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H Tyson TYSON FOODS REPORTS FIRST QUARTER 2021 RESULTS DELIVERS STRONG EARNINGS DRIVEN BY PREPARED FOODS AND BEEF SEGMENTS Springdale , Arkansas – February 11 , 2021 - Tyson Foods , Inc. ( NYSE : TSN ) , one of the world's largest food companies and a recognized leader in protein with leading brands including Tyson , Jimmy Dean , Hillshire Farm , Ball Park , Wright , Aidells , ibp and State Fair , today reported the following results : ( in millions , except per share data ) First Quarter 2021 2020 1 Sales Operating Income Net Income $ 10,460 705 $ 10,815 758 472 509 Net Income Attributable to Tyson Less : Net Income Attributable to Noncontrolling Interests Net Income Per Share Attributable to Tyson 5 4 $ 467 $ 505 $ 1.28 $ 1.38 Adjusted² Operating Income $ 1,025 $ 826 Adjusted² Net Income Per Share Attributable to Tyson $ 1.94 $ 1.52 1 Certain items for the first quarter of fiscal 2020 have been revised as described in Part I , Item 1. Notes to Consolidated Condensed Financial Statements in the Company's Quarterly Report on Form 10 - Q for the fiscal quarter ended January 2 , 2021 . 2 The Company reports its financial results in accordance with U.S. generally accepted accounting principles ( GAAP ) . Adjusted operating income and adjusted net income per share attributable to Tyson ( Adjusted EPS ) are non - GAAP financial measures . Refer to the end of this release for an explanation and reconciliation of these and other non - GAAP financial measures used in this release to comparable GAAP measure . First Quarter Highlights • GAAP EPS of $ 1.28 , down 7 % from prior year ; Adjusted EPS of $ 1.94 , up 28 % from prior year GAAP operating income of $ 705 million , down 7 % from prior year ; Adjusted operating income of $ 1,025 million , up 24 % from prior year Total Company GAAP operating margin of 6.7 % ; Adjusted operating margin of 9.5 % Liquidity of $ 4.2 billion at January 2 , 2021 Results impacted by approximately $ 120 million of direct incremental expenses related to COVID - 19 Repaid $ 750 million of our $ 1.5 billion outstanding term loan in February 2021 " We delivered strong operating earnings performance , exceeding $ 1 billion in operating income for the quarter , " said Dean Banks , president and CEO of Tyson Foods . " This performance was driven by higher earnings in our Prepared Foods , Beef , and Chicken segments and demonstrates our effectiveness in addressing customer and consumer needs , while continuing to manage the ongoing effects of the global pandemic . I am exceptionally proud of our global team for their contributions to this strong result . " " As we navigate continued market volatility , our multi - protein portfolio creates the fuel for disciplined investments in higher margin , higher growth opportunities ahead . We will continuously seek to remove unnecessary costs from the business and invest in the right areas . Looking forward , I'm confident that our team is executing on the right priorities to meet our commitments and drive shareholder value creation . " " We're optimistic about the continued success of Tyson Foods , and we are positioned for long - term , sustainable growth . We have an incredible opportunity through our leadership in sustainability and social responsibility to drive a more sustainable future for our company and our planet . " 1