Tyson Foods, Inc. (NYSE:TSN) Q1 2020 Earnings Conference Call - Final Transcript

Feb 06, 2020 • 09:00 am ET


Tyson Foods, Inc. (NYSE:TSN) Q1 2020 Earnings Conference Call - Final Transcript


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Welcome to the Tyson Foods' First Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [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.

Jon Kathol

Good morning and welcome to the Tyson Foods Incorporated earnings conference call for the first quarter of fiscal 2020. On today's call are, Noel White, Chief Executive Officer and Stewart Glendinning, our 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 Thursday, February 6 at 9:00 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

Thanks, Jon and good morning everyone. Along with Stewart, joining us in the room today is Dean Banks, who joined the company at the beginning of the month and is beginning his transition to his new role as President of our company. Welcome, Dean.

We're pleased to report, we delivered top and bottom line growth in our first quarter and generated record Beef results. Before I speak to these results, I'd like to talk about our focus on sustainability to meet the growing global demand for protein. That's why recently announced at the World Economic Forum in Davos the creation of the Coalition for Global Protein, a combination of strategies and solutions including all forms of protein that are needed to responsibly feed a world population expected to reach almost 10 billion in 2050, requiring an estimated doubling of the production of protein needed today. Our goal is unite stakeholders across the food and agricultural sector