Equity Snap: Tyson Foods Inc (TSN US): Hold: 3Q - Beef sinks deeper, Chicken keeps it afloat

研报英文原文证据摘录

Equity Snap: Tyson Foods Inc (TSN US): Hold: 3Q - Beef sinks deeper, Chicken keeps it afloat

3 August 2026

Equity Snap: Tyson Foods Inc Equities Food Products

(TSN US)

Hold: 3Q - Beef sinks deeper, Chicken keeps it afloat United States

◆ In 3Q26, adj. operating income and adj. EPS beat consensus Diego Serrano*

by c2%; net sales came in c1% below Analyst,HSBC Mexico,ConsumerS.A., InstitucionStaples de Banca Multiple, Grupo

Financiero HSBC

◆ FY26 adj. operating income guidance lowered on a wider diego.serrano@hsbc.com.mx

+52 55 8551 3361

Beef loss range; Chicken, Pork, and International unchanged

Santiago Bringas*

Analyst, Global Beverages, LatAm Food

HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Tyson Foods Inc (TSN US, USD57.96, Hold, TP USD69.00) Financiero HSBC

(Priced as of 31 Jul 2026) santiago.bringas@hsbc.com.mx

+52 55 8551 2419

Beat despite flat top line: Tyson delivered a slightly better-than-expected quarter in

3Q, with adj. operating income and adj. EPS ahead of expectations despite sales * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

coming in slightly below. Profitability improved y-o-y even as the top line was held flat

by a USD98m legal contingency accrual in Chicken, recognised as a reduction to

sales; excluding it, sales increased 0.6%. Management again framed the quarter

around seven consecutive quarters of Chicken volume and sales growth, continued

Prepared Foods share gains, and targeted operational actions in Beef amid

persistent cattle supply headwinds.

Numbers: Net sales of USD13.9bn (flat y-o-y) came c1% below consensus, with

pricing of +3.4% partially offset by volume/mix of -2.8% (organic sales +0.6%

excluding the USD98m legal accrual). Adj.