TSN - Tyson Foods Inc. (TSN) Annual Global Farm to Market Conference (Transcript)
2024-05-15 15:24:07 ET
Tyson Foods, Inc. (TSN)
Annual Global Farm to Market Conference Call
May 15, 2024 08:00 ET
Company Participants
Donnie King - President and Chief Executive Officer
John Tyson - Executive Vice President and Chief Financial Officer
Conference Call Participants
Andrew Strelzik - BMO
Presentation
Andrew Strelzik
[Abrupt Start] Tyson has been gracious enough to kick off this conference for the last 19 years. As CEO since 2021, Donnie King has led Tyson out of an unprecedented operating environment, leveraged just 4 decades of industry experience to manage through a challenging environment across proteins and once again driven the turnaround in its chicken operations, building on a strong track record of superior performance. Donnie is joined by John R. Tyson, who has been with the company since 2019, and spent the last 2.5 years enhancing the leadership team as CFO. Over that time, John has continued to manage Tyson’s balance sheet through the lens of financial discipline, opportunistic capital allocation and cash returns to shareholders against an evolving operating backdrop.
Donnie, John, thank you so much both for being here today.
Donnie King
Thank you for having us.
John Tyson
Good morning. Thanks for having us.
Question-and-Answer Session
Q - Andrew Strelzik
So I guess I wanted to start it off this way. The company has been – has taken a number of actions over the last 12 months or so to improve performance across segments. Can you reflect on those changes that you’ve made, what those have contributed and where there are additional actions that you’re considering?
Donnie King
Sure. I will – let me start off by saying good morning, everyone, and thanks for having us again. I didn’t realize it was 19 years, but – so good morning. One of the comments I make is what a difference a year makes. If I think about, at least the first half of this year, we are fundamentally a stronger company, and fundamentally is – talking about all the fundamentals of the business, controlling the controllables, operational excellence. We have done things such as made a pretty strategic network moves across our organization. We’ve closed 6 poultry plants, 2 case-ready beef plants and we announced the closure of one of our more inefficient pork plants. But I would characterize it as back to the basics. And once again, we are seeing the benefits of our diverse portfolio across proteins, channels, categories and eating occasions. And in this particular case, we’re seeing tailwinds from chicken offset headwinds in beef. And if I could step into each one of the business, just really top line, they’re all doing better than they did a year ago and so very proud of the execution from our team. Now I would also hurry on to tell you that the mindset is continuous improvement. And we’re certainly engaged in that....
Tyson Foods, Inc. (TSN) Annual Global Farm to Market Conference (Transcript)