Welcome to the Tyson Quarterly Investor Earnings Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this point.
Now, I would like to hand the call over to your host, Mr. Jon Kathol, Vice President of Investor Relations. Sir, you may begin.
Good morning and thank you for joining us today for Tyson Foods' conference call for the second quarter of the 2015 fiscal year. On today's call are Donnie Smith, President and Chief Executive Officer; and Dennis Leatherby, Executive Vice President and Chief Financial Officer.
(Forward-looking Cautionary Statement)
This morning, we will be referring to our second quarter adjusted operating income and EPS. The company uses non-GAAP results such as adjusted EPS, adjusted operating margin and adjusted operating income to provide investors with the better understanding of the company's operating performance by excluding the impact of certain nonrecurring items affecting comparability. Please refer to today's news release for a full reconciliation of our GAAP to adjusted results.
As always we'll have a Q&A session following our prepared remarks. To ensure we get to as many of you as possible, please limit yourself to one question and one follow-up, and then get back in the queue for any additional questions.
I'll now turn the call over to Donnie Smith.
Thanks, Jon. Good morning, everyone, and thanks for joining us today. I'm pleased with our second quarter results. EPS was $0.75 on both an adjusted and a GAAP basis, and adjusting operating margin was 5.5%. Adjusted operating income was a Q2 record and up 53% over the same period last year. We captured $77 million in total synergies during the quarter, bringing the total to a $137 million so far this year. We initially set annual synergy targets of more than $225 million for this year and an excess of $500 million for 2017. Our progress is ahead of schedule and we're optimistic about the synergy opportunity, so we're increasing those targets to more than $250 million this fiscal year, $400 million in 2016, and $600 million in 2017.
Now, let's discuss the operating segments, and then I'll come back to the overall outlook. The Prepared Foods segment posted a record adjusting operating margin of 8.4% and record operating income of $157 in the second quarter. Sales volume was up 70.6% with the acquired Hillshire Brands showing increased momentum through strategic pricing, brand building and innovation. These expanded capabilities, our consumer-preferred brand portfolio and a strong growing innovation pipeline will allow us to drive continued growth. We expect to maintain our current earnings trajectory and quickly move towards the new 10% to 12% normalized range indicating the strength and the relevance of the new Tyson 2.0. I'd also like to point out that $70 million of the $77 million of synergy capture in the quarter came in the Prepared Foods segment. Through synergies, we are
President & CEO
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