SPRINGDALE, Ark. - Tyson Foods , Inc. (NYSE: NYSE:TSN), a prominent player in the global food industry, announced the appointment of Curt Calaway as its new Chief Financial Officer, taking effect immediately. Calaway, who has been with Tyson Foods since 2006, steps into the role after serving as the interim CFO.
With nearly three decades of experience in the finance sector, Calaway has held multiple leadership positions within the company. Before his interim CFO role, he managed the financial operations of Tyson Foods’ Prepared Foods Business Unit and oversaw the company's Mergers & Acquisitions and corporate development initiatives. His previous roles have included Senior Vice President of Finance and Treasurer, leading functions such as Investor Relations, Treasury, and Corporate Financial Planning & Accounting.
Donnie King, President and CEO of Tyson Foods, expressed confidence in Calaway's ability to drive operational excellence and enhance shareholder value, citing his deep industry knowledge and comprehensive experience in financial strategy and reporting.
Calaway is succeeding John R. Tyson, who remains with the company but is currently on health-related leave.
Tyson Foods, headquartered in Springdale, Arkansas, has been a family-led business since its inception in 1935. Known for its extensive range of products and brands such as Tyson®, Jimmy Dean®, and Hillshire Farm®, the company stands committed to delivering high-quality, sustainable, and affordable food. As of September 30, 2023, Tyson Foods employed approximately 139,000 team members.
This executive transition reflects Tyson Foods' ongoing commitment to strong corporate governance and leadership continuity. The information for this report is based on a press release statement.
In other recent news, Tyson Foods, Inc. has been the subject of revised stock targets by both BMO Capital Markets and Citi, following a robust third fiscal quarter. BMO raised its price target to $60, retaining a Market Perform rating, while Citi increased its target to $63, maintaining a Neutral rating. This was largely due to Tyson Foods reporting earnings per share (EPS) of $0.87, surpassing the consensus expectation of $0.67, and revenue of $13.35 billion, topping expectations of $13.21 billion.
The company's strong earnings were attributed to significant profits in the Chicken, International, and Pork segments, offsetting larger losses in the Beef division. Tyson Foods also updated its operating profit guidance for the fiscal year 2024, suggesting a potential slowdown in profits for the fourth fiscal quarter. However, BMO Capital Markets and Citi both expressed caution regarding the Beef segment's performance in fiscal year 2025.
Despite the challenges in the Beef industry, Tyson Foods' Chicken segment was highlighted as a key driver for the company's positive results, with ongoing benefits expected into the fiscal year 2025. The Pork segment also showed potential for further improvements moving into 2025. These recent developments reflect a cautious yet positive outlook on Tyson Foods' future earnings potential amid industry challenges.
InvestingPro Insights
As Tyson Foods, Inc. (NYSE: TSN) welcomes Curt Calaway as its new Chief Financial Officer, the company's financial standing and market performance remain critical for investors and stakeholders. Here are some insights based on the latest data from InvestingPro and InvestingPro Tips that may be of interest:
InvestingPro Data shows Tyson Foods with a market capitalization of $22.97 billion, reflecting the company's significant presence in the food industry. Despite a slight revenue decline of 0.33% over the last twelve months as of Q3 2024, the company managed a quarterly revenue growth of 1.62% in Q3 2024. This indicates a potential turnaround in sales, which could be a positive signal for the company's financial health moving forward.
One of the InvestingPro Tips highlights that Tyson Foods has raised its dividend for 11 consecutive years, showcasing a consistent return to shareholders. This is further underscored by the company's dividend yield of 2.98% and a dividend growth of 2.08% over the last twelve months as of Q3 2024. Such a track record may appeal to income-focused investors looking for stable dividend-paying stocks.
Additionally, Tyson Foods has been identified as a prominent player in the Food Products industry, which aligns with the company's strong portfolio of brands and its commitment to sustainability and affordability mentioned in the article. This reputation, coupled with the leadership of an experienced CFO like Calaway, could help Tyson Foods navigate the competitive landscape and maintain its industry standing.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, providing more nuanced perspectives on Tyson Foods' financials and market performance.
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