Tyson’s 2Q Results Underwhelm as Costs Rise, but Our Long-Term Outlook Is Intact
Despite second-quarter earnings that lag our full-year targets, we do not expect to materially alter our $76 per share valuation for no-moat Tyson, as a time value of money adjustment should largely offset the impact of a diminished short-term forecast. The cost normalization that underlies the second-quarter underperformance is consistent with our long-term view, which is intact and assumes 8% adjusted operating margins (versus 9% in fiscal 2017) on 4% sales growth on average over the next 10 y...Tyson Foods is a food company. The company's operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related allied products, including animal and pet food ingredients. Through its wholly-owned subsidiary, Cobb-Vantress, Inc., the company is engaged as poultry breeding stock supplier. The company also processes live fed cattle and hogs and fabricates dressed beef and pork carcasses into primal and sub-primal meat cuts, case-ready beef and pork and fully-cooked meats. The company produces a range of fresh, frozen and refrigerated food products. The company operates in Beef, Pork, Chicken and Prepared Foods segments.
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