year.

我們的豬肉（Pork）部門在穩定的營運環境中表現良好。豬肉價值鏈的各個環節——從生豬供應、豬肉生產到零售與餐飲服務客戶——相對均衡，使營運利潤率更可預測且更穩定。豬肉相對的「價值優勢」（value-to-beat）可望在今年剩餘期間帶動營收受益。

Finally, our International segment continued its momentum and had another good quarter. As we've discussed, there is increasing demand for protein, which helps us drive strong revenue and cash flows even through economic ups and downs. We also benefit from being a producer of several different animal proteins, as the timing of these cycles can vary. This trend insulates us from an otherwise fragile macro environment. Consumer confidence recently fell to a record low, while inflation is still elevated more than 3%. At the same time, foodservice traffic rebounded in the second quarter, reinforcing the value of our diversified portfolio across retail and foodservice.

最後，我們的國際事業部持續保持動能，本季再度交出亮眼成績。如同我們先前所討論的，市場對蛋白質的需求日益增加，這使我們即便在景氣起伏之中，仍能帶動強勁的營收與現金流。我們同時也受惠於身為多種不同動物性蛋白的生產者，因為各品類週期的時點可能不同。這項趨勢讓我們在原本脆弱的總體環境中具備一定的緩衝。近期消費者信心降至歷史新低，而通膨仍高於3%。同時，第二季餐飲服務（foodservice）來客量回升，進一步凸顯我們在零售與餐飲服務之間多元化產品組合的價值。

We also benefit from our scale as we can provide lower unit costs, better service levels and maintain a healthy market share as we produce approximately 1 in 5 pounds of US chicken, beef, and pork. Our long history and strong position in the marketplace solidifies our business for the long run.

我們也受惠於規模優勢，得以提供更低的單位成本、更佳的服務水準，並維持健康的市占率，因為我們約生產美國每5磅雞肉、牛肉與豬肉中的1磅。我們悠久的歷史與在市場上的強勢地位，鞏固了公司長期經營的基礎。

Protein continues to be a priority for consumers. As a leading animal protein provider, we are well positioned to meet this demand with products that deliver complete nutrition, including all nine essential amino acids. This, along with our shift to simple ingredients like those found in your pantry, is resonating and gaining traction with consumers. Together, these factors support stronger returns through disciplined investment, expanding profitability, and consistent cash return to shareholders.

蛋白質仍是消費者的優先選擇。作為領先的動物性蛋白供應商，我們具備良好條件以提供完整營養的產品來滿足此需求，包括九種必需胺基酸。此外，我們轉向使用更簡單的配方成分（就像你家廚房儲藏櫃裡常見的那些），也正引起消費者共鳴並逐步擴大影響力。綜合上述因素，我們得以透過嚴謹投資、擴大利潤能力，以及持續回饋現金給股東，來支持更強勁的報酬。

Consumers are choosing protein, and they're leaning into brands they trust for quality, taste, and convenience. That plays directly to Tyson Foods' strengths, where we're winning in Chicken and Prepared Foods, driving share, volume, and margin.

消費者正在選擇蛋白質，並更傾向於信賴能提供品質、口味與便利性的品牌。這正好直接呼應泰森食品（Tyson Foods）的優勢：我們在雞肉與調理食品（Prepared Foods）領域持續勝出，帶動市占、銷量與利潤率提升。

According to Nielsen data, total food and beverage category retail volume declined 1%, with dollars up 1.7% over the 13 weeks ending in March. In contrast, our Tyson retail branded products, which includes our national and regional brands, grew by 2.3% in volume and 3.6% in dollars, outperforming the broader categories.

根據尼爾森（Nielsen）數據，截至3月的13週內，食品與飲料整體品類的零售銷量下滑1%，但銷售額成長1.7%。相較之下，我們的 Tyson 零售品牌產品（包含全國性與區域性品牌）銷量成長2.3%，銷售額成長3.6%，表現優於整體品類。

We are also winning in digital. Across key retailers, our digital dollar growth is materially stronger than in-store performance, reflecting our ability to compete and win in omnichannel shopping. A few examples include Tyson branded value-added chicken, up 6.5%; Aidells dinner sausage increased by 9.7%, Hillshire lunch meat grew by 7.6%, and Wright and Jimmy Dean bacon increased by 6.8%. Our Hillshire snack combos have also achieved double-digit growth.

我們在數位通路也持續勝出。在主要零售商中，我們的數位銷售額成長顯著高於實體店表現，反映我們在全通路購物環境中具備競爭並取勝的能力。舉例而言：Tyson 品牌加值雞肉成長6.5%；Aidells 晚餐香腸成長9.7%；Hillshire 午餐肉成長7.6%；Wright 與 Jimmy Dean 培根成長6.8%。我們的 Hillshire 點心組合（snack combos）也達成雙位數成長。

In addition to the volume growth, all five categories grew dollars and share, reinforcing that we're winning with consumers by improving the quality of our growth. We're also performing well in foodservice with volume growth of 60 basis points.

除了銷量成長之外，五大品類的銷售額與市占也全數成長，進一步印證我們透過提升成長品質而贏得消費者。我們在餐飲服務（foodservice）端同樣表現良好，銷量成長60個基點。

In terms of how we're driving innovation in our portfolio, we are using AI-driven insights that sharpen how we identify emerging preferences and translate them into action. This enables us to bring on-trend, consumer-led products into the marketplace. In practice, the integration of AI allows us to better connect what consumers are telling us with what shows up on shelves and menus.

在推動產品組合創新方面，我們運用 AI 驅動的洞察，強化我們辨識新興偏好的能力並將其轉化為行動。這使我們能將符合趨勢、由消費者需求帶動的產品推向市場。在實務上，AI 的整合讓我們能更好地把消費者告訴我們的需求，連結到貨架與菜單上實際呈現的產品。

The capability is accelerating our innovation pipeline, improving decisions around distribution and pricing and strengthening the effectiveness of marketing and new customer acquisition. One example of this is in our Jimmy Dean brand. Using these insights, we're pioneering the next wave of higher-protein breakfasts.

這項能力正在加速我們的創新管線，改善通路鋪貨與定價決策，並提升行銷與新客獲取的成效。其中一個例子是我們的 Jimmy Dean 品牌。透過這些洞察，我們正引領下一波更高蛋白的早餐產品。

Our recent launch of a Jimmy Dean protein breakfast platform is off to a phenomenal start, bringing higher protein versions of consumer traditional favorites like sandwiches and bowls that are showing stronger velocity and consumer takeaway. We're pairing those core items with innovation like Jimmy Dean high protein waffles that is the new and incremental to our Prepared Foods business. Early consumer responses have been very positive, and it's bringing new and younger consumers to the brand.

我們近期推出的 Jimmy Dean 蛋白質早餐平台開局表現極為出色，將三明治、碗餐等消費者傳統喜愛品項推出更高蛋白版本，展現更強的銷售動能與消費者帶走率。我們也將這些核心品項搭配創新產品，例如 Jimmy Dean 高蛋白鬆餅，為我們的調理食品（Prepared Foods）事業帶來新的、增量的成長。早期消費者回饋非常正面，並為品牌帶來更多新客與更年輕的消費族群。

We have already begun to capture meaningful share at retail, and we see a compelling runway to build on this momentum as we expand distribution and continue to innovate. Our retail performance remains superior to that of our primary competitors in comparable business segments across the industry. Over the past 12 months, our Prepared Foods retail business has driven strong gains in volume, market share, and profitability, outpacing our peers. However, our valuation continues to reflect discount relative to those peers. Investors who recognize the value today will benefit the most.

我們已開始在零售端取得具意義的市占，並且隨著我們擴大通路覆蓋並持續創新，仍有極具吸引力的成長空間可延續這股動能。在產業中可比的業務領域，我們的零售表現仍優於主要競爭對手。過去12個月，我們的調理食品零售業務在銷量、市占與獲利能力方面皆取得強勁成長，領先同業。然而，我們的估值相對同業仍呈現折價。能在今日看見價值的投資人，將獲得最大的受益。

This is why Tyson Foods is uniquely situated for success in today's environment. Demand for our products continues to grow, and we're well positioned to capture this momentum. While some companies face challenges in generating demand, our shared gains demonstrate both our strength and our expectation for further growth, an essential driver of our ongoing success. Our protein-centric offerings, combined with disciplined capital allocation, enable us to capitalize on the opportunities that stem from strong performance and allow us to continue to thrive in the marketplace.

這正是泰森食品在當前環境中具備獨特成功條件的原因。我們產品的需求持續成長，而我們也具備良好條件把握這股動能。當部分公司在創造需求上面臨挑戰時，我們的市占提升展現了我們的實力，也反映我們對進一步成長的期待，而這是我們持續成功的關鍵驅動力。以蛋白質為核心的產品供給，結合嚴謹的資本配置，使我們能把握強勁表現所帶來的機會，並持續在市場中茁壯。

As a 90-year-old American company, we provide trust and consistency across cycles. As you've heard us say many times, we're not standing still. Overall, these strengths allow us to deliver lasting value to our customers, consumers, team members, and shareholders. Looking ahead, the opportunities before us are more promising than ever, and I'm very confident in our portfolio and in our strategy.

作為一家擁有90年歷史的美國公司，我們在不同景氣循環中提供信任與一致性。正如你們多次聽我們說過的，我們不會停滯不前。整體而言，這些優勢使我們能為客戶、消費者、團隊成員與股東創造長期價值。展望未來，我們面前的機會比以往任何時候都更具吸引力，我對我們的產品組合與策略非常有信心。

With that, I'll turn it over to Devin to take you through the segments in more detail.

接下來，我把時間交給 Devin，請他帶大家更深入地說明各事業部門的表現。

Thank you, Donnie, and good morning.

謝謝你，Donnie，大家早安。

In the second quarter, our team made progress toward our strategic objectives. We remain committed to holding ourselves accountable to our customers' and consumers' expectations.

在第二季，我們的團隊朝向策略目標取得進展。我們仍致力於對客戶與消費者的期待負起責任並自我要求。

Now, let's review our segment performance. Prepared Foods delivered a strong quarter with sales up 4.8% versus last year and volume up 0.4%. Segment operating income was $352 million, up 7% year over year, and margin expanded to 14%, reflecting continued progress on our multi-year plan to enhance profitability.

現在，讓我們回顧各事業部門的表現。調理食品（Prepared Foods）本季表現強勁，銷售額較去年成長4.8%，銷量成長0.4%。部門營業利益為3.52億美元，年增7%，利潤率擴大至14%，反映我們多年期提升獲利能力計畫的持續進展。

We gained share in volume, dollars, and units. In the quarter, volume share was up 70 basis points and dollar share was up 50 basis points, driven by strong protein demand and our disciplined execution, with notable wins in bacon, lunch meat, dinner sausage, and snacking. Volume growth reflects distribution gains, innovation, and improved promotional efficiency, supported by targeted MAP investments as consumers prioritize convenient, nutritious, high-protein solutions. Looking ahead, we expect continued growth in segment operating income for the full year and remain well positioned in this business for the long term.

我們在銷量、銷售額與件數（units）方面皆提升市占。本季銷量市占提升70個基點、銷售額市占提升50個基點，主要受強勁蛋白質需求與我們嚴謹執行所帶動，並在培根、午餐肉、晚餐香腸與零食等品類取得顯著勝利。銷量成長反映通路鋪貨增加、創新，以及促銷效率改善；在消費者優先選擇便利、營養、高蛋白解決方案的趨勢下，並由針對性的 MAP 投資所支持。展望未來，我們預期全年部門營業利益將持續成長，且長期而言在此業務上仍具備良好定位。

In Chicken, we delivered segment operating income of $523 million and a margin of 12.2%, despite a more normalized pricing environment and the typical seasonality we see in Q2. Sales were up 3.5% year over year, driven by favorable mix and volume growth, with total Chicken volume up 1.7%. Retail and foodservice volumes grew nearly three times faster than total volume, reflecting strong consumer demand and momentum with our strategic customers.

在雞肉事業方面，儘管定價環境更趨正常化，且第二季存在我們一貫看到的季節性因素，我們仍交出部門營業利益5.23億美元、利潤率12.2%的成績。銷售額年增3.5%，主要由有利的產品組合與銷量成長帶動，雞肉總銷量成長1.7%。零售與餐飲服務（foodservice）銷量成長速度接近總銷量的三倍，反映消費者需求強勁，以及我們與策略客戶合作的動能。

Our diversified pricing strategies and improved mix kept average selling process stable even as base pricing was down. That stability and our bottom-line results were driven by a better product mix tied to strategic customer growth and stronger operational performance. Execution continued to improve across the controllables, live performance, yield, asset utilization, labor productivity and end-to-end supply chain discipline, supporting our sixth consecutive quarter of year-over-year volume and net sales growth and reinforcing the consistency and predictability of our Chicken business.

即使基礎定價下滑，我們多元化的定價策略與改善的產品組合仍使平均售價保持穩定。這份穩定性與我們的獲利表現，來自於更佳的產品組合（與策略客戶成長相連結）以及更強的營運表現。我們在可控因素上的執行持續改善，包括活體表現、得率、資產利用率、勞動生產力，以及端到端供應鏈紀律，支持我們連續第六季實現銷量與淨銷售額的年增，並強化雞肉業務的一致性與可預測性。

We also wanted to highlight the success we are seeing in our chicken genetics business, which is competing at a high level again. This has been driven by the hard work of our genetics and live production teams alongside family farmers who are the best at what they do. This business is delivering meaningful, sustainable results and creating real economic value for our customers.

我們也想強調我們在雞隻育種業務上所看到的成功，該業務再次以高水準競爭。這得益於我們育種與活體生產團隊的辛勤努力，以及最擅長此道的家族農戶共同合作。這項業務正在帶來具意義且可持續的成果，並為客戶創造實質的經濟價值。

Combined with our shift toward a more value-added product mix, our strategic customer alignment and our chicken genetics business differentiates Tyson from commodity chicken competitors and strengthens the value proposition we deliver to customers and shareholders.

再加上我們轉向更高附加價值的產品組合、策略性客戶對齊，以及雞隻育種業務，使泰森得以有別於大宗雞肉競爭對手，並強化我們為客戶與股東提供的價值主張。

Growth was strong across retail and foodservice with nearly all sub-channels delivering positive volume growth. We are strengthening service and quality with our strategic customers while continuing to expand our value-added and premium portfolio to meet demand for convenient, high-quality options. Taken together, our strategic customer partnerships and disciplined execution are strengthening our Chicken business model. As it becomes more consistent and predictable, we see more runway ahead.

零售與餐飲服務通路的成長強勁，幾乎所有子通路皆實現正向的銷量成長。我們在策略性客戶上強化服務與品質，同時持續擴大高附加價值與高端產品組合，以滿足對便利且高品質選項的需求。綜合而言，我們的策略性客戶夥伴關係與嚴謹的執行力正在強化我們的雞肉業務模式。隨著其表現更趨一致且可預測，我們看到前方仍有更長的成長跑道。

In our Beef segment, we remain committed to disciplined execution and the actions within our control as we operate in a dynamic market environment. Beef sales increased slightly in the second quarter compared to the prior year. Our updated operational footprint is aligning with lower cattle availability, and we are seeing the benefits of a higher capacity utilization.

在牛肉事業部，我們仍致力於嚴謹執行並聚焦於我們可控的行動，同時在多變的市場環境中營運。第二季牛肉銷售額較去年同期小幅增加。我們更新後的營運版圖正與較低的牛隻供應量相匹配，且我們正看到產能利用率提高所帶來的效益。

While the quarter included variability in industry conditions, we believe the harvesting plant adjustments better position us to compete effectively this year and over the long term with a right-sized production footprint. We expect to see increasing benefits from these actions in the coming quarters.

儘管本季產業環境存在波動，我們相信屠宰工廠的調整能讓我們以更適當規模的生產版圖，在今年及長期更有效地競爭。我們預期在接下來幾季將看到這些行動帶來的效益持續增加。

Segment operating income declined compared to the prior year as higher cattle costs more than offset higher cutout values, even as consumer demand remains strong. As we navigate the current cycle, we remain committed to operational excellence across our footprint and advancing additional initiatives that support stronger, more consistent long-term results.

由於牛隻成本上升的影響超過分切價值（cutout values）提高所帶來的抵銷，即使消費者需求仍然強勁，事業部營業利益仍較去年同期下滑。在我們因應目前景氣循環之際，我們仍致力於在整體營運版圖上追求卓越營運，並推進更多支持更強勁且更一致長期成果的計畫。

In Pork, segment operating income was $41 million with a margin of 2.6%, driven by increased sales reflecting strong consumer demand. Hog supplies for our facilities were adequate during the quarter. With reliable pork raw materials and a tighter, more integrated network, we're improving mix and lifting value in Prepared Foods by driving higher utilization across bellies, hams, and trimmings. We will continue to push for higher utilization as it will improve access, quality, and landed cost of our raw materials.

在豬肉事業部，事業部營業利益為4,100萬美元，營業利益率為2.6%，主要由反映強勁消費者需求的銷售成長所帶動。本季我們各設施的生豬供應充足。憑藉穩定的豬肉原料供應與更緊密、更整合的網路，我們透過提高五花肉、火腿與修整肉（trimmings）的整體利用率，改善產品組合並提升調理食品（Prepared Foods）的價值。我們將持續推動更高的利用率，因為這將改善原料的取得、品質與到岸成本（landed cost）。

Overall, I'm encouraged by the incremental steps we have taken in the second quarter, and I'm confident that we have room to grow and improve across the operational and controllable aspects of our business in 2026 and beyond. We are focusing on our strategic customers and consumers while delivering value to our shareholders. With animal protein remaining a clear winner in the mind of consumers, the diversity of our portfolio enables us to make investments by partnering with our strategic customers to drive category expansion.

整體而言，我對第二季我們所採取的逐步改善措施感到鼓舞，也有信心在2026年及之後，我們在營運面與可控面向仍有成長與改善空間。我們聚焦於策略性客戶與消費者，同時為股東創造價值。在動物性蛋白仍是消費者心目中的明確贏家之際，我們多元的產品組合使我們能透過與策略性客戶合作投資，推動品類擴張。

With that, I will turn it over to Curt to walk through our financial results and outlook in more detail.

接下來我把時間交給Curt，請他更詳細說明我們的財務結果與展望。

Thanks, Devin.

謝謝你，Devin。

As a large-cap value company, our multi-protein, multi-channel portfolio, combined with our team's focus on operational execution in a dynamic macro environment, performed well compared to the overall food industry during the quarter. We see more runway ahead and are confident in our performance for the remainder of the year.

作為一家大型股價值型公司，我們的多蛋白、多通路產品組合，加上團隊在動態宏觀環境中對營運執行的專注，使我們本季表現優於整體食品產業。我們看到前方仍有更長的成長跑道，並對今年剩餘期間的表現充滿信心。

Now, let's get into the financial details. For the second quarter, total company sales grew 4.4% to $13.7 billion compared to prior year, led by Pork with solid contributions from Chicken and Prepared Foods, reflecting the healthy demand environment for protein. Second-quarter segment operating income was $751 million, slightly higher than the prior year.

現在，我們進入財務細節。第二季公司合併銷售額較去年同期成長4.4%至137億美元，主要由豬肉帶動，雞肉與調理食品亦有穩健貢獻，反映蛋白市場需求環境健康。第二季各事業部合計營業利益為7.51億美元，較去年同期略高。

Corporate expenses and amortization were higher by $19 million compared to the same period last year. The increase was driven by a $15 million gain on a legal settlement last year, as well as an $8 million loss this year related to our deferred compensation plan. Without these two items, it would have been lower than a year ago.

與去年同期相比，公司費用與攤銷增加1,900萬美元。增加的原因包括去年法律和解帶來的1,500萬美元收益，以及今年與我們的遞延補償計畫相關的800萬美元損失。若排除這兩項因素，該項目將低於去年。

Total company adjusted operating income was $497 million, a margin of 3.6%. Adjusted earnings per share for the quarter were $0.87, down 5% compared to last year.

公司合併調整後營業利益為4.97億美元，營業利益率為3.6%。本季調整後每股盈餘為0.87美元，較去年下降5%。

Turning to our financial position. Our approach to capital allocation remains disciplined, deliberate, and forward looking, supported by a strong balance sheet. We remain focused on maintaining financial strength, investing in the business, and returning cash to shareholders. Free cash flow is critical to our strategy, and we are encouraged by the cash flow trends in the first half of the year.

接著談我們的財務狀況。我們的資本配置方式仍維持嚴謹、審慎且具前瞻性，並由強健的資產負債表所支撐。我們仍專注於維持財務實力、投資業務，以及向股東返還現金。自由現金流對我們的策略至關重要，我們也對上半年現金流趨勢感到鼓舞。

Operating cash flow for the first half of the year was $829 million and capital expenditures were $397 million, resulting in free cash flow of $432 million. We ended the quarter with $3.7 billion in liquidity and net leverage of 2.2 times. We reduced our gross debt by nearly $1 billion over the past 12 months, including a reduction of nearly $300 million just this quarter.

今年上半年營運現金流為8.29億美元，資本支出為3.97億美元，因此自由現金流為4.32億美元。本季末我們的流動性為37億美元，淨槓桿倍數為2.2倍。過去12個月我們將總負債降低近10億美元，其中僅本季就減少近3億美元。

With our strong cash flow, we continued share repurchases with $92 million in the first half of the year, and including dividends paid of $353 million, we have returned $445 million to shareholders year to date.

在強勁現金流的支持下，我們持續進行庫藏股買回，上半年回購9,200萬美元；加上已支付股利3.53億美元，今年迄今我們已向股東返還4.45億美元。

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

我們的資產負債表仍維持健康，我們以財務實力、投資等級信用評等與現金管理為優先，以推動長期股東價值。

Let's take a moment to review our outlook for fiscal 2026. As a reminder, our accounting cycle results in a 53-week year in fiscal '26 as compared to a 52-week year in fiscal '25. The 2026 outlook is based on a comparative 52-week year.

接下來我們花點時間回顧2026會計年度的展望。提醒一下，由於我們的會計週期安排，2026會計年度為53週，而2025會計年度為52週。2026年的展望是以可比較的52週年度為基礎。

We still anticipate full-year sales to be up 2% to 4% year over year. We have increased our range for total company adjusted operating income by $100 million at the midpoint with a current range of $2.2 billion to $2.4 billion. We anticipate interest expense of approximately $365 million, lower than previous guidance by $5 million, and a tax rate of around 25%. We remain disciplined in managing cash, with CapEx expected to be between $700 million and $1 billion and stronger free cash flow now in the range of $1.2 billion to $1.8 billion, which is in line with our improved financial performance.

我們仍預期全年銷售額年增2%至4%。我們已將公司合併調整後營業利益的區間中點上調1億美元，目前區間為22億至24億美元。我們預期利息費用約為3.65億美元，較先前指引下調500萬美元，稅率約為25%。我們在現金管理上仍維持紀律，預期資本支出介於7億至10億美元；更強勁的自由現金流目前預估為12億至18億美元，與我們改善的財務表現一致。

Now to provide more color on our segment outlook. In Prepared Foods, we still expect segment operating income to be $1.25 billion to $1.35 billion. We will continue to drive operational efficiencies and make strategic investments in the remainder of the year and remain on track with our plan.

接著補充更多各事業部展望的細節。在調理食品方面，我們仍預期事業部營業利益為12.5億至13.5億美元。我們將在今年剩餘期間持續推動營運效率並進行策略性投資，並仍按計畫推進。

Following the strong year-to-date performance in Chicken, we are increasing our expectations of segment operating income to a range of $1.9 billion to $2.05 billion, an increase of $200 million at the midpoint. We see continued evidence that Chicken will be a preferred protein in the upcoming year, and we also expect our operational execution and performance to continue at a high level.

在雞肉業務今年迄今表現強勁的基礎上，我們將事業部營業利益預期上調至19億至20.5億美元區間，中點上調2億美元。我們持續看到證據顯示雞肉將在來年成為偏好的蛋白來源，同時也預期我們的營運執行與績效將持續維持在高水準。

Based on the continuation of tight cattle supply, we expect segment operating income in Beef to be a loss between $500 million and $350 million. This outlook reflects the current view of cattle availability and spread conditions, partially offset by the footprint actions we implemented in the second quarter and the operating discipline we have under way. Beef remains strategically important to our multi-protein portfolio and customer relationships, and we are focused on long-term competitiveness.

基於牛隻供應持續緊俏，我們預期牛肉事業部營業利益將介於虧損5億至3.5億美元之間。此展望反映目前對牛隻供給量與價差（spread）狀況的看法，並部分由我們在第二季實施的營運版圖調整與正在推進的營運紀律所抵銷。牛肉對我們的多蛋白產品組合與客戶關係仍具策略性重要性，我們將聚焦於長期競爭力。

Our outlook for segment operating income for Pork remains $250 million to $300 million based on adequate supply of hogs, continued productivity and operational improvement, and robust consumer demand for Pork.

我們對豬肉事業部門營業利益的展望仍維持在2.5億至3億美元，係基於生豬供應充足、持續提升生產力與營運改善，以及強勁的豬肉消費需求。

Our International segment performed in line with expectations, and our annual outlook remains $150 million to $200 million.

我們的國際事業部門表現符合預期，全年展望仍為1.5億至2億美元。

Corporate expenses and amortization are anticipated to be $950 million to $975 million, no change from our previous guidance.

預期公司費用與攤銷為9.5億至9.75億美元，與先前指引相比沒有變動。

Overall, I'm pleased with the second quarter's performance and remain confident that 2026 will be another strong year for the company.

整體而言，我對第二季的表現感到滿意，並且仍有信心2026年將是公司另一個強勁的一年。

I will now turn the call back to Donnie.

我現在把電話交回給Donnie。

Thank you, Curt.

謝謝你，Curt。

In the second quarter, we executed with discipline in a dynamic macro environment. As we enter the second half of the year, we're encouraged by our momentum and see opportunities to raise our performance.

在第二季，我們在多變的總體環境中以紀律執行。隨著我們進入下半年，我們對目前的動能感到鼓舞，並看到提升績效的機會。

Ultimately, we provide high-quality protein that tastes good, that is nutritious, affordable, and convenient. This core theme remains central to our strategy and to our long-term success and value creation. Our year-to-date performance reflects the focus and execution of our team members, and we intend to build on this momentum throughout the remainder of fiscal 2026.

歸根結底，我們提供高品質、好吃、營養、價格可負擔且便利的蛋白質。這個核心主題仍是我們策略的中心，也是我們長期成功與價值創造的關鍵。我們年初至今的表現反映了團隊成員的專注與執行力，我們打算在2026財年剩餘期間持續在此動能上再接再厲。

With that, I'll turn the call back to Jon to begin the Q&A session.

接下來，我把電話交回給Jon，開始問答環節。

Thank you, Donnie. We will now open the line for questions. Please note that our cautions regarding forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A.

謝謝你，Donnie。我們現在開放提問。請注意，我們關於前瞻性陳述與非GAAP衡量指標的提醒，適用於我們事先準備的發言以及接下來的問答。

Operator, please provide the Q&A instructions.

接線員，請提供問答指引。

(Operator Instructions) Ben Theurer, Barclays.

(接線員指示)Barclays的Ben Theurer。

Good morning, Donnie, Devin, Curt. First of all, congrats on very strong results and a strong first half. So particularly on Chicken, can you maybe elaborate how sustainable the performance tier is and what role genetics played in most recent months, and if you've had any one-time gains that we should be aware of? Thank you. That would be my first question.

早安，Donnie、Devin、Curt。首先，恭喜你們交出非常強勁的成果以及強勁的上半年表現。特別是就雞肉業務而言，你們能否進一步說明目前這個績效水準的可持續性如何、近幾個月基因育種扮演了什麼角色，以及是否有任何一次性收益是我們需要留意的？謝謝。這是我的第一個問題。

Good morning, Ben, and thank you for the question.

早安，Ben，謝謝你的提問。

So let me start off with -- in this quarter, we did what we said we would do. We grew net sales, expanded margins in Chicken and Prepared Foods and raised our full-year guidance. With respect to Chicken in particular, if I look at our Q2, great performance in Q2. We beat the same -- the prior year quarter $112 million, and that really was in -- I would say it's in three buckets, which are really important to our overall strategy.

我先從這點開始——在本季，我們做到了我們說要做的事。我們提升了淨銷售額、擴大了雞肉與調理食品的利潤率，並上調了全年指引。就雞肉業務而言，如果我看我們第二季，第二季表現非常出色。我們較去年同期多出1.12億美元，而我會說這主要來自三個面向，這三個面向對我們整體策略非常重要。

Operational excellence is critical in our model. Our model focuses on mix, and it's specifically branded and value-added, fresh and frozen, and then strategic customer partnerships. And I'll speak today a little more about our genetics business.

營運卓越是我們模式中的關鍵。我們的模式聚焦於產品組合，具體而言是品牌與加值產品、冷鮮與冷凍產品，並且還包括策略性客戶夥伴關係。我今天也會多談一些我們的基因育種業務。

But in terms of overall Chicken performance, our message is consistency. We expect the second half of '26 to look much like the first half. We raised our Chicken guidance $200 million at the midpoint to $1.9 billion to $2.05 billion. I would tell you that momentum is real. We're a better company today than we have been. We're not relying on further commodity tailwinds. This is execution, not a commodity-driven story.

但就整體雞肉表現而言，我們要傳達的訊息是「一致性」。我們預期2026年下半年看起來會與上半年非常相似。我們將雞肉業務指引在中位數上調2億美元至19億至20.5億美元。我可以告訴你，這股動能是真實存在的。我們今天是一家比過去更好的公司。我們不仰賴進一步的大宗商品順風。這是執行力的成果，而不是由大宗商品驅動的故事。

Our strategic customer demand plus our operational momentum gives us real conviction. We expect this fiscal year to land in line with better than 2025, and I would tell you that we're off to a great start.

我們的策略性客戶需求加上營運動能，讓我們有很強的信心。我們預期本財年落點將與2025年持平或更好，而我會說我們已經有一個非常好的開局。

And if I look at -- and I'll use this as a proxy, if I could, if I look at the base, Q2 over Q2, it really is in three buckets of equal comparable proportion. It's our commercial model, meaning our mix -- it means our partnerships with our customers, our strategic customers. It is our genetics business. Our genetics business is showing up here, and when I speak to that at this point, and I'll go in greater detail here in just a moment, that's about a third of the differential.

如果我看——我可以用這個作為一個替代指標——若看第二季相較第二季（Q2對Q2）的基礎表現，確實可分成三個占比大致相當的面向。第一是我們的商業模式，也就是我們的產品組合——也包括我們與客戶、策略性客戶的合作夥伴關係。第二是我們的基因育種業務。基因育種業務在這裡也有貢獻；就我目前所能說的——我稍後會更詳細說明——這大約占差異的三分之一。

And their operations performance, this is end to end. This is not just inside the four walls of the plant. This is in live production inside plants from end to end is where the performance is. As I was looking at this, if I look at how commodity markets changed in the quarter, commodity markets were off pretty substantially. And so we were able to offset those commodity markets based on our pricing models and so forth.

第三是我們的營運表現，這是端到端的。不只是工廠四面牆內的表現。從活禽生產到廠內作業的端到端流程，績效提升就發生在這些環節。當我檢視這些時，如果我看本季大宗商品市場的變化，大宗商品市場其實下滑得相當明顯。因此，我們能透過定價模式等方式來抵消大宗商品市場的影響。

In terms of the genetics business -- well, let me answer this question first. You said, are there any one-time issues that we should be aware of that drove this performance? My short answer is no, you're seeing our model work as it is designed.

至於基因育種業務——嗯，我先回答你這個問題。你問是否有任何一次性因素是我們需要留意、並推動了這次表現？我的簡短答案是沒有；你看到的是我們的模式按其設計在運作。

I normally would not comment on a competitor's business, but there have been a number of things written relative to a fire at Koch Foods. Frankly, I know very little about the fire, but there's been a lot of speculation that our performance was driven by picking up volume from the Koch fire.

我通常不會評論競爭對手的業務，但近期有不少文章提到Koch Foods的一場火災。坦白說，我對那場火災了解不多，但外界有很多揣測，認為我們的表現是因為承接了Koch火災所流出的量。

In our Q2, there is zero volume associated with Koch fire. And if I look at the back half of the year, there could be some incremental volume associated with that because we have the capacity, but I would consider it nascent in terms of our overall volume and percentage of our branded value-added mix.

在我們第二季，與Koch火災相關的承接量是零。如果我看下半年，因為我們有產能，可能會有一些與此相關的增量，但就我們整體銷量以及品牌加值產品組合的占比而言，我會認為仍屬於初期、占比很小。

Let me pause and let you redirect me.

我先停一下，讓你把我導回你想問的方向。

Just the genetics piece. You said you were going to give us a little more detail. You promised.

就基因育種那一塊。你說你會給我們更多細節。你答應過的。

Oh, I'm sorry. You're right. Forgive me. Our genetics business sits inside our Chicken business. It's not a separate segment. It's been there a long time. It's absolutely a strategic asset for us.

喔，抱歉。你說得對。請見諒。我們的基因育種業務是在雞肉業務之內。它不是一個獨立的部門。它存在很久了。對我們而言，它絕對是一項策略性資產。

Our next-generation genetics line is delivering superior live performance and real customer value. But this improvement also requires great execution, and we're doing that as well. We had a strong quarter, but it wasn't chicken -- genetics wasn't the whole story.

我們的下一代品系正帶來更優異的活禽表現與真正的客戶價值。但這項改善也需要出色的執行，而我們也正在做到。我們本季表現強勁，但雞肉——基因育種並不是全部的故事。

A little about our genetics business in terms of where it's been and where it is now. We've had a multi-year journey relative to our genetics business where we didn't perform. We did not have genetics for a large bird. And what I am telling you now and what you can look for in the future, I think this change is structural.

談談我們的基因育種業務過去與現在的狀況。過去幾年，我們在基因育種業務上走過一段旅程，期間表現並不理想。我們缺乏適用於大型雞隻的基因品系。而我現在要告訴你、以及你未來可以期待看到的，是我認為這個改變是結構性的。

Our breed that we've had in the past targeted toward a mid-sized, small-sized bird had performed well historically. It's actually performing better today than it did in the past. Our new breed is in very early stages. We've been testing and working on this breed, let's call it, five years. And it takes a long time for it to flow through the pyramid. But it's more targeted toward a bigger bird, large bird deboning that we participate in, not to the extent of others, but it's designed for that.

我們過去的品系主要鎖定中型、偏小型的雞隻，歷史上表現一直不錯。事實上，它今天的表現比過去更好。我們的新品系仍在非常早期的階段。我們對這個品系的測試與研發——姑且這麼說——已經進行了五年。而它需要很長時間才能在整個繁育金字塔中逐步推進並反映出來。但它更偏向鎖定較大型的雞隻，適用於我們所參與的大型雞隻去骨市場；我們參與程度不如其他業者那麼高，但這個品系就是為此而設計的。

And so what you're seeing out of these numbers in genetics is associated almost exclusively with the impact to the actual genetics company. You're not seeing the impact yet as it rolls through the broilers or the meat birds that we produce. We're very early in that, and I'd say low-, mid-single digits, but we've tested this thing for a long time now. And so what do you get with that? You get better feed efficiency. You get better egg production. You get better livability and hatch performance. And you also get incremental breast meat to live on every animal.

因此，你從這些遺傳數據中看到的，幾乎完全與對實際遺傳公司本身的影響有關。你還沒有看到它在我們生產的肉雞或肉用雞隨著流程傳導時的影響。我們在這方面還非常早期，我會說是低到中個位數的水準，但我們已經測試這件事很長一段時間了。那你會得到什麼？你會得到更好的飼料效率。你會得到更好的產蛋量。你會得到更好的存活率與孵化表現。而且你也會在每一隻動物上得到額外增加的胸肉、以活重計。

So it's a very good asset for us. It performs well. And we've had a number of quarters over the last -- let's call it the last four or five years where we've been okay there. We haven't had a big bird. We now are in a position that we have rectified that. And there's still more upside to come as this new genetics line rolls through our domestic poultry business with improved yields, improved costs, and so forth.

所以這對我們來說是一項非常好的資產。它表現良好。而且在過去——就稱之為過去四、五年——我們有好幾個季度在那裡表現還可以。我們沒有出現大雞（大體重雞）。我們現在已經把這個問題矯正了。隨著這條新的遺傳品系在我們的國內家禽業務中逐步導入，帶來更高的產出率、更低的成本等等，後續仍然還有更多上行空間。

That was very complete, Donnie. Thank you very much. And given the time, I'll pass it on to the others. Thank you very much.

Donnie，你講得非常完整。非常感謝。考量時間，我把問題留給其他人。非常感謝。

Peter Galbo, Bank of America.

美國銀行的 Peter Galbo。

Hey. Good morning, guys. Thanks for the questions. Maybe if I -- Donnie, just to put a finer point on the genetics piece, I mean, again, it's not a business that we often hear a lot about. Maybe you can just kind of reorient us where this business is contributing from an EBIT standpoint in the Chicken segment, even if it's in percentage terms today versus where maybe it was five years ago, and maybe it's as simple as it went from losing money to making money. But if you can help us kind of dimensionalize it, I think it would be very helpful for people as they try to understand it a little bit better.

嗨。各位早安。謝謝讓我提問。也許我——Donnie，為了把遺傳這一塊講得更精準一些，我的意思是，這畢竟不是我們常常聽到很多細節的業務。你能否重新幫我們定位一下，從雞肉事業部的 EBIT 角度來看，這項業務目前的貢獻大概在哪裡——即使用百分比來說——相較於五年前可能在哪裡？也許很簡單，就是從虧錢變成賺錢。但如果你能幫我們把它量化、具體化一些，我想對大家在更好理解這塊會非常有幫助。

Sure. Thanks, Pete. If I go back and look, and remember, this genetics business, it is -- when you make adjustments, you make selections, it is a multi-year event. And we've been doing those changes, making those adjustments and trying to -- not trying, but actually delivering a product that, I got to tell you, we're all very excited about.

當然。謝謝你，Pete。如果我回頭看——而且請記得，這個遺傳業務是——當你做調整、做選育時，這是一個跨多年的事件。我們一直在做這些改變、做這些調整，並且努力——不是努力而已，而是確實交付了一個產品，我得說，我們大家都非常興奮。

Now, across this timeline, multi-year timeline, there have been periods where it's been okay. There have been periods where we actually got to a loss in the genetics business, which sits inside our domestic poultry business. We're now seeing the genetics business actually contribute as those genetics are sold today to Tyson. And what we haven't seen yet, Pete, is the impact of those genetics flowing through the broiler operations, and the upside from that is pretty meaningful, really significant in terms of what the impact it will have on not only our domestic chicken business, but the segment in total.

在這段多年的時間軸上，有些時期表現還可以。也有些時期，我們的遺傳業務（它隸屬於我們的國內家禽業務）實際上出現虧損。我們現在看到，隨著這些遺傳產品目前賣給 Tyson，遺傳業務開始實際做出貢獻。而我們還沒看到的是，Pete，這些遺傳特性流入肉雞營運後的影響；而那帶來的上行空間相當可觀，對我們國內雞肉業務不僅如此，對整個事業部的影響也會非常顯著。

So we're very excited about that. We haven't talked about that a lot. It's been early. If I look at -- and I quoted this number earlier on a prior question, as I look at the bridge on that, about a third of our improvement in the quarter is a result -- quarter over quarter is a result of just our genetics business. And I would tell you, as you think about how to make that math work, you also have to consider in this bridge the downside to commodity markets.

所以我們對此非常興奮。我們過去沒有談很多。因為還在早期。如果我看——我在前一個問題時也引用過這個數字——當我看那個橋接分析時，本季改善中大約三分之一——以季對季來看——是僅僅來自我們的遺傳業務。而我也要說，當你思考要如何讓這個數學成立時，你也必須在這個橋接中考量大宗商品市場的下行影響。

And so it is a fairly significant amount of money that is already contributing, and it will contribute more in the future. But I would tell you that our genetics business, you'd have to go back a number of years to see it perform at this level. And I think just where we are today will outperform anything we've ever done in our history, but it's a structural advantage to our business.

因此，這已經是在貢獻的一筆相當可觀的金額，而且未來還會貢獻更多。但我會告訴你，我們的遺傳業務，你得回溯好幾年才看得到它曾經有過這樣的表現水準。而且我認為，就我們今天所處的位置，將會優於我們歷史上做過的任何表現；但這也是我們業務的一項結構性優勢。

Got it. Okay. No, that's very clear. Curt, I was hoping maybe to pivot to the Prepared Foods business. There's been some discussion with your peers, but even broader peers in packaged food just about inflation as it relates to items like not only freight, but mostly around packaging. So just curious kind of how you see the balance of the year, particularly in Prepared and around some of the input cost dynamics, both from a raw material and a packaging standpoint. Thanks very much, guys.

了解。好。不，這非常清楚。Curt，我希望也許可以把話題轉到預製食品（Prepared Foods）業務。你們的同業、甚至更廣泛的包裝食品同業，最近一直在討論通膨，尤其是與運輸相關的項目，但更多是圍繞包材。所以想請教你如何看待今年剩餘時間，特別是在預製食品方面，以及一些投入成本動態，包含原物料與包材兩個面向。非常感謝，各位。

Sure. Let me answer that one as well. Strong execution and disciplined pricing as we think about offsetting inflation, that's a primary mitigation lever that we have.

當然。這題我也來回答。當我們思考如何抵消通膨時，強而有力的執行力與有紀律的定價，是我們主要的緩解槓桿。

We're seeing inflation pressures across multiple input categories. On feed, for example, grains for us were a tailwind in the first half of the year. It could be a little higher in the second half. I would tell you that's considered in our forecast. We've had strong execution in our live performance area. The gains in our live performance area have offset any kind of feed pressure that we've seen.

我們在多個投入類別都看到通膨壓力。以飼料為例，對我們而言，穀物在上半年是順風。下半年可能會高一些。我會告訴你，這已經納入我們的預測之中。我們在活體表現（live performance）領域執行得很強。活體表現領域的改善，已經抵消了我們所看到的任何飼料壓力。

With respect to freight, higher freight and diesel costs are up versus the prior year. But for us, freight is a service. Ultimately, it's passed through to customers. We do not subsidize this cost. Commodity raw materials and think pork, beef, turkey inputs into our Prepared Foods are higher.

就運輸而言，運費與柴油成本相較去年上升。但對我們來說，運輸是一項服務。最終會轉嫁給客戶。我們不會補貼這項成本。大宗原物料——像是豬肉、牛肉、火雞等投入到我們預製食品的原料——價格更高。

For example, just to give you a number, Prepared Foods commodity costs were up $50 million in the Q2 and, year to date, $150 million. Our pricing continues to catch up with those raw materials. But in terms of packaging, resin and packaging input costs are higher. We're managing through that with value engineering and supplier programs.

例如，給你一個數字，預製食品的大宗商品成本在第二季增加了 5,000 萬美元，而年初至今增加了 1.5 億美元。我們的定價持續追上這些原物料成本。但在包裝方面，樹脂與包材投入成本更高。我們透過價值工程與供應商方案來加以管理、消化。

Thanks very much. I'll pass it on.

非常感謝。我把問題交給下一位。

Leah Jordan, Goldman Sachs.

高盛的 Leah Jordan。

Thank you. Good morning, and congrats on a great quarter, and thanks for all the color so far today. Just sticking with Prepared Foods here, I mean, you continue to gain market share across a number of the categories you operate in. Just see if you could provide more color on why you think that is, what you're doing differently than the peers out there? And then what are you seeing across the competitive landscape right now?

謝謝。各位早安，恭喜有個很棒的季度，也謝謝今天到目前為止提供的所有細節與說明。延續預製食品這一塊，你們在多個所營運的品類中持續提升市占率。想請你多分享一些你認為原因是什麼、你們做了哪些不同於同業的事情？另外，你們目前看到的競爭態勢是如何？

Sure. Leah, this is Donnie. Let me answer that one.

當然。Leah，我是 Donnie。這題我來回答。

In terms of that, we had a clean sweep in the quarter as it relates to share on volume, units and dollars growing across all three measures simultaneously. But in terms of our Prepared Foods, we've had -- strong demand and disciplined execution are driving the performance. You could almost full stop right there. We've talked a lot about our multi-year strategy, that it's working and that our business is growing.

就這點而言，本季度我們在市占上可說是全面告捷：在銷量、件數與金額三個指標上，同步成長。但就我們的預製食品而言，強勁需求與有紀律的執行正在驅動表現。你幾乎可以就此打住。我們已經談了很多我們的多年策略，它正在奏效，而且我們的業務正在成長。

And we continue to control the controllables and think pricing, promotion, distribution, service. Our volume was up 0.4% in Q2 and sales were up 4.8%, that's back-to-back quarters of volume growth. We outperformed the total category for the third consecutive quarter. We had share gains in lunch meat, bacon, snacking and smoked sausage.

我們持續把可控的事情控管好，並聚焦於定價、促銷、通路、服務。我們第二季的銷量成長0.4%，銷售額成長4.8%，這是連續兩季的銷量成長。我們已連續第三季跑贏整體品類。我們在午餐肉、培根、零食與煙燻香腸等品類的市占都有所提升。

And in terms of how we think about that going forward, I think you should think about our brands. You should think about protein. You should think about the fact that we have a pipeline of healthy, nutritious products that meet consumer demand in existing and adjacent categories. We have the assets in place that will provide meaningful improvement in terms -- and we will provide meaningful improvement in operational excellence and have done so over the last eight quarters.

至於我們如何看待未來，我認為你應該從我們的品牌來思考。你應該從蛋白質來思考。你也應該想到，我們有一條健康、營養的產品管線，能在既有與相鄰品類中滿足消費者需求。我們已具備相關資產，將帶來實質改善——而且我們也將在營運卓越方面帶來顯著提升，過去八個季度我們已經做到了。

I would also point out we're the best performing in packaged goods. I would also point out that I think we're undervalued. If you think about us trading at eight times relative to all of the CPG peers out there, I think over recent years and the performance that has occurred and they've come to us, we hadn't moved to them. I don't think we have understood the value yet. I've done a poor job of communicating the value of our Prepared Foods in our portfolio and the absolute jewel that it is.

我也要指出，我們是包裝食品中表現最好的。我也要指出，我認為我們被低估了。如果你看我們的交易倍數是8倍，相較於所有其他民生消費品（CPG）同業，我認為近年來他們的表現已經反映在他們的股價上、股價也向我們靠攏，但我們並沒有向他們靠攏。我認為市場還沒有理解我們的價值。我在傳達我們產品組合中「調理食品（Prepared Foods）」的價值，以及它作為絕對瑰寶的定位上，做得不夠好。

And so we're outperforming. It's execution. We do what we say we're going to do. We have the brands and the value-added and the mix. And like I said, in Chicken, these relationships with these strategic customers and those partnerships are winning every day for us. So I'll leave it at that and see if you want to redirect.

因此我們正在跑贏。這是執行力。我們說到做到。我們擁有品牌、加值能力與產品組合結構。而且如我所說，在雞肉業務上，與這些策略性客戶的關係與合作夥伴關係每天都在為我們帶來勝利。我就先說到這裡，看看你是否想把話題轉到別的方向。

No, that's very helpful color, and the results speak for themselves for sure. Maybe just switching over to Pork here. You talked about a balanced market supporting that, but any more color on the confidence within that reiterated guidance range? I guess what gets you to the upper end here? It looks like you need a pretty notable acceleration or increase in the back half.

不，這些補充非常有幫助，而且結果確實不言自明。也許我們切換到豬肉業務。你提到均衡的市場環境在支撐，但對於你們重申的指引區間，你能否再補充一些信心來源？也就是說，什麼因素能把你們推向區間上緣？看起來你們需要在下半年有相當明顯的加速或提升。

Yeah, good morning. This is Devin. Yeah, it's a good point.

是的，早安。我是Devin。是的，這點說得很好。

I think a couple of things to note maybe would help as you think about the rest of the year. As you mentioned, we did reaffirm our guidance of $250 million to $300 million. And we're going to have yet another very good year in our Pork business. As we think about that business, we continue to increase the use of the raw material to support the growing Prepared Foods side of our business that Donnie mentioned. And that's one of the most important facets of this for us.

我想有幾點值得注意，或許能幫助你思考今年剩餘時間的走勢。如你所提到，我們確實重申了2.5億到3億美元的指引。而我們的豬肉業務今年將再度是非常好的一年。在思考這項業務時，我們持續提高原料的使用，以支援Donnie提到、正在成長的調理食品（Prepared Foods）業務。這是對我們而言最重要的面向之一。

Think about too that the consumer demand is good relative to our fresh pork and tray pack business. It still is very much and increasingly so relative value versus beef. And so we are seeing strong demand across both foodservice and retail for those products. And if you think about maybe going back from Q1 to Q2, seasonality has influenced there certainly. Q1 has always got a stronger kill schedule. We benefit from increased hog placements post the holiday, some favorable pricing. And then as you get into Q2, we just have a normal ebb of our cycle.

也請你留意，消費者對我們的生鮮豬肉與托盤包裝（tray pack）業務需求良好。相較於牛肉，豬肉仍然、而且愈來愈具有明顯的相對價值。因此我們在餐飲服務與零售兩端都看到這些產品的強勁需求。如果你回頭看第一季到第二季，季節性確實造成了一些影響。第一季一向有較強的屠宰排程。我們受惠於假期後生豬投放量增加，以及一些有利的價格。而進入第二季後，我們只是回到週期中正常的起伏。

I would point out a few things that maybe is helpful as you think about Q2 relative to where we go from here. We did have some influence for some higher hard cost year over year. And then we just simply had a few discrete drivers of higher operating expenses that occurred in the quarter that we don't foresee moving ahead. We had some overstaffing as we did some contingency planning as immigration status worked its way through. We got clarification on what that looked like.

我也想指出幾點，或許能幫助你理解第二季相較於我們接下來的走勢。我們確實受到一些硬性成本（hard cost）年增較高的影響。此外，本季也出現了幾個一次性的因素，導致營運費用較高，而我們預期未來不會延續。在移民身分狀態逐步明朗的過程中，我們做了一些應變規劃，因此出現人力配置偏多的情況。後來我們也釐清了實際狀況。

We had some relocating of team members that we were able, thankfully, to move from our Lexington closure into some of our Pork assets. We had a handful of maintenance and repair items. And then, as you've heard, we had some weather-related operational impacts. But again, those are in the quarter, as we look out for the remainder of the year, very optimistic about this business in general.

我們也有一些團隊成員的調動——所幸我們能把列克星敦（Lexington）關閉後的人員，轉移到部分豬肉資產據點。我們也有少數維護與修繕項目。另外，如你所聽到的，我們也受到一些天候相關的營運影響。但再次強調，這些都發生在本季；展望今年剩餘時間，我們對這項業務整體仍非常樂觀。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Tom Palmer, JPMorgan.

JPMorgan的Tom Palmer。

Good morning. Thanks for the questions. Maybe to kick off, just an update on the Beef plant closure and kind of your views on how that ultimately impacts profitability for this year, given both the higher utilization rates, but also I think there's some costs maybe to consider just in terms of moving product a bit farther. Thanks.

早安。謝謝讓我提問。也許先請你更新一下牛肉工廠關閉的進度，以及你對這件事最終如何影響今年獲利能力的看法——考量到產能利用率提高，但同時我想也可能有一些成本需要納入，例如產品需要運送得更遠一些。謝謝。

Yeah. Good morning, and thank you for that.

好的。早安，也謝謝你的提問。

Yeah, you're right. We did have really what we considered -- the second quarter was really a transitional quarter for us as we moved into this new harvest footprint. And also, Q2 is historically our most volatile quarter relative to that particular business. I'm encouraged by the Beef business moving forward.

是的，你說得對。我們認為第二季對我們而言確實是一個過渡季度，因為我們正在轉移到新的屠宰版圖（harvest footprint）。此外，第二季在該業務上歷來也是波動最大的一季。我對牛肉業務接下來的表現感到鼓舞。

There's no shying away from the fact that we are still in a beef cycle and the availability of cattle are the main issue. But what I see happening with that team is we put them in a position to really win. And I'm seeing greater execution, not only with our capacity utilization, but across all of the key metrics in the end-to-end operational piece of that business.

我們不會迴避一個事實：我們仍處於牛肉週期中，而牛隻供給量是主要問題。但我看到這個團隊正在被放在一個真正能贏的位置上。我看到更強的執行力，不僅在產能利用率上，也涵蓋該業務端到端營運的所有關鍵指標。

Also seeing good consumer demand. We're at a place here going into the back half of the year where cutout is even higher than it was this time last year. So it appears that the consumers, as they kind of trade across that spectrum, maybe perhaps coming out of foodservice into retail and across the retail category, it looks like we're going to have a very good grilling season. So that appears to be a real positive for us.

同時也看到良好的消費者需求。我們現在進入下半年時，分切價（cutout）甚至比去年同期更高。因此看起來消費者在不同通路與品類間做取捨時——也許部分從餐飲服務轉向零售，並在零售品類內部移動——我們可能會迎來一個非常好的烤肉季。這對我們而言似乎是很正面的訊號。

But again, the benefits that we will see as relative to the decisive decisions that we made don't really move into the second half. We did change our forecast for the year, but the reality is even that implies quite a bit of optimism in our ability to work through available cattle and make sure that we're operating at the highest possible execution with regard to yield, labor, efficiency, fast utilization, as mentioned, and most importantly, mix. But yeah, it is pointing to a better second half, that's for sure.

但再次強調，我們因先前做出的果斷決策所帶來的效益，真正要到下半年才會顯現。我們確實調整了全年預測，但現實是，即便如此，這仍意味著我們對於在可得牛隻供應下順利運作、並確保在產出率（yield）、人力、效率、快速利用率（fast utilization，如前所述）以及最重要的產品組合（mix）方面達到最高執行水準，抱持相當程度的樂觀。不過是的，確實指向更好的下半年。

Okay. Thank you for that. And I did want to follow up just on the pork environment. In your response to Leah's question, you noted the higher hog costs in the quarter. I know there are seasonal factors as we move through this year, but we have heard about increased disease in the herd over the winter, the farrowing numbers and intentions have been pretty light.

好的。謝謝你的說明。我也想就豬肉環境再追問一下。在你回覆Leah的問題時，你提到本季生豬成本較高。我知道今年推進過程中會有季節性因素，但我們也聽到冬季豬群疾病增加，分娩（farrowing）數量與意向一直相當疲弱。

What's your view of the pork supply situation as we move through the back half of this year? And to what extent is that maybe a consideration as we move either kind of into the back half of the fiscal year or maybe even into the early parts of 2027 fiscal? Thanks.

您如何看待今年下半年豬肉供應情況？以及在我們進入本財年下半年，甚至可能進入2027財年初期時，這在多大程度上會成為一項考量？謝謝。

Yeah, it's a good point. And we see some of the same reports that you referenced with higher industry disease, both with PRRS and PEDV. Unfortunately, that's not uncommon this time of year. The good news, I can say, relative to how we're thinking about this business is that, first of all, our supply outlook looks very stable and we have not had any interruptions relative to the disease. And I would point to the great execution of biosecurity in our supply chain and the hard work there.

是的，這點提得很好。我們也看到您提到的部分報告，顯示產業疾病發生率上升，包括PRRS與PEDV。不幸的是，每年這個時候這並不少見。好消息是，就我們對這項業務的看法而言，首先，我們的供應展望看起來非常穩定，且在疾病方面我們沒有遭遇任何中斷。我也要指出，我們供應鏈在生物安全上的出色執行，以及相關團隊的辛勤努力。

I think lot farrowing is a watch item. It's definitely not a red flag for us at this point. But I think it's something that we will continue to watch. But as we look at our forecast relative to our kill schedules and the hogs that we have committed in our supply chain, we don't see anything relative to us that will be concerning in the back half.

我認為母豬分娩（farrowing）是一個需要關注的項目。但就目前而言，對我們來說絕對還不是紅旗警訊。不過我認為這是我們會持續觀察的事情。但就我們相對於屠宰排程（kill schedules）以及在供應鏈中已承諾的生豬數量之預測來看，我們沒有看到任何會在下半年造成疑慮的情況。

Good to hear. Thanks for the details.

很高興聽到。謝謝你提供的細節。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

Hey. Good morning. Thanks for taking the questions. First, I want a clarification. Donnie, you closed your prepared remarks by saying you were encouraged by the momentum in the business and that you see opportunities to raise the performance. So do you mean that there's more room for earnings upside? Or can you just clarify exactly what you meant by that?

嗨。早安。謝謝讓我提問。首先我想釐清一下。Donnie，你在事先準備的發言最後提到，你對業務動能感到鼓舞，並且看到提升績效的機會。所以你的意思是，獲利還有更大的上行空間嗎？或者你能否更清楚說明你指的到底是什麼？

Well, in terms of all the business, there's room for upside in terms of performance. Just think of a continuous improvement, think about operational excellence end to end. So yeah, we've made a lot of progress. We're, I think, a fundamentally different company today than we were, let's say, even a year ago, but much improved.

嗯，就整體業務而言，在績效表現上確實還有上行空間。把它想成持續改善，想成端到端的營運卓越。所以是的，我們已經取得很大進展。我認為我們今天在本質上已是一家不同的公司了；即便跟一年前相比，也有很大的改善。

And so all of that, in my mind, says that, yes, there's upside as it relates to margins. And more importantly, I believe that the changes and the execution are structural in nature. We've right-sized all of our footprints. We're executing with excellence. We are aligned with strategic customers. We've got three of the top 10 brands in protein, and we're servicing our customers on time, in time, and our innovation to support growth.

因此在我看來，這一切都表示，是的，就毛利率而言仍有上行空間。更重要的是，我相信這些變革與執行在本質上是結構性的。我們已將所有營運據點的規模調整到適當水準。我們以卓越的方式執行。我們與策略性客戶保持一致。我們擁有蛋白質品類前十大品牌中的三個，並且能準時、及時地服務客戶，同時以創新來支持成長。

One thing that we're seeing that just as a proof point is if you look at even in our Prepared Foods, our consumers, we index more to older consumers. We're now starting and beginning to index with younger consumers with some of the protein offerings and high-protein offerings, I guess I should say. So we're excited about that and see a whole new opportunity in a consumer base.

我們看到的一個佐證是：即使在我們的調理食品（Prepared Foods）業務中，我們的消費者結構原本更偏向年長族群。現在我們開始、也正在逐步在較年輕的消費者族群中建立更高的滲透，透過一些蛋白質產品與高蛋白產品（應該這麼說）。因此我們對此感到興奮，也看到在消費者基礎上全新的機會。

Now, I would also tell you, Andrew, that we're performing well, but we still have capacity in our footprint across Poultry and Prepared to really continue to grow that business without significant capital outlay. Certainly, all that is demand-driven for us and we look forward to doing that. And we believe our volumes across Poultry, Prepared, and then in Beef and Pork as well, we'll continue to see growth there.

另外，Andrew，我也想告訴你，我們目前表現良好，但在家禽與調理食品的產能配置上仍有餘裕，能在不需要大量資本支出的情況下持續擴大業務。當然，這一切對我們而言都是由需求驅動，我們也期待能做到這點。我們相信家禽、調理食品，以及牛肉與豬肉的銷量都將持續成長。

So we're excited about what we've got. We're executing very well. We do what we say we're going to do. And so I think all of that implies a structurally different outcome from a P&L perspective. And so I'm excited about that.

所以我們對目前所擁有的感到振奮。我們執行得非常好。我們說到做到。因此我認為這一切都意味著，從損益表（P&L）的角度來看，將會帶來結構性不同的結果。所以我對此感到很興奮。

Okay. That's helpful and maybe leads to my other question, and I hope it's not redundant really. But you talked about there being a lot more that you can realize in terms of benefits on the Chicken side, even with this nice step-up in performance. On Prepared, momentum appears to be gaining. You talked about the benefits of plant optimization in Beef building through the year.

好的。這很有幫助，也許也引出我另一個問題，希望不會太重複。但你提到，即便雞肉業務的表現已經有這麼漂亮的躍升，仍然還能在雞肉端實現更多效益。在調理食品方面，動能似乎正在增強。你也談到牛肉業務的工廠最佳化效益會在今年逐步顯現。

So I guess the question is, when you look at the total company guidance for this year, what do you think it reflects in terms of how far along you are on this internal improvement journey? It seems like things will only -- should get better from here beyond '26, not putting a date on it, but it feels like there's a lot more room to go. So I guess we're just curious to get your thoughts on that. Thanks.

所以我想問的是，當你看今年公司整體的財測指引時，你認為它反映了你們在這段內部改善旅程中已走到什麼程度？看起來從現在起到26年之後（不特別設定時間點），事情只會——應該會變得更好，感覺還有很大的進步空間。所以我們想聽聽你的看法。謝謝。

Sure. And I look at it and -- if you look at, for example, the mix of products, we had volume growth in Chicken of, I think, it's 1.7%. If you look at the branded value-added, it grew over three times that. That's right where we want to be. So that's what we've been working on for some time.

當然。我看待這件事——例如，如果你看產品組合，我們雞肉的銷量成長大約是1.7%。如果你看品牌加值產品（branded value-added），其成長超過那個數字的三倍。這正是我們想要的方向。這也是我們一段時間以來一直在努力的事情。

There's also a number of things that we're doing relative to simple ingredients inside that product, the quality of those products, the consumer's experience with those products. And if you look at what we've done from a technology standpoint and where the market is going from a digital perspective, we're outpacing in-store sales with digital by a significant amount.

另外，我們也在產品內部的簡單配料（simple ingredients）、產品品質，以及消費者對這些產品的使用體驗方面做了很多工作。而如果你看我們在科技面所做的事情，以及市場在數位化方向的發展，我們的數位銷售成長顯著超越實體店內銷售。

And so there's where a lot of growth is. And so a lot of the tools and technology that we've put in place helps us connect, get first-party data, and be able to communicate directly and as I referenced earlier with those younger consumers in particular. So all of that feels really good.

因此，很多成長都在那裡。我們所導入的許多工具與技術，幫助我們建立連結、取得第一方數據（first-party data），並能直接溝通；如我先前提到的，尤其是與那些較年輕的消費者。所以這一切讓人感覺非常好。

If I look at Chicken, we've had six straight quarters of both volume and net sales growth. That's a trend to me. That is structurally different. Prepared Foods, two consecutive quarters of volume, third consecutive quarter of having volume growth, unit growth and share -- dollar growth with that.

如果我看雞肉業務，我們已連續六個季度同時實現銷量與淨銷售額成長。對我來說，這是一個趨勢。這在結構上是不同的。調理食品方面，銷量已連續兩個季度成長；而在第三個連續季度中，我們也同時看到銷量成長、單位成長與市占——以及金額成長。

So if I look across and back out a little bit, if I look at Chicken, Prepared Foods, Pork, and our International business, all of those are performing very well. Our Beef business is performing well on the controllables. I would argue that perhaps as good as it perhaps maybe ever has been, certainly in some time, but we're in the depths of this cycle, the 75-year low cattle cycle. We can't do anything about that.

所以如果我把視角拉遠一點來看，雞肉、調理食品、豬肉以及我們的國際業務，這些都表現得非常好。我們的牛肉業務在可控因素上也表現良好。我會認為，或許它的表現可能是有史以來最好的之一，至少在一段時間內是如此；但我們正處於這個週期的谷底，也就是75年來最低的牛隻週期。這點我們無能為力。

I don't -- I stay awake and have stayed awake a lot of nights trying to figure out the answer to that. I don't have the answer to that. What I do have the answer for is us controlling what we can control. And that's what we're doing. And so I feel pretty good across the spectrum about our performance and, more importantly, the stickiness of that, the -- where we are as an organization and our level of execution.

我——我曾經、也仍然有很多個夜晚為了找出答案而睡不著。我沒有那個答案。但我有答案的是：我們要把能控制的事情控制好。而這正是我們正在做的。因此，整體而言我對我們的表現感到相當不錯；更重要的是，這種表現的黏著度——也就是我們作為一個組織所處的位置，以及我們的執行水準。

Great. Thank you very much.

很好。非常感謝。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

Good morning. Congratulations on the quarter, and thank you for the question. Both of my questions are on Chicken. And first question is wondering, do you think it's a fair assertion that given the magnitude of your capacity and the value-added size and your vertical integration, is it fair to think that Tyson is best positioned from a cost perspective?

早安。恭喜本季表現，也謝謝讓我提問。我的兩個問題都與雞肉業務有關。第一個問題是想請教，考量你們的產能規模、加值產品的規模，以及垂直整合程度，是否可以合理地認為，從成本角度來看，Tyson 的定位最具優勢？

And as a follow-on to that, the genetics as it shows up in your meat birds, should we expect that to significantly increase that competitive advantage?

延伸這個問題，你們肉雞所採用的遺傳育種（基因）技術，是否可望顯著擴大這項競爭優勢？

Sure. Great question.

當然。這是個很好的問題。

In terms of our Chicken business, what my focus has been -- is to move the conversation about our Chicken business from a commodity chicken company to a truly branded, value-added chicken company. I think our Chicken business is different, and we have proven how it is different over time relative to our commodity peers.

就我們的雞肉業務而言，我的重點一直是——把外界對我們雞肉業務的對話，從「大宗商品雞肉公司」轉變為真正的「品牌化、加值型雞肉公司」。我認為我們的雞肉業務與眾不同，而且相較於同業中的大宗商品競爭者，我們也已在時間的推移中證明了這一點。

Now, I would hurry on and say what I said earlier. I don't think we get rewarded for that. We're sitting here at Chicken trading at 7.5 times. That genetics business, for example, that I listed earlier, sitting inside Chicken, genetics companies trade at 20%, 25%, 20, 25 times. And so that's pretty significant. I did the math on that. That's worth about $9, $10 a share to Tyson. So I think our genetics business, it has always been a point of difference. We've had some struggles with it based on not having a big bird genetics package. And so -- but we've got that now.

不過，我會趕緊補充我先前說過的話。我不認為市場因此給了我們應有的回報。我們的雞肉業務目前的交易倍數大約是 7.5 倍。例如我先前提到、包含在雞肉事業內的那個遺傳育種業務，純遺傳育種公司通常的交易倍數是 20 倍、25 倍，約 20 到 25 倍。所以這差異相當顯著。我做過計算。這對 Tyson 來說大約相當於每股 9 到 10 美元的價值。因此我認為，我們的遺傳育種業務一直都是差異化的關鍵。我們過去也曾因為缺乏大型肉雞的遺傳育種方案而遇到一些挑戰。所以——但我們現在已經具備了。

Now, in terms of -- I'll just fold in the genetics question in with this. I feel good about where that is. But the sales of those genetics is what you're seeing that is different than what you've seen in recent quarters. But if I go back to, I don't know, 2015 or something like that, the genetics business would have had a higher contribution than perhaps what you've seen over the last four or five years. So I feel good about where that is and, more importantly, where it's going.

接著，就——我把遺傳育種的問題一併回答。我對目前的狀況感到樂觀。但你現在看到的不同之處，是那些遺傳育種產品的銷售表現，與近幾季相比有所不同。不過如果我回到 2015 年左右，遺傳育種業務的貢獻度可能會高於你在過去四、五年所看到的水準。所以我對目前的狀況感到樂觀，更重要的是，對它未來的走向也很有信心。

Now, what is yet to come that is also upside for our domestic chicken business is going to be when those genetics that we're placing at scale now throughout this Tyson enterprise, there's significant segment operating income that will come from that and perhaps maybe larger than most would even consider, but we feel good about that.

另外，未來仍有一項將成為我們美國本土雞肉業務上行空間的因素：當我們現在正以規模在整個 Tyson 企業內部導入的那些遺傳育種成果全面落地時，將帶來顯著的事業部營業利益，而且可能比大多數人想像的還要大，但我們對此很有信心。

But even in genetics business, what gives me the most confidence and conviction here is that we are taking those very same genetics and we are executing with excellence across our genetics business, as well as our domestic and live operations of our Poultry business. And that working together along -- and you couple that with family farmers that do an outstanding job for us, I feel good about that. I feel good about where we're going.

但即便是在遺傳育種業務上，最讓我有信心與確信的是：我們採用同樣的遺傳育種成果，並在遺傳育種業務以及家禽事業的美國本土與活禽營運中，以卓越的執行力落實。而且這樣的協同——再加上為我們表現出色的家庭農戶，我對此感到很有把握。我對我們前進的方向很有信心。

Okay. Thank you for that. And then I'm thinking about the second half. And just thinking about your guidance and the range it applies, and Chicken specifically, and last year, Q4 was particularly strong and I think the growing conditions were ideal, et cetera, but this year, as you noted, you have a lot of tailwinds. Is there a scenario where it would be reasonable to think we could have year-on-year growth in Q4, just given the factors you've outlined? Or just how should we think about the cadence of the back half or Chicken specifically? Thank you.

了解。謝謝你的說明。接著我想談談下半年。我在思考你們的指引及其適用的區間，特別是雞肉業務；去年第四季特別強，我想生長條件也很理想等等，但今年如你所說，你們有很多順風因素。在你所概述的因素之下，是否存在一種情境，讓我們合理地預期第四季能夠年對年成長？或者我們應該如何看待下半年的節奏，尤其是雞肉業務？謝謝。

Thank you, Heather. Short answer is, we think the back half will be as good as or better than the first half. We're trending on the upper end. Remember, we just raised guidance $200 million at midpoint. We're trending toward the upper end of that. So as I think about Q3 and Q4, I feel good about that again.

謝謝你，Heather。簡短回答是：我們認為下半年會與上半年一樣好，甚至更好。我們目前的走勢偏向區間上緣。請記得，我們剛把指引的中位數上調了 2 億美元。我們正朝著該區間的上緣前進。所以當我看第三季和第四季時，我同樣感到樂觀。

In terms of you think about the drivers, I'll restate those, operational excellence, our mix of value-added branded products, our strategic customer partnerships, and our genetics business that will continue to flow through and provide that. We're not factoring in tailwinds from the market. I said earlier on a question that there were some tailwinds in the first half, but those look to be a little more challenging in the back half. But I feel good about our ability to execute and offset those things and continue to deliver.

就驅動因素而言，我再重申一次：營運卓越、加值品牌產品的組合、策略性客戶合作夥伴關係，以及將持續貢獻的遺傳育種業務。我們並未把市場帶來的順風納入假設。我先前在回答某個問題時提到，上半年確實有一些順風，但下半年看起來會更具挑戰。不過我對我們的執行能力有信心，能夠抵消這些因素並持續交出成果。

So I think I answered all those questions.

所以我想我已經回答了所有問題。

Heather, just to add, obviously, in the guidance range that we provided for Chicken, by taking it up, got us to about a -- could be a 52%, 48% front half, back half, or 48%, 52%. So it's a balanced year. Obviously, we don't give quarterly guidance, but we'll pass it back.

Heather，我再補充一下，顯然在我們提供的雞肉業務指引區間中，透過上調後，大致會呈現——上半年、下半年可能是 52%、48%，或 48%、52%。所以這會是一個相對均衡的一年。當然，我們不提供季度指引，但我先把問題交回去。

Okay. Thank you so much.

好的。非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Donnie King for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Donnie King，請他做結語。

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

感謝各位撥冗，以及持續關注 Tyson Foods。我們期待在下個季度與各位分享我們的進展。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。