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