Tyson Foods, Inc. (NYSE:TSN) Q4 2016 Earnings Conference Call - Final Transcript

Nov 21, 2016 • 09:00 am ET


Tyson Foods, Inc. (NYSE:TSN) Q4 2016 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Tyson Foods' Quarterly Investor Earnings Call. All participants will be in listen-only mode [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Jon Kathol, Vice President of Investor Relations. Please go ahead, sir.

Jon Kathol

Good morning and welcome to the Tyson Foods Incorporated Fourth Quarter and 2016 Fiscal Year Earnings Conference Call. On today's call are Donnie Smith, Chief Executive Officer, Tom Hayes, President, and Dennis Leatherby, Executive Vice President and Chief Financial Officer.

Slides accompanying today's prepared remarks are available as a quarterly supplement report on the Investor Relations section of our website at ir.tyson.com. Tyson Foods issued an earnings news release this morning, which has been filed with the SEC on Form 8-K, and also is available on of our website at ir.tyson.com.

Our remarks today include Forward-Looking Statements as defined in the Private Securities Litigation Reform Act of 1995. These statements reflect current views with respect to future events, such as Tyson's outlook for future performance on sales, margin, earnings growth and various other aspects of its business. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. I encourage you to read the release issued earlier this morning and our filings with the SEC for a discussion of the risks that can affect our business.

During the call, there will be a discussion of some items that do not conform to US Generally Accepted Accounting Principles or GAAP, including adjusted EPS. Tyson has reconciled these items to the most comparable GAAP measures in the earnings release and on our website at ir.tyson.com.

I would like to remind everyone that this call is being recorded on Monday November 21, 2016 at 9 AM Eastern Time. A replay of today's call will be available on Tyson's website approximately one hour after the conclusion of this call. This broadcast is the property of Tyson Foods and any redistribution, re-transmission or rebroadcast of this call in any form without the expressed written consent of Tyson Foods is strictly prohibited. I'll now turn the call over to Donnie Smith.

Donnie Smith

Thanks, Jon. Good morning everyone and thanks for joining us today. Before we get into our earnings discussion, I would like to comment on this morning's other announcement. As you may have heard, Tom Hayes will be succeeding me as CEO effective the calendar year-end.

The Board and I agree that now is the excellent time to make this transition, the Company is performing exceptionally well and realizing significant growth and shareholder returns through our hybrid strategy of branded prepared foods and fresh meats. Simply put, I believe the Company has a bright future and that Tom is right leader for this next phase of our development.

We have worked hard to create a strong platform that will take Tyson into the future and