Tyson Reports Fourth Quarter and Fiscal Year 2012 Results

Tyson Reports Fourth Quarter and Fiscal Year 2012 Results

  *Fourth quarter 2012 reported EPS $0.51; adjusted^1 EPS $0.55
    -- Comparable fourth quarter 2011 reported and adjusted^1 EPS $0.26
    -- Overall fourth quarter operating margin was 4.0%
    -- Repurchased 3.2 million shares for $50 million in fourth quarter
  *Fiscal 2012 reported EPS $1.58; adjusted^1 EPS $1.91
    -- Comparable fiscal 2011 reported EPS $1.97; adjusted^1 EPS $1.89
    -- Record sales of $33 billion in fiscal 2012
    -- Repurchased 12.5 million shares for $230 million in fiscal 2012
  *Liquidity totaled $2.0 billion at September 29, 2012
  *Board declares $0.10 special dividend and a 25% increase on regular
    dividend

^1Adjusted EPS is explained and reconciled to comparable GAAP measure at the
end of this release.

SPRINGDALE, Ark., Nov. 19, 2012 (GLOBE NEWSWIRE) -- Tyson Foods, Inc.
(NYSE:TSN), today reported the following results:

                                                                 
(in millions, except per share data)     Fourth Quarter    12 Months
                                        2012     2011     2012      2011
Sales                                    $8,373 $8,404 $33,278 $32,266
Operating Income                         332      172      1,248     1,285
                                                                 
Net Income                               181      95       576       733
Less: Net Loss Attributable to           (4)      (2)      (7)       (17)
Noncontrolling Interest
Net Income Attributable to Tyson         $185   $97    $583    $750
                                                                 
Reported Net Income Per Share            $0.51  $0.26  $1.58   $1.97
Attributable to Tyson
Adjusted^1 Net Income Per Share          $0.55  $0.26  $1.91   $1.89
Attributable to Tyson
                                                                 

"Our earnings for the fourth quarter and fiscal year indicate that Tyson Foods
is rising above the noise of commodity markets to produce solid, more
consistent results," said Donnie Smith, Tyson's president and chief executive
officer. "It has taken us several years and a lot of work to get to this
point, and although there is much more to be done, I believe we have reached a
new level of sustainable performance.

"While fiscal 2012 wasn't a record EPS year, I think it was our best year -
certainly our best effort to date. Our team members didn't make excuses; they
made a difference, and they made money. This allowed us to buy back stock
throughout the year, including $50 million in the fourth quarter, and to
reinvest in our business at a record level while strengthening our balance
sheet. Our strong balance sheet, liquidity position and a desire to return
cash to shareholders led the Board of Directors to declare a special dividend
and to increase the regular dividend by 25%. The Board's action is reflective
of our increased profitability and the investments we've made in the company.

"Our accomplishments, reinvestment in our business and record sales in fiscal
2012 were achieved in difficult market conditions. Fiscal 2013 is likely to be
equally if not more difficult, but there will always be challenging
circumstances in this business. It's our job to accelerate growth by focusing
on innovation, serving our customers and developing our team members, whatever
the market conditions may be. While we're proud of what we've accomplished, we
now have higher expectations, and maintaining the status quo is not an option.
We will adapt, we will evolve and we will grow."

Segment Performance Review (in millions)


Sales
(for the fourth quarter and 12 months ended September 29, 2012, and October 1,
2011)
            Fourth Quarter                    12 Months
                            Volume  Avg.                    Volume  Avg.
                                       Price                             Price
            2012     2011     Change  Change  2012    2011      Change  Change
Chicken      $3,016 $2,859 (3.5)%  9.4%    $11,591 $11,017 (3.6)%  9.2%
Beef         3,432    3,516    (12.5)% 11.6%   13,755  13,549    (11.3)% 14.4%
Pork         1,319    1,430    5.0%    (12.2)% 5,510   5,460     2.4%    (1.5)%
Prepared     805      827      —       (2.6)%  3,237   3,215     (0.9)%  1.6%
Foods
Other        43       64       n/a     n/a     167     127       n/a     n/a
Intersegment (242)    (292)    n/a     n/a     (982)   (1,102)   n/a     n/a
Sales
Total        $8,373 $8,404 (3.9)%  4.0%    $33,278 $32,266 (4.3)%  7.7%
                                                                 
                                                                 
Operating Income (Loss)
(for the fourth quarter and 12 months ended September 29, 2012, and October 1,
2011)
            Fourth Quarter                    12 Months
                            Operating                       Operating
                               Margin                            Margin
            2012     2011     2012    2011    2012    2011      2012    2011
Chicken      $116   $(82)  3.8%    (2.9)%  $446    $164    3.8%    1.5%
Beef         117      118      3.4%    3.4%    218     468       1.6%    3.5%
Pork         68       113      5.2%    7.9%    417     560       7.6%    10.3%
Prepared     39       28       4.8%    3.4%    181     117       5.6%    3.6%
Foods
Other        (8)      (5)      n/a     n/a     (14)    (24)      n/a     n/a
Total        $332   $172   4.0%    2.0%    $1,248  $1,285  3.8%    4.0%
                                                                 

Outlook

Our continued capital investment in our businesses, strong liquidity and
reduced interest expense has put us in a strong position as we begin a
challenging fiscal 2013. The drought conditions in the summer of 2012 reduced
grain supplies, which will result in higher input costs as well as increased
costs for cattle and hog producers. USDA data indicates in fiscal 2013 overall
domestic protein production (chicken, beef, pork and turkey) is expected to
decrease 2% compared to fiscal 2012, which should continue to support improved
pricing. The following is a summary of the fiscal 2013 outlook for each of our
segments, as well as an outlook on sales, capital expenditures, net interest
expense, debt and liquidity, share repurchases and dividends:

  *Chicken - Current USDA data shows U.S. chicken production will be down
    slightly in fiscal 2013. Due to the reduced crop supply, we expect higher
    grain costs in fiscal 2013 compared to fiscal 2012 of approximately $600
    million. However, the capital investment and significant operational, mix
    and pricing improvements we have made in our Chicken segment have better
    positioned us to adapt to rising grain prices. For fiscal 2013, we
    anticipate our Chicken segment will remain profitable, but could be below
    our normalized range of 5.0%-7.0%.
  *Beef - We expect to see a reduction of industry fed cattle supplies of
    2-3% in fiscal 2013 as compared to fiscal 2012. Although we generally
    expect adequate supplies in regions we operate our plants, there may be
    periods of imbalance of fed cattle supply and demand. We anticipate beef
    exports will remain strong. For fiscal 2013, we believe our Beef segment
    will remain profitable, but could be below our normalized range of
    2.5%-4.5%.
  *Pork - We expect industry hog supplies in fiscal 2013 to be flat compared
    to fiscal 2012 and pork exports to remain strong. For fiscal 2013, we
    believe our Pork segment will be in or above our normalized range of
    6.0%-8.0%.
  *Prepared Foods - We expect operational improvements and increased pricing
    to offset increased raw material costs. Because many of our sales
    contracts are formula based or shorter-term in nature, we are typically
    able to offset rising input costs through increased pricing. For fiscal
    2013, we believe our Prepared Foods segment will remain in its normalized
    range of 4.0%-6.0%.
  *Sales - We expect fiscal 2013 sales to increase to approximately $35
    billion mostly resulting from price increases related to decreases in
    domestic availability of protein and rising raw material costs.
  *Capital Expenditures - Our preliminary capital expenditures plan for
    fiscal 2013 is approximately $550 million. The reduction in planned
    capital expenditures from fiscal 2012 is primarily a result of an
    anticipated rise in working capital needs in fiscal 2013. Once we gain
    more visibility into our working capital needs, or should forecasted
    conditions change, we may raise our capital expenditures target. We will
    continue to make significant investments in our production facilities for
    high return operational efficiencies, other profit improvement projects
    and development of our foreign operations.
  *Net Interest Expense - We expect fiscal 2013 net interest expense will
    approximate $140 million.
  *Debt and Liquidity - We do not have any significant maturities of debt due
    until October 2013. We may use our available cash to repurchase notes when
    available at attractive rates. Total liquidity at September29, 2012, was
    $2.0 billion, well above our goal to maintain liquidity in excess of $1.2
    billion.
  *Share Repurchases - We expect to continue repurchasing shares under our
    share repurchase plan. In fiscal 2012, we repurchased 12.5 million shares
    for approximately $230 million. As of September29, 2012, 35.2 million
    shares remain authorized for repurchases. The timing and extent to which
    we repurchase shares will depend upon, among other things, our working
    capital needs, market conditions, liquidity targets, our debt obligations
    and regulatory requirements.
  *Dividends - On November 15, 2012, the Board of Directors declared a
    special dividend of $0.10 per share on our Class A common stock and $0.09
    per share on our Class B common stock.Additionally, the Board increased
    the quarterly dividend previously declared on August 3, 2012, to $0.05 per
    share on our Class A common stock and $0.045 per share on our Class B
    common stock.Both the special dividend and the increased quarterly
    dividend are payable on December 14, 2012, to shareholders of record at
    the close of business on November 30, 2012.The Board also declared a
    quarterly dividend of $0.05 per share on our Class A common stock and
    $0.045 per share on our Class B common stock, payable on March 31, 2013,
    to shareholders of record at the close of business on March 1, 2013.

Segment Performance Review

                                                                  
Chicken Segment Results
                                                                  
in millions    Three Months Ended              12 Months Ended
              September29, October1, Change September29, October1, Change
               2012          2011              2012          2011
Sales          $3,016      $2,859   $157 $11,591     $11,017  $574
Sales Volume                          (3.5)%                        (3.6)%
Change
Average Sales                         9.4%                          9.2%
Price Change
Operating      $116        $(82)    $198 $446        $164     $282
Income
Operating      3.8%          (2.9)%           3.8%          1.5%       
Margin

Fourth quarter and 12 months of fiscal 2012

  *Included a non-cash impairment charge of $15 million related to non-core
    assets in China

Fourth quarter and 12 months – Fiscal 2012 vs Fiscal 2011

  *Sales and Operating Income –

    *Sales Volume – The decrease in sales volumes in the fourth quarter and
      12 months of fiscal 2012 was largely due to the impact of domestic
      production cuts we made in late fiscal 2011 and maintained throughout
      fiscal 2012, in order to balance our supply with forecasted customer
      demand. For the 12 months, these production cuts reduced our total
      domestic slaughter pounds by approximately 4%. The decrease in domestic
      slaughter pounds was partially offset by increases in international
      sales volumes and open-market meat purchases.
    *Average Sales Price – The increase in average sales price is primarily
      due to mix changes and price increases associated with reduced industry
      supply and increased input costs.
    *Operating Income – Operating income was positively impacted by
      increases in average sales price, improved mix and operational
      improvements. These increases were partially offset by increased grain
      and feed ingredients costs of $30 million and $320 million for the
      fourth quarter and 12 months of fiscal 2012, respectively. Increases in
      other growout operating costs of $50 million also negatively impacted
      operating income for the 12 months of fiscal 2012. Additionally, our
      foreign start-up businesses in Brazil and China incurred operating
      losses of approximately $45 million and $105 million for the fourth
      quarter and 12 months of fiscal 2012, respectively, which included $15
      million for the impairment of non-core assets.
    *Derivative Activities – Operating results included the following amounts
      for commodity risk management activities related to grain and energy
      purchases. These amounts exclude the impact from related physical
      purchase transactions, which impact current and future period operating
      results.

Income/(Loss) - in millions                Qtr    YTD
2012                                       $(3) $(25)
2011                                       (31)   41
Improvement/(Decline) in operating results $28  $(66)


Beef Segment Results
                                                                
in millions Three Months Ended               12 Months Ended
           September29, October1, Change  September29, October1, Change
            2012          2011               2012          2011
Sales       $3,432      $3,516   $(84) $13,755     $13,549  $206
Sales
Volume                             (12.5)%                        (11.3)%
Change
Average
Sales Price                        11.6%                          14.4%
Change
Operating   $117        $118     $(1)  $218        $468     $(250)
Income
Operating   3.4%          3.4%              1.6%          3.5%       
Margin

Fourth quarter and 12 months – Fiscal 2012 vs Fiscal 2011

  *Sales and Operating Income –

    *Average sales price increased for the fourth quarter and 12 months of
      fiscal 2012 due to price increases associated with increased livestock
      costs. Sales volume decreased for the fourth quarter and 12 months of
      fiscal 2012 due to reductions in live cattle processed and outside
      tallow purchases. Operating income decreased for the 12 months of fiscal
      2012 due to higher fed cattle costs and periods of reduced demand for
      beef products, which made it difficult to pass along increased input
      costs, as well as lower sales volumes and increased employee related
      operating costs.
    *Derivative Activities – Operating results included the following amounts
      for commodity risk management activities related to forward futures
      contracts for live cattle. These amounts exclude the impact from related
      physical sale and purchase transactions, which impact current and future
      period operating results.

Income/(Loss) - in millions      Qtr   YTD
2012                             $10 $31
2011                             (1)   (41)
Improvement in operating results $11 $72

                                                                
Pork Segment Results
                                                                
in         Three Months Ended                12 Months Ended
millions
          September29, October1, Change   September29, October1, Change
           2012          2011                2012          2011
Sales      $1,319      $1,430   $(111) $5,510      $5,460   $50
Sales
Volume                            5.0%                            2.4%
Change
Average
Sales                             (12.2)%                         (1.5)%
Price
Change
Operating  $68         $113     $(45)  $417        $560     $(143)
Income
Operating  5.2%          7.9%               7.6%          10.3%      
Margin

Fourth quarter and 12 months – Fiscal 2012 vs Fiscal 2011

  *Sales and Operating Income –

    *Average sales price decreased for the fourth quarter and 12 months of
      fiscal 2012 due to increased domestic availability of pork products,
      which drove lower live hog costs. Operating income decreased in the
      fourth quarter and 12 months of fiscal 2012 due to compressed pork
      margins caused by the excess domestic availability of pork products. We
      were able to maintain strong operating margins for the 12 months of
      fiscal 2012 by maximizing our revenues relative to the live hog markets,
      partially due to strong export sales and operational and mix
      performance.
    *Derivative Activities – Operating results included the following amounts
      for commodity risk management activities related to forward futures
      contracts for live hogs. These amounts exclude the impact from related
      physical sale and purchase transactions, which impact current and future
      period operating results.

                                     
Income/(Loss) - in millions      Qtr   YTD
2012                             $15 $66
2011                             (17)  (32)
Improvement in operating results $32 $98

                                                                  
Prepared Foods Segment Results
                                                                  
in millions   Three Months Ended               12 Months Ended
             September29, October1, Change  September29, October1, Change
              2012          2011               2012          2011
Sales         $ 805        $ 827     $ (22) $ 3,237     $ 3,215   $ 22
Sales Volume                         —%                             (0.9)%
Change
Average Sales                        (2.6)%                         1.6%
Price Change
Operating     $ 39         $ 28      $ 11   $ 181        $ 117     $ 64
Income
Operating     4.8%          3.4%              5.6%          3.6%       
Margin

Fourth quarter– Fiscal 2012 vs Fiscal 2011

  *Sales and Operating Income – Operating margins were positively impacted
    by lower raw material costs, which were partially offset by a decrease in
    average sales prices.

12 months – Fiscal 2012 vs Fiscal 2011

  *Sales and Operating Income – Operating margins were positively impacted by
    lower raw material costs of $75 million and increased average sales
    prices, which were partially offset by lower volumes and increased
    operational costs of approximately $30 million, largely due to costs
    related to revamping our lunchmeat business and the start-up of a new
    pepperoni plant. Because many of our sales contracts are formula based or
    shorter-term in nature, we typically offset changing input costs through
    pricing. However, there is a lag time for price changes to take effect,
    which is what we experienced during fiscal 2011.

                                                                
TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
                                                                
                                                                
                            Three Months Ended       12 Months Ended
                            September29, October1, September29, October1,
                             2012          2011       2012          2011
                                                                
Sales                        $8,373      $8,404   $33,278     $32,266
Cost of Sales                7,803         8,013      31,118        30,067
Gross Profit                 570           391        2,160         2,199
                                                                
Selling, General and         238           219        912           914
Administrative
Operating Income             332           172        1,248         1,285
Other (Income) Expense:                                          
Interest income              (3)           (3)        (12)          (11)
Interest expense             40            55         356           242
Other, net                   (6)           (5)        (23)          (20)
Total Other (Income) Expense 31            47         321           211
Income before Income Taxes   301           125        927           1,074
Income Tax Expense           120           30         351           341
Net Income                   181           95         576           733
Less:Net Loss Attributable  (4)           (2)        (7)           (17)
to Noncontrolling Interest
Net Income Attributable to   $185        $97      $583        $750
Tyson
                                                                
Weighted Average Shares                                          
Outstanding:
Class A Basic                288          299        293           303
Class B Basic                70           70         70            70
Diluted                      363          375        370           380
Net Income Per Share                                             
Attributable to Tyson:
Class A Basic                $0.53       $0.27    $1.64       $2.04
Class B Basic                $0.48       $0.24    $1.48       $1.84
Diluted                      $0.51       $0.26    $1.58       $1.97
Cash Dividends Per Share:                                        
Class A                      $0.040      $0.040   $0.160      $0.160
Class B                      $0.036      $0.036   $0.144      $0.144
                                                                
Sales Growth                 (0.4)%                  3.1%          
Margins: (Percent of Sales)                                      
Gross Profit                 6.8%          4.7%       6.5%          6.8%
Operating Income             4.0%          2.0%       3.8%          4.0%
Net Income                   2.2%          1.1%       1.7%          2.3%
Effective Tax Rate           39.9%         24.1%      37.9%         31.8%

                                                            
TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
(Unaudited)
                                                            
                                                            
                                          September29, 2012 October1, 2011
Assets                                                       
Current Assets:                                              
Cash and cash equivalents                  $1,071           $716
Accounts receivable, net                   1,378              1,321
Inventories                                2,809              2,587
Other current assets                       145                156
Total Current Assets                       5,403              4,780
Net Property, Plant and Equipment          4,022              3,823
Goodwill                                   1,891              1,892
Intangible Assets                          129                149
Other Assets                               451                427
Total Assets                               $11,896          $11,071
                                                            
Liabilities and Shareholders' Equity                         
Current Liabilities:                                         
Current debt                               $515             $70
Accounts payable                           1,372              1,264
Other current liabilities                  943                1,040
Total Current Liabilities                  2,830              2,374
Long-Term Debt                             1,917              2,112
Deferred Income Taxes                      558                424
Other Liabilities                          549                476
                                                            
Total Tyson Shareholders' Equity           6,012              5,657
Noncontrolling Interest                    30                 28
Total Shareholders' Equity                 6,042              5,685
                                                            
Total Liabilities and Shareholders' Equity $11,896          $11,071

                                                             
TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
                                                             
                                                             
                                           12 Months Ended
                                           September29, 2012 October1, 2011
Cash Flows From Operating Activities:                         
Net income                                  $576             $733
Depreciation and amortization               499                506
Deferred income taxes                       140                86
Loss on early extinguishment of debt        167                —
Other, net                                  52                 67
Net change in other current assets and      (247)              (346)
liabilities
Cash Provided by Operating Activities       1,187              1,046
                                                             
Cash Flows From Investing Activities:                         
Additions to property, plant and equipment  (690)              (643)
Purchases of marketable securities          (58)               (146)
Proceeds from sale of marketable securities 47                 66
Proceeds from notes receivable              —                  51
Other, net                                  41                 28
Cash Used for Investing Activities          (660)              (644)
                                                             
Cash Flows From Financing Activities:                         
Payments on debt                            (993)              (500)
Net proceeds from borrowings                1,116              115
Purchase of redeemable noncontrolling       —                  (66)
interest
Purchases of Tyson ClassA common stock     (264)              (207)
Dividends                                   (57)               (59)
Other, net                                  27                 59
Cash Used for Financing Activities          (171)              (658)
                                                             
Effect of Exchange Rate Change on Cash      (1)                (6)
                                                             
Increase (Decrease) in Cash and Cash        355                (262)
Equivalents
Cash and Cash Equivalents at Beginning of   716                978
Year
Cash and Cash Equivalents at End of Period  $1,071           $716

                                                                
TYSON FOODS, INC.
EPS Reconciliations
(Unaudited)
                                                                
                            Three Months Ended       12 Months Ended
                            September 29, October 1, September 29, October 1,
                             2012          2011       2012          2011
                                                                
Reported net income per      $0.51       $0.26    $1.58       $1.97
share attributable to Tyson
Less: $11 million gain on
sale of interests in an      —             —          —             (0.03)
equity method investment
Less: $21 million reversal
of reserves for foreign      —             —          —             (0.05)
uncertain tax positions
Add: $167 million loss on    —             —          0.29          —
early extinguishment of debt
Add: $15 million impairment  0.04          —          0.04          —
of non-core assets in China
Adjusted net income per      $0.55       $0.26    $1.91       $1.89
share attributable to Tyson

Adjusted net income per share attributable to Tyson (adjusted EPS) is
presented as a supplementary financial measurement in the evaluation of our
business. We believe the presentation of adjusted EPS helps investors to
assess our financial performance from period to period and enhances
understanding of our financial performance. However, adjusted EPS may not be
comparable to those of other companies in our industry, which limits its
usefulness as a comparative measure. Adjusted EPS is not a measure required by
or calculated in accordance with GAAP and should not be considered as a
substitute for any measure of financial performance reported in accordance
with GAAP. Investors should rely primarily on our GAAP results, and use
non-GAAP financial measures only supplementally, in making investment
decisions.

                                                       
TYSON FOODS, INC.
EBITDA Reconciliations
(In millions)
(Unaudited)
                                                       
                                                       
                              12 Months Ended
                              September29, 2012        October1, 2011
                                                       
Net income                     $576                    $733
Less: Interest income          (12)                      (11)
Add: Interest expense          356                       242
Add: Income tax expense        351                       341
Add: Depreciation              443                       433
Add: Amortization (a)          17                        29
EBITDA                         $1,731                  $1,767
                                                       
                                                       
Total gross debt               $2,432                  $2,182
Less: Cash and cash            (1,071)                   (716)
equivalents
Total net debt                 $1,361                  $1,466
                                                       
Ratio Calculations:                                     
Gross debt/EBITDA              1.4x                      1.2x
Net debt/EBITDA                0.8x                      0.8x
                                                       
(a) Excludes the amortization of debt discount expense of $39 million and $44
million for the 12 months ended September29, 2012, and October1, 2011,
respectively, as it is included in Interest expense.

EBITDA represents net income, net of interest, income tax and depreciation and
amortization. EBITDA is presented as a supplemental financial measurement in
the evaluation of our business. We believe the presentation of this financial
measure helps investors to assess our operating performance from period to
period and enhances understanding of our financial performance and highlights
operational trends. This measure is widely used by investors and rating
agencies in the valuation, comparison, rating and investment recommendations
of companies. However, the measurement of EBITDA may not be comparable to
those of other companies in our industry, which limits its usefulness as a
comparative measure. EBITDA is not a measure required by or calculated in
accordance with GAAP and should not be considered as a substitute for net
income or any other measure of financial performance reported in accordance
with GAAP or as a measure of operating cash flow or liquidity. EBITDA is a
useful tool for assessing, but is not a reliable indicator of, our ability to
generate cash to service our debt obligations because certain of the items
added to net income to determine EBITDA involve outlays of cash. As a result,
actual cash available to service our debt obligations will be different from
EBITDA. Investors should rely primarily on our GAAP results, and use non-GAAP
financial measures only supplementally, in making investment decisions.

Tyson Foods, Inc., founded in 1935 with headquarters in Springdale, Arkansas,
is one of the world's largest processors and marketers of chicken, beef and
pork, the second-largest food production company in the Fortune 500 and a
member of the S&P 500. The company produces a wide variety of protein-based
and prepared food products and is the recognized market leader in the retail
and foodservice markets it serves. Tyson provides products and services to
customers throughout the United States and approximately 130 countries. The
company has approximately 115,000 Team Members employed at more than 400
facilities and offices in the United States and around the world. Through its
Core Values, Code of Conduct and Team Member Bill of Rights, Tyson strives to
operate with integrity and trust and is committed to creating value for its
shareholders, customers and Team Members. The company also strives to be
faith-friendly, provide a safe work environment and serve as stewards of the
animals, land and environment entrusted to it.

The Tyson Foods, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3224

A conference call to discuss the Company's financial results will be held at 9
a.m. Eastern Monday, November 19, 2012. To listen live via telephone, call
888-455-8283. International callers dial 210-839-8865. The pass code "Tyson
Foods" will be required to join the call. A telephone replay will be available
until December 21, 2012, at 800-238-0581. International callers may access the
replay at 402-220-9694. The live webcast, as well as the replay, will be
available on the Internet at http://ir.tyson.com. Financial information, such
as this news release, as well as other supplemental data, including Company
distribution channel information, can be accessed from the Company's web site
at http://ir.tyson.com.

Forward-Looking Statements

Certain information contained in the press release may constitute
forward-looking statements, such as statements relating to expected
performance, and including, but not limited to, statements appearing in the
"Outlook" section. These forward-looking statements are subject to a number of
factors and uncertainties which could cause our actual results and experiences
to differ materially from the anticipated results and expectations expressed
in such forward-looking statements. We wish to caution readers not to place
undue reliance on any forward-looking statements, which speak only as of the
date made. Among the factors that may cause actual results and experiences to
differ from anticipated results and expectations expressed in such
forward-looking statements are the following: (i) the effect of, or changes
in, general economic conditions; (ii) fluctuations in the cost and
availability of inputs and raw materials, such as live cattle, live swine,
feed grains (including corn and soybean meal) and energy; (iii) market
conditions for finished products, including competition from other global and
domestic food processors, supply and pricing of competing products and
alternative proteins and demand for alternative proteins; (iv) successful
rationalization of existing facilities and operating efficiencies of the
facilities; (v) risks associated with our commodity purchasing activities;
(vi) access to foreign markets together with foreign economic conditions,
including currency fluctuations, import/export restrictions and foreign
politics; (vii) outbreak of a livestock disease (such as avian influenza (AI)
or bovine spongiform encephalopathy (BSE)), which could have an adverse effect
on livestock we own, the availability of livestock we purchase, consumer
perception of certain protein products or our ability to access certain
domestic and foreign markets; (viii) changes in availability and relative
costs of labor and contract growers and our ability to maintain good
relationships with employees, labor unions, contract growers and independent
producers providing us livestock; (ix) issues related to food safety,
including costs resulting from product recalls, regulatory compliance and any
related claims or litigation; (x) changes in consumer preference and diets and
our ability to identify and react to consumer trends; (xi) significant
marketing plan changes by large customers or loss of one or more large
customers; (xii) adverse results from litigation; (xiii) risks associated with
leverage, including cost increases due to rising interest rates or changes in
debt ratings or outlook; (xiv) compliance with and changes to regulations and
laws (both domestic and foreign), including changes in accounting standards,
tax laws, environmental laws, agricultural laws and occupational, health and
safety laws; (xv) our ability to make effective acquisitions or joint ventures
and successfully integrate newly acquired businesses into existing operations;
(xvi) effectiveness of advertising and marketing programs; and (xvii) those
factors listed under Item 1A. "Risk Factors" included in our September29,
2012, Annual Report filed on Form 10-K.

CONTACT: Media Contact:  Gary Mickelson, 479-290-6111
         Investor Contact:  Jon Kathol, 479-290-4235

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