Tyson Foods Q1 2023 Financial Results
Segment Operating Income Reconciliations
$ in millions (Unaudited)
Reported operating income (loss)
Less: Production facilities fire insurance proceeds, net of costs
Add: Restructuring and related charges
4
Adjusted operating income (loss)
Adjusted Segment Operating Income (Loss)
(for the first quarter ended December 31, 2022)
Beef
Pork
Chicken
Prepared Foods
166 $
(21) $
69 $
(42)
7
5
2
1
$
129 $
(19) $
77 $
266 $
International/
Total
Other
258 $
(5) $
467
(35)
255
21
5
$
453
Adjusted Segment Operating Income (Loss)
(for the first quarter ended January 1, 2022)
Beef
Pork
Chicken
Reported operating income (loss)
956 $
164 $
4
Less: Production facilities fire insurance proceeds, net of costs
Adjusted operating income (loss)
$
956 $
164 $
140 $
(23)
117 $
Prepared Foods
186 $
International/
Other
Total
9 $
1,455
(23)
186 $
9 $
1,432
4
Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021 and Beef in the fourth quarter of fiscal 2019. Amount includes insurance proceeds, net of costs incurred, of $35 million recognized in
Cost of Sales in the first quarter of fiscal 2023 and $23 million recognized in Cost of Sales and $22 million net proceeds recognized in Other, net in the first quarter of fiscal 2022.
Adjusted operating income is presented as a supplementary measure in the evaluation of our business that is not required by, or presented in accordance with, GAAP. We use adjusted operating income as an internal
performance measurement and as a criterion for evaluating our performance relative to that of our peers. We believe adjusted operating income is meaningful to our investors to enhance their understanding of our
financial performance and is frequently used by securities analysts, investors and other interested parties to compare our performance with the performance of other companies that report adjusted operating income.
Further, we believe that adjusted operating income is a useful measure because it improves comparability of results of operations from period to period. Adjusted operating income should not be considered as a
substitute for operating income or any other measure of operating performance reported in accordance with GAAP. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only
supplementally in making investment decisions. Our calculation of adjusted operating income may not be comparable to similarly titled measures reported by other companies.
T Tyson
TYSON FOODS, INC. FEBRUARY 6, 2023
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