๐น Revenue: $13.88B (Est. $13.54B) ๐ข; +4.0% YoY
๐น Adj. EPS: $0.91 (Est. $0.81) ๐ข; +5% YoY
๐น Adj. Operating Income: $505M; +3% YoY
๐น Gross Margin: 8.2% (vs. 6.6% YoY)
๐น Free Cash Flow (YTD): $929M; DOWN -$160M YoY
๐น Liquidity: $4.0B; Reduced total debt by $722M
Segment Performance (Q3)
Beef
๐น Revenue: $5.60B; Volume โ -3.1%, Avg. Price โ +10.0%
๐น Adj. Operating Loss: -$151M; Margin -2.7%
Pork
๐น Revenue: $1.51B; Volume โ +1.5%, Avg. Price โ -1.6%
๐น Adj. Operating Income: $36M; Margin +2.4%
Chicken
๐น Revenue: $4.22B; Volume โ +2.4%, Avg. Price โ +1.1%
๐น Adj. Operating Income: $345M; Margin +8.2%
Prepared Foods
๐น Revenue: $2.52B; Volume โ -2.3%, Avg. Price โ +5.7%
๐น Adj. Operating Income: $246M; Margin +9.8%
International / Other
๐น Revenue: $557M; Volume โ -0.8%, Avg. Price โ -3.5%
๐น Adj. Operating Income: $29M
FY25 Guidance
๐น Adj. Operating Income: $2.1B to $2.3B
๐น Revenue: Expected growth of +2% to +3% YoY
๐น Capex: โค $1.0B
๐น Net Interest Expense: ~$375M
๐น Free Cash Flow: $1.0B to $1.3B
๐น Adjusted Effective Tax Rate: ~25%
CEO Commentary
๐ธ โOur Q3 results demonstrate the strength of our multi-protein, multi-channel portfolioโฆ Delivering our fifth consecutive quarter of YoY growth in sales, adj. operating income, and adj. EPS underscores the resilience of our model.โ โ CEO Donnie King
Notable Items
๐ธ Recorded $343M goodwill impairment in Beef segment
๐ธ Operating cash flow YTD: $1.62B
๐ธ Beef margins remain under pressure; Chicken & Prepared Foods continue to lead profit generation