President & incoming CEO discusses earnings outlook
NEW YORK, Dec. 07, 2016 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN) president and incoming chief executive officer Tom Hayes and chief financial officer Dennis Leatherby today told investors at the Bernstein Consumer Summit that the company continues to see growth in its retail and foodservice businesses.
“We continue to see success in leveraging consumer insights in our prepared foods’ business, and the most recent data indicate that our Core 9 categories and foodservice top tier offerings continue to outperform the industry,” said Hayes.
“This growth, coupled with beef and pork segments performing well in excess of their normalized ranges, has us poised to achieve our best quarter in history,” he added.
He also reiterated from the company’s recent earnings call that the company’s chicken and prepared foods margins have returned to their normalized ranges. According to Hayes, "The first quarter is off to a phenomenal start. As soon as the quarter is complete, we will begin our review of annual guidance, and we will address in the February earnings call when we have some more visibility for the year.”
In response to a question about recent news articles describing allegations of manipulation of the Georgia Dock index and a recent antitrust lawsuit filing, Hayes said, “The claims made in these stories and the lawsuit are simply not true, and we will continue to operate our business with integrity and drive value to our customers and consumers.”
A transcript and recording of the webcast of the Bernstein Consumer Summit may be found at ir.tyson.com or using the Tyson Foods investor relations app.
About Tyson Foods
Tyson Foods, Inc. (NYSE:TSN), with headquarters in Springdale, Arkansas, is one of the world's largest food companies with leading brands such as Tyson®, Jimmy Dean®, Hillshire Farm®, Sara Lee®, Ball Park®, Wright®, Aidells® and State Fair®. It’s a recognized market leader in chicken, beef and pork as well as prepared foods, including bacon, breakfast sausage, turkey, lunchmeat, hot dogs, pizza crusts and toppings, tortillas and desserts. The company supplies retail and foodservice customers throughout the United States and approximately 115 countries. Tyson Foods was founded in 1935 by John W. Tyson, whose family has continued to lead the business with his son, Don Tyson, guiding the company for many years and grandson, John H. Tyson, serving as the current chairman of the board of directors. The company currently has approximately 114,000 Team Members employed at more than 400 facilities and offices in the United States and around the world. Through its Core Values, Code of Conduct and Team Member Bill of Rights, Tyson Foods strives to operate with integrity and trust and is committed to creating value for its shareholders, customers and Team Members. The company also strives to be faith-friendly, provide a safe work environment and serve as stewards of the animals, land and environment entrusted to it.
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Forward Looking Statements
This release includes forward-looking statements as well as historical information. These forward-looking statements are made as of the date of the release and include statements relating to projected earnings and brand performance. Actual results may vary. Factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: certain categories in which our products are sold do not grow or the sales of our products fall below our expectations. Additional information regarding these and other risks is included in Item 1.A. “Risk Factors” on our Form 10-K for the period ended October 1, 2016. Tyson Foods does not assume any obligation to update the information contained in this communication (whether as a result of new information, future events or otherwise), except as required by applicable law.
Media Contact: Gary Mickelson, 479-290-6111
Investor Contact: Jon Kathol, 479-290-4235
Source: Tyson Foods Inc