Prepared Foods Segment Steadying the Ship, Although It Hasn't Created an Edge for No-Moat Tyson
We don’t expect to make a material change to our $67 fair value estimate for no-moat Tyson. First-quarter results (essentially flat revenue and 100 basis points of margin degradation to 8.3%) were largely in line with our expectations, despite some modest disparities at the segment level.In the chicken segment, management cited pricing pressure in the tray pack business, which along with higher feed and labor costs, resulted in a 5.6% adjusted segment margin, below our 7.8% estimate for the yea...
Tyson Foods is a food company. The company's operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related allied products, including animal and pet food ingredients. Through its wholly-owned subsidiary, Cobb-Vantress, Inc., the company is engaged as poultry breeding stock supplier. The company also processes live fed cattle and hogs and fabricates dressed beef and pork carcasses into primal and sub-primal meat cuts, case-ready beef and pork and fully-cooked meats. The company produces a range of fresh, frozen and refrigerated food products. The company operates in Beef, Pork, Chicken and Prepared Foods segments.
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