Tyson Foods reports strong fourth quarter and fiscal 2021 results
Tyson Foods Inc. achieved sales of $47.049 billion in its 2021 fiscal year, an increase from $43.185 billion in FY2020. The company also announced fourth quarter sales of $12.811 billion, up from $11.460 billion in Q4 2020, it announced in a release.
“We delivered double digit sales and earnings growth during the fourth quarter and full year, and our performance was supported by our diverse portfolio and continued strength in consumer demand for protein,” said Donnie King, president and CEO of Tyson Foods. "We delivered a record performance in our beef segment and experienced share gains in our retail core business lines, which include our Tyson, Jimmy Dean, Hillshire Farm and Ball Park iconic brands, while supporting the continued recovery in foodservice.”
King added, “To foster continuous improvement and faster decision making, we’re launching a new productivity program designed to deliver more than $1 billion in annual savings by the end of 2024. The focus of this plan includes operational and functional excellence, digital solutions, and automation and advanced technologies.
“We have tremendous opportunity ahead as we work to fulfill growing global demand for safe and nutritious protein products. We’re entering fiscal 2022 with great momentum and are committed to delivering strong returns for shareholders into the future,” he said.
Tyson also announced its plans for 2022. “Beginning in fiscal 2022, we are launching a new productivity program, which is designed to drive a better, faster and more agile organization that is supported by a culture of continuous improvement and faster decision making. We are targeting $1 billion in productivity savings by the end of fiscal 2024 and $300 million to $400 million in fiscal 2022, relative to a fiscal 2021 cost baseline,” the company said in a release.
For more information about Tyson’s fiscal results, visit https://ir.tyson.com/news/news-details/2021/Tyson-Foods-Reports-Strong-Fourth-Quarter-and-Fiscal-2021-Results/default.aspx.
Source: Tyson Foods Inc.
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