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TSN

Tyson Foods

$67.36

0.66 (0.99%)

07:42
11/21/16
11/21
07:42
11/21/16
07:42

Tyson Foods expects to realize synergies of $675M from Hillshire Brands

In FY17, USDA indicates domestic protein production to increase approximately 2-3% from fiscal 2016 levels and moderate export growth. As we continue with the integration of Hillshire Brands, we expect to realize synergies of around $675 million in fiscal 2017 from the acquisition as well as our profit improvement plan for our legacy Prepared Foods business. The amount expected to be realized in fiscal 2017 is reduced from our previous estimate of $700M as some of the incremental synergies are now expected to be realized in fiscal 2018. The majority of these benefits will be realized in our Prepared Foods segment. The following is a summary of the outlook for each of our segments, as well as an outlook on sales, capital expenditures, net interest expense, liquidity, share repurchases and dividends for fiscal 2017. USDA shows an increase in chicken production of approximately 2% in fiscal 2017 as compared to fiscal 2016. The company provided the following segment guidance: "Based on current futures prices, we expect similar feed costs in fiscal 2017 as compared to fiscal 2016. For fiscal 2017, we believe our Chicken segment's operating margin should be at or above the upper end of its normalized range of 9-11%. We expect industry fed cattle supplies to increase approximately 2-3% in fiscal 2017 as compared to fiscal 2016. We generally expect adequate supplies in regions we operate our plants. For fiscal 2017, we believe our Beef segment's operating margin should be at the upper end or above its normalized range of 1.5-3.0%. We expect industry hog supplies to increase approximately 3% in fiscal 2017 as compared to fiscal 2016. For fiscal 2017, we believe our Pork segment's operating margin should be at least 10%. We expect lower input costs of approximately $125 million in fiscal 2017 as compared to fiscal 2016. For fiscal 2017, we expect our Prepared Foods segment operating margin to remain similar to fiscal 2016 results as we continue to invest heavily in innovation, new product launches and the growth of our brands. Other includes our foreign operations related to raising and processing live chickens in China and India in addition to third-party merger and integration costs. We expect Other operating loss should be approximately $70 million in fiscal 2017."

  • 21

    Nov

TSN Tyson Foods
$67.36

0.66 (0.99%)

10/11/16
BMOC
10/11/16
UPGRADE
BMOC
Outperform
Tyson Foods upgraded to Outperform from Market Perform at BMO Capital
10/11/16
BMOC
10/11/16
UPGRADE
BMOC
Outperform
Tyson Foods upgraded on fundamentals, valuation at BMO Capital
As noted earlier, BMO Capital analyst Kenneth Zaslow upgraded Tyson Foods to Outperform from Market Perform. The analyst thinks that the company's "strong underlying fundamentals" should enable its fiscal 2017 profits to beat expectations, and he says that the shares are undervalued. Moreover, the analyst expects the company to deliver "sustainable growth" in fiscal 2018, and he thinks that the impact of the class action lawsuit against it will probably be "limited." Target to $84 from $77.
10/11/16
10/11/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Twitter (TWTR) upgraded to Hold from Sell at Evercore ISI with analyst Ken Sena citing the recent pullback in the shares. 2. Tyson Foods (TSN) upgraded to Outperform from Market Perform at BMO Capital with analyst Kenneth Zaslow saying he thinks that the company's "strong underlying fundamentals" should enable its fiscal 2017 profits to beat expectations, and he says that the shares are undervalued. 3. Virgin America (VA) upgraded to Neutral from Underweight at JPMorgan with analyst Jamie Baker saying regulatory approval of the pending Alaska Air (ALK) takeover "remains more likely than not." 4. Cummins (CMI) was upgraded to Conviction Buy from Neutral and Caterpillar (CAT) was upgraded to Buy from Neutral at Goldman. 5. Carbonite (CARB) upgraded to Outperform from Perform at Oppenheimer with analyst Brian Schwartz saying he sees "substantial upside" from current levels due to valuation and fundamentals. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/18/16
JPMS
11/18/16
NO CHANGE
JPMS
Amid pricing controversy, JPMorgan would 'probably' own Tyson into earnings
Following yesterday's Washington Post story, JPMorgan analyst Ken Goldman says evidence continues to mount suggesting that the Georgia Dock pricing methodology could be flawed. It is still too early to draw full conclusions, but reporting on the topic suggests that if the price discovery methodology is changed, a chicken price decline is more likely than a price increase, Goldman tells investors in a research note. He points out that shares of Tyson Foods (TSN), Sanderson Farms (SAFM) and Pilgrim's Pride (PPC) all declined yesterday by at least 3%. The analyst sees some offsets, however, noting that companies seem to be selling some of their tray pack chicken at prices below Georgia Dock and that some companies no longer price off of the Dock. Goldman remains "highly constructive" on near-term fundamentals and notes that he'd "probably be long" shares of Tyson into Monday's earnings.

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