Tyson Foods misses by $0.11, misses on revs; guides FY15 EPS below consensus, revs in-line
Reports Q3 (Jun) earnings of $0.80 per share, $0.11 worse than the Capital IQ Consensus Estimate of $0.91; revenues rose 4.0% year/year to $10.07 bln vs the $10.32 bln consensus.
Co issues mixed guidance for FY15, sees EPS of $3.10-3.20 (Prior $3.30-3.40) vs. $3.43 Capital IQ Consensus Estimate; sees FY15 revs of Approx $41 bln vs. $41.79 bln Capital IQ Consensus Estimate.
Co issues mixed guidance for FY15, sees EPS of $3.10-3.20 (Prior $3.30-3.40) vs. $3.43 Capital IQ Consensus Estimate; sees FY15 revs of Approx $41 bln vs. $41.79 bln Capital IQ Consensus Estimate.
- "We reduced our total net debt $688 million during the third quarter. Because we expect to be ahead of schedule on reaching leverage ratio goals, and we see great value in our shares, we plan to start buying back stock in the fourth quarter".
- In fiscal 2016, we expect domestic protein production (chicken, beef, pork and turkey) to increase approximately 3% from fiscal 2015 levels. Grain supplies are expected to decrease in fiscal 2016, which should result in higher input costs as well as increased costs for cattle and hog producers.