Tyson Foods, Inc. (NYSE:TSN) Q1 2019 Earnings Conference Call - Final Transcript
Feb 07, 2019 • 09:00 am ET
should approximate $450 million. Liquidity is expected to remain in line with our $1 billion minimum target. Our effective tax rate is expected to be around 23.5% for the year. And we are reaffirming our earnings guidance of $5.75 to $6.10 per share as we grow our business, drive out costs and create shareholder value.
Now we'll return to Noel for additional commentary. Noel?
Thank you, Stewart. In summary, we remain focused on stabilizing volatility and growing earnings in Prepared Foods, as well as our value-added and the international businesses. We are facing several challenges this year, we do every year. And we have successfully managed them while continuing to thrive and grow the company. We're also aware of circumstances that could provide upward potential and we will maximize those opportunities.
For the long-term, our growth prospects are intact. Our Chicken Prepared Foods and Fresh Meat businesses, are now each earning approximately $1 billion a year. We have the mindset of continuous improvement and continuous innovation. We have a strategy focused on protein, whether that's animal protein or plant protein. We have the products and the brands, consumers demand. We have plenty to be excited about, as we continue to grow this Company
Our fiscal second quarter is typically our most challenging. The pork and chicken environment is very different than a year ago and we won't have the earnings benefit from the divested businesses. So we have a tougher comparison versus Q2 of last year, though we haven't encountered anything unexpected so far in the quarter. We're looking forward to a strong second half of the year, and we're confident in our ability to deliver on occasions of $5.75 to $6.10 per share.
And finally, Stewart and I regret that we won't be at the CAGNY Conference, apologize for canceling on late notice, but we will be handling the BRF Thailand-European acquisition and the upcoming bond offering.
That concludes our prepared remarks and we're ready to begin the Q&A.