Tyson Achieves Record Sales and Record Earnings Per Share for Fiscal Year 2013Mon, 18 Nov 2013 15:26:50 CST
On Monday, Tyson Foods, Inc. reported fiscal fourth-quarter earnings of $261 million, or 70 cents a share, compared with earnings of $181 million, or 51 cents a share, a year ago. Revenue came in at $8.9 billion, from $8.3 billion a year earlier.
Excluding items, the beef, pork, and poultry producer reported adjusted earnings of 70 cents a share, from 55 cents a year earlier. Wall Street had expected Tyson Foods to post earnings of 70 cents on revenue of $8.89 billion, according to analysts polled by Reuters.
"We had a great fourth quarter, and 2013 was the best year in company history in terms of record sales and earnings per share," said Donnie Smith, Tyson's president and chief executive officer. "The company achieved these results while buying back $550 million in stock, paying more than $100 million in dividends, continuing to build out operations in China and growing our prepared foods business through acquisitions and by entering new product categories.
"A year ago we outlined our expectations for growth. We said you should expect top line sales to grow around 3-4% annually. In fiscal 2013, we grew sales by 4%," Smith said. "This time last year, we projected earnings for fiscal 2013 would be roughly flat to the previous two years but would grow at a rate of at least 10% a year in 2014 and beyond. By overcoming many challenges, we grew adjusted earnings from continuing operations by 15% this year. Sales growth from value-added products was almost 6%, against an aggressive goal of 6-8% growth per year. And finally, we set a goal of growing sales from international production by 12-16% a year, and we beat that goal with 20% growth.
"I'm proud of what we've accomplished, and with every success, we raise the bar higher. Although we've been successful, there is still so much potential," Smith said. "We have a great team that is focused and united. As a leader and as a shareholder, I'm excited about the future of Tyson Foods."
Among the highlights of the financials released by Tyson Foods on Monday:
Fourth Quarter Highlights
Record sales of $8.9 billion, an increase of 7% over last year
Operating income increased 18% to $416 million
Repurchased 9.9 million shares for $300 million
Board declares 50% increase on quarterly dividend from $0.05 to $0.075 on shares of Class A common stock
Fiscal 2013 Highlights
Record adjusted EPS from continuing operations increased 15% to $2.26 compared to $1.97 last year
Record sales of $34.4 billion, an increase of 4% over last year
Operating income increased 7% to $1,375 million
Repurchased 21.1 million shares for $550 million
Liquidity totaled $2.1 billion at September 28, 2013
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