Tyson Foods, Inc. (NYSE:TSN) Q1 2018 Earnings Conference Call - Final Transcript

Feb 08, 2018 • 09:00 am ET


Tyson Foods, Inc. (NYSE:TSN) Q1 2018 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Tyson Foods First Quarter Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be 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 first quarter earnings conference call for the 2018 fiscal year. On today's call are Tom Hayes, President and Chief Executive Officer; Dennis Leatherby, our outgoing CFO; and Stewart Glendinning, who officially becomes our Chief Financial Officer on Saturday.

Slides accompanying today's prepared remarks are available as a quarterly supplemental report on the Investor Relations website at ir.tyson.com. Tyson Foods issued an earnings release this morning, which has been furnished to the SEC on Form 8-K, and is available on 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.

I would like to remind everyone that this call is being recorded on Thursday, February 8, at 9:00 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 re-distribution, re-transmission or rebroadcast of this call in any form without the expressed written consent of Tyson Foods is strictly prohibited. Because our annual meeting of shareholders takes place this morning, we need to limit the call to an hour, so we can get to the meeting on time. I ask that you honor the operator's one question, one follow-up instructions, and get back in the queue if you have additional questions. We want to get to as many of you as possible, so we'll be moving quickly through the Q&A, while answering your questions as fully as possible.

I'll now turn the call over to Tom Hayes.

Tom Hayes

Okay, awesome. Thanks, Jon, and good morning, everybody. It's great to be with you on the line today for the first time this year. At Tyson Foods, we're creating a modern food company with a diverse portfolio of protein brands. Building on our momentum from a record year in fiscal '17, we're off to a strong start in fiscal '18.

We delivered solid results in all of our segments, Beef, Pork, Chicken and Prepared Foods. And our retail and foodservice sales are outpacing the industry. I'll provide more context on our performance across