Tyson Foods, Inc. (NYSE:TSN) Q2 2018 Earnings Conference Call - Final Transcript

May 07, 2018 • 09:00 am ET


Tyson Foods, Inc. (NYSE:TSN) Q2 2018 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Tyson Foods Second Quarter Earnings Conference 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 second quarter earnings conference call of the 2018 fiscal year. On today's call are Tom Hayes, President and Chief Executive Officer, and Stewart Glendinning, Chief Financial Officer. 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 could affect our business.

I would like to remind everyone that this call is being recorded on Monday, May 7 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 express written consent of Tyson Foods is strictly prohibited.

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

Thomas Hayes

Okay. Thanks, Jon, and good morning, everybody. Thanks for joining us today. At Tyson Foods, we continue to grow our business through differentiated capabilities and deliver Financial Fitness through continuous improvement, as we seek to feed the world with the fast-growing protein brands. Overall, we're pleased with the progress we've made in the second quarter and the first half of the fiscal year. As we shared on our Q1 call, we knew we were facing challenging conditions and despite these challenges and additional headwinds, we delivered solid second quarter results in all four segments.

Based on the hard work of our resilient team, we're in a good position in the second half of the fiscal year and we expect to reach our annual adjusted earnings guidance of between $6.55 and $6.70 a share. As international demand for protein continues to increase, we're positioned to meet it with well-established network of global offices. We have billion-dollar brands and rapid growth brands and we continue to build capabilities across each of our supply chains that serve our segments. Whether at home or away