Tyson Foods, Inc. (TSN) said Wednesday that it is now looking toward earnings growth as it has achieved earnings stability in recent years. The meat products maker plans to accelerate growth through its international businesses in emerging markets.
At the BMO Capital Markets 2012 Farm to Market Conference, Donnie Smith, Tyson's President and Chief Executive Officer said that "Accelerate, Innovate, Cultivate" is the company's strategy to grow its business. Smith said, "We will accelerate growth through our international businesses in China, Brazil, Mexico and India, and we will grow our value-added product sales domestically. We will innovate through products, processes and analytics, and we will cultivate our team members through practical talent development programs."
Further, Smith noted that Tyson's balance sheet gave the company the flexibility to build or buy assets to fill product offering gaps while continuing to invest in its existing infrastructure.
Smith also said that Tyson's net debt to capital ratio declined to 20.5 percent at the end of fiscal 2011 from about 55 percent at the beginning of fiscal 2002, putting the company in a better position to capitalize on changing protein fundamentals, even in times of challenging market dynamics.
Dennis Leatherby, Tyson's executive vice president and chief financial officer, is also representing the company at the conference.
Springdale, Arkansas-based Tyson earlier this month reported an increase in second-quarter profit, as higher beef and chicken prices more than offset the impact of lower sales volumes.
The company's net income for the second quarter increased to $166 million or $0.44 per share from $159 million or $0.42 per share last year. Sales for the quarter grew 3.4 percent to $8.27 billion from $8 billion in the year-ago period.
At that time, Smith noted that Tyson has the potential to earn $2 per share in fiscal 2012 if it executed strategies as planned.
TSN closed Tuesday's trading at $19.28, down $0.13 on a volume of 3.90 million shares.
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