Tyson Foods, Inc. (NYSE:TSN) Q2 2019 Earnings Conference Call - Final Transcript

May 06, 2019 • 09:00 am ET

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Tyson Foods, Inc. (NYSE:TSN) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day and welcome to the Tyson Foods Inc. Second Quarter 2019 Earnings Conference Call and Webcast. All participants will be in listen-only mode.

(Operator Instruction) Please note this event is being recorded. I would now like turn the conference call over to Mr. Jon Kathol, Vice President of Investor Relations. Mr. Kathol, the floor is yours, sir.

Executive
Jon Kathol

Good morning and welcome to the Tyson Foods Inc. earnings conference call for the second 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 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 Monday May 6th at 9 AM 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 express 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. Reconciliations to our GAAP results, please refer to this morning's press release. I'll now turn the call over to Noel White.

Executive
Noel White

Thank you, Jon, and good morning everyone. Our earnings of $1.20 per share, and a 6.3% operating margin demonstrate the strength of diversified business model. The prepared foods segments results were a Q2 record, and the Beef and Pork segments executed well despite several significant weather events. Although parts of our Chicken segment had challenges, we are past what is typically our toughest quarter and we're driving changes to improve our results.

As we move ahead with the integration of Keystone foods, I continue to be encouraged by the opportunities we see both domestically and internationally. The integration process has gone well and we're leveraging the international operation and the team's expertise, as we strengthen our capabilities. We're confident in our ability to achieve our announced synergies as we improve efficiencies and optimize supply chain and production resources.

Pending regulatory approvals, our acquisition of BRF's Thai and