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Tyson Foods Reports Third and Nine Months 2019 Results

3Q Revenues of $10.89B (+8.4% Y/Y), GAAP Eps of $1.84

Tyson Foods, Inc., one of the world’s largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair, today reported 3Q sales of $ 10,051 millions, and Nine Months sales of $ 31,521 millions.

First Nine Months Highlights
•         GAAP EPS of $4.51, down 33% from record prior year (prior year included a one-time tax benefit of $2.71)
•         Adjusted EPS of $4.25, down 7% from record prior year
•         GAAP operating income of $2,223 million; Adjusted operating income of $2,291 million
•         Total Company GAAP operating margin of 7.1%; Adjusted operating margin of 7.3%
•         Record Prepared Foods GAAP operating margin of 11.8% and record Adjusted operating margin of 12.0%
•         Record Beef GAAP and Adjusted operating margins of 6.1%
•         Repurchased 3.4 million shares for $225 million

Third Quarter Highlights
•         GAAP EPS of $1.84, up 25% from prior year; Adjusted EPS of $1.47, down 2% from prior year
•         GAAP operating income of $781 million; Adjusted operating income of $796 million
•         Total Company GAAP operating margin of 7.2%; Adjusted operating margin of 7.3%.

“Overall, third quarter earnings were in line with our expectations,” said Noel White, Tyson’s president and CEO. “Volume growth in our core retail lines continues to outpace other large food companies and the total food and beverage category, driven primarily by our new product innovation. Our Prepared Foods and Beef segments produced strong results in the quarter, while results in the Chicken segment were mixed, and the Pork segment was negatively affected by increased hog costs. The African Swine Fever outbreak continues to take its toll on hog supplies in Asia; however, we have not yet experienced significant benefits to our Pork, Chicken or Beef segments. Given the magnitude of the losses in China’s hog and pork supplies, the impending impact on global protein supply and demand fundamentals is likely to be a multi-year event. We are maintaining our guidance of adjusted earnings of $5.75-6.10 per share for fiscal 2019. With a strong export environment expected to continue into next year, we’re optimistic about the earnings potential for each of our segments in fiscal 2020”.

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© EFA News - European Food Agency Srl
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