Tyson Foods Inc. reported fiscal fourth quarter net income totaling $1.36 billion, or $3.71 per share, up from $654 million, or $1.79 per share, last year. Adjusted EPS of $2.30 beat the FactSet consensus for $2.22. Sales of $12.81 billion were up from $11.46 billion last year and ahead of the FactSet consensus for $12.66 billion. Tyson brands include the namesake, Ball Park hot dogs and Jimmy Dean sausages. “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,” said Chief Executive Donnie King in a statement. The program will focus on automation, operations and other areas of the business. For fiscal 2022, savings are expected to be $300 million to $400 million. Tyson has raised its dividend to 46 cents per share on class A shares, and to 41.4 cents per share on class B stock. The dividend is payable on December 15, 2021, to shareholders of record at the close of business on December 1, 2021. Tyson shares are up 26% for the year to date while the S&P 500 index is up 24.7% for the period.
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