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Tyson Foods, Inc. (TSN) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 28, 2020

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Tyson Foods Inc

CIK: 100493 Ticker: TSN
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TYSON FOODS REPORTS SECOND QUARTER 2020 RESULTS
DELIVERS RECORD SALES AND BEEF RESULTS FOR FIRST SIX MONTHS OF FISCAL 2020

Springdale, Arkansas – May 4, 2020Tyson Foods, Inc. (NYSE: TSN), 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 the following results:
(in millions, except per share data)
Second Quarter
 
Six Months Ended
 
2020
 
2019
 
2020
 
2019
Sales
$
10,888

 
$
10,443

 
$
21,703

 
$
20,636

Operating Income
501

 
635

 
1,327

 
1,442

 
 
 
 
 
 
 
 
Net Income
367

 
430

 
928

 
982

Less: Net Income Attributable to Noncontrolling Interests
3

 
4

 
7

 
5

Net Income Attributable to Tyson
$
364

 
$
426

 
$
921

 
$
977

 
 
 
 
 
 
 
 
Net Income Per Share Attributable to Tyson
$
1.00

 
$
1.17

 
$
2.52

 
$
2.67

 
 
 
 
 
 
 
 
Adjusted¹ Operating Income
$
501

 
$
654

 
$
1,395

 
$
1,495

 
 
 
 
 
 
 
 
Adjusted¹ Net Income Per Share Attributable to Tyson
$
0.77

 
$
1.20

 
$
2.43

 
$
2.78

1 Adjusted operating income and adjusted net income per share attributable to Tyson, or Adjusted EPS, are non-GAAP financial measures and are explained and reconciled to a comparable GAAP measure at the end of this release.

First Six Months Highlights
GAAP EPS of $2.52, down 6% from prior year; Adjusted EPS of $2.43, down 13% from prior year
GAAP operating income of $1,327 million; Adjusted operating income of $1,395 million
Total Company GAAP operating margin of 6.1% and Adjusted operating margin of 6.4%
Record Beef GAAP operating margin of 6.6% and record Adjusted operating margin of 6.9%
Record total Company sales of $21,703 million
Second Quarter Highlights
GAAP EPS of $1.00, down 15% from prior year; Adjusted EPS of $0.77, down 36% from prior year
GAAP and Adjusted operating income of $501 million
Total Company GAAP and adjusted operating margin of 4.6%
Record total Company sales of $10,888 million
Secured $1.5 billion term loan facility

“The health and wellbeing of our team members remains our top priority as we fulfill our critical role feeding the world in these uncertain times,” said Noel White, Tyson Foods’ CEO. “We have instituted safeguards that meet or exceed CDC and OSHA guidelines at all our facilities to protect our teams and keep our workers, families and communities safe.”  
 
“During the quarter, we witnessed an unprecedented shift in demand from foodservice to retail, temporary plant closures, reduced team member attendance, and supply chain volatility as a result of the virus. Despite these challenges, we were able to adjust our product mix and redirect products to the appropriate channels.  
 
“While we cannot anticipate how long the challenges presented by COVID-19 will persist, we remain focused on driving long-term growth. Our solid balance sheet, ample liquidity, scale and diversity continue to give us confidence in our long-term outlook.”

1

The following information was filed by Tyson Foods Inc (TSN) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Tyson Foods Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Condensed Balance Sheets
Consolidated Condensed Balance Sheets (Parentheticals)
Consolidated Condensed Statements Of Cash Flows
Consolidated Condensed Statements Of Comprehensive Income
Consolidated Condensed Statements Of Income
Consolidated Condensed Statements Of Shareholders' Equity
Accounting Policies
Accounting Policies (Policy)
Accounting Policies Changes In Accounting Principles (Details)
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions Acquisition (Narrative) (Details)
Acquisitions And Dispositions Preliminary Fair Value Of Assets Acquired And Liabilities Assumed At Acquisition Date (Details)
Commitments (Narrative) (Details)
Commitments And Contingencies
Contingencies (Narrative) (Details)
Debt
Debt (Major Components Of Debt) (Details)
Debt (Narrative) (Details)
Debt (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Aggregate Outstanding Notionals) (Details)
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Pretax Impact Of Cash Flow Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details)
Derivative Financial Instruments (Pretax Impact Of Fair Value Hedge Derivative Instruments On The Consolidated Statements Of Income) (Details)
Derivative Financial Instruments (Pretax Impact Of Undesignated Derivative Instruments On The Consolidated Statements Of Income) (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details)
Earnings Per Share (Tables)
Equity
Equity (Narrative) (Details)
Equity (Schedule Of Share Repurchases) (Details)
Equity (Tables)
Fair Value Measurement (Narrative) (Details)
Fair Value Measurements
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Schedule Of Available For Sale Securities) (Details)
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Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Policy)
Inventories (Schedule Of Inventory) (Details)
Inventories (Tables)
Leases (Details)
Leases (Notes)
Leases (Tables)
Leases Leases (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details)
Other Comprehensive Income (Loss) (Tables)
Other Current Liabilities
Other Current Liabilities (Schedule Of Other Current Liabilities) (Details)
Other Current Liabilities (Tables)
Other Income And Charges
Other Income And Charges (Details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (Details)
Pension And Other Postretirement Benefit Plans (Narrative) (Details)
Pension And Other Postretirement Benefit Plans (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Restructuring And Related Charges
Restructuring And Related Charges Restructuring (Details)
Restructuring And Related Charges Restructuring And Related Charges (Tables)
Segment Reporting
Segment Reporting (Narrative) (Details)
Segment Reporting (Segment Reporting Information, By Segment) (Details)
Segment Reporting (Tables)
Segment Reporting Disaggregation Of Revenue (By Segment And Distribution Channel) (Details)

Material Contracts, Statements, Certifications & more

Tyson Foods Inc provided additional information to their SEC Filing as exhibits

Ticker: TSN
CIK: 100493
Form Type: 10-Q Quarterly Report
Accession Number: 0000100493-20-000074
Submitted to the SEC: Mon May 04 2020 7:46:34 AM EST
Accepted by the SEC: Mon May 04 2020
Period: Saturday, March 28, 2020
Industry: Poultry Slaughtering And Processing

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