Tyson Foods, Inc. (NYSE:TSN) Q1 2019 Earnings Conference Call - Final Transcript

Feb 07, 2019 • 09:00 am ET


Tyson Foods, Inc. (NYSE:TSN) Q1 2019 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 an opportunity to ask questions. (Operator Instructions) Please note that 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 Earnings Conference Call for the First Quarter of Fiscal 2019. On today's call are Noel White, President and Chief Executive Officer; and Stewart Glendinning, Chief Financial Officer. Slides accompanying today's prepared remarks are available as a supplemental report in the Resource Center of the Tyson Investor 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 the 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 7th, at 9:00 A.M. Eastern Time. A replay of today's call will be available on our website approximately one hour after the conclusion of this call. This broadcast is the property of Tyson Foods, and any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Tyson Foods is strictly prohibited.

Please note that our references to earnings per share, operating income and operating margin in today's remarks are on an adjusted basis, unless otherwise noted. For reconciliations to our GAAP results, please refer to this morning's press release. Because of our annual meeting of shareholders takes place this morning, we need to limit the call to one hour, so we can get to the meeting on time. I ask that you honor the operators, one question and 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 Q&A, while answering your questions as fully as possible.

I'll now turn the call over to Noel White.

Noel White

Thank you, Jon, and good morning everyone. Fiscal 2019 is off to a solid start with earnings of $1.58 per share, and 8.3% operating margin. As we evolved from a protein producer to a modern food company, we're reaping the benefits of our established diversified business model. Yesterday, we reached a definitive agreement to acquire the Thai and European