Tyson Foods, Inc. (NYSE:TSN) Q3 2019 Earnings Conference Call - Final Transcript

Aug 05, 2019 • 09:00 am ET


Tyson Foods, Inc. (NYSE:TSN) Q3 2019 Earnings Conference Call - Final Transcript


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(Video Presentation) Good morning, and welcome to the Tyson Foods Financial Update Call. [Operator Instructions]

I would now like to turn the conference over to Jon Kathol, Vice President of Investor Relations. Please go ahead.

Jon Kathol

Good morning, and welcome to the Tyson Foods Incorporated earnings conference call for the third 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, August 5th, 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 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.

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

Noel White

Thank you, Jon, and good morning. I'd like to thank everyone who joined our recent Investor Day. We appreciate the opportunity to share our growth strategy, take your questions and receive feedback. In case you missed it, a replay is available on our Investor Relations page. Our strategy remains focused on growing Prepared Foods, International and Value-Added Chicken, while reducing the volatility of earnings across our business and we're making progress.

Let me give you some examples from our third quarter. We continue to expand our global business with newly acquired operations in Asia and Europe. We've launched two alternative protein products into the marketplace and we continue to grow our case ready beef and pork business with plans for a new plant in Utah.

Now let's talk about our third quarter performance. Our Prepared Foods and Beef segments generated strong results. Chicken results were mixed, but are improving, and the Pork segment was under pressure due to market conditions related to African swine fever. Overall, we remain