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16 September, 2019 -
American multinational Tyson Foods has announced increased adjusted guidance for fiscal 2017, adjusted guidance for fiscal 2018 and cost savings targets for 2018-20, which includes eliminating around 450 jobs.
Adjusted earnings guidance for the 2017 fiscal year ending on September 30, has been increased to an adjusted US$5.20-5.30 per share, up from US$4.95-5.05, due to much better than expected earnings in the beef segment, says Tyson.
Guidance for fiscal 2018 is an adjusted US$5.70-5.85 earnings per share, which would be the seventh consecutive year of record adjusted EPS, according to the Company. The report on the GAAP results for its fourth quarter and full-year 2017 is scheduled for November 13 since “certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control”.
Tyson says it plans to cut approximately 450 jobs across several areas and job levels in the U.S., mostly in the corporate offices situated in Springdale, Chicago and Cincinnati. “These are hard decisions, but I believe our customers and consumers will benefit from our more agile, responsive organisation as we grow our business through differentiated capabilities, deliver ongoing financial fitness through continuous improvement and sustain our company and our world for future generations”, said Tom Hayes, President and CEO, Tyson.
Tyson’s total sales in fiscal 2016 amounted to US$37 billion, with the beef segment representing 38% of total sales.