tyson foods inc-cl a (TSN) Key Developments
Federal Appeals Court Rules in Favor of Tyson Foods in a Lawsuit Filed by Nebraska Workers
Aug 26 15
Tyson Foods doesn't have to pay workers at two of its Nebraska plants for the time they spend putting on and taking off safety gear and preparing for work, a federal appeals court ruled on August 26, 2015. The 8th Circuit U.S. Court of Appeals said lawsuits filed by workers at its plants in Dakota City and Madison failed to show that Tyson had agreed to pay them for that time. The decision eliminates two lower-court decisions that ordered Tyson to pay more than $20 million to the workers and their lawyers. The Nebraska workers filed the lawsuits in 2008, saying they should be paid for the roughly 30 minutes it takes to do pre- and post-production chores, such as putting on uniforms and safety gear, sanitizing equipment, sharpening knives and other duties. At that time, Tyson paid workers for their time on the assembly line plus four minutes for all such chores, but that's since been increased to up to 20 minutes a day. The federal court also found technical problems with the workers' claims, saying the lawsuit was flawed because it was filed under state law instead of federal labor laws and the plaintiffs failed to file formal statements agreeing to be part of a class-action lawsuit. The 8th Circuit had upheld a ruling ordering Tyson to pay $5.8 million to workers who filed a class-action lawsuit. But the Springdale, Arkansas-based company is challenging whether workers should have been allowed to use statistics to determine damages for an entire class-action lawsuit based on the average amount of time that a sample of workers spent putting on and taking off their safety gear. Similar lawsuits have been filed against other meatpacking companies in Nebraska with mixed results.
Tyson Foods, Inc. Announces Quarterly Cash Dividend, Payable on December 15, 2015
Aug 4 15
Tyson Foods, Inc. at a meeting on July 30, 2015, declared the quarterly dividend of $0.10 per share on Class A common stock and $0.09 per share on Class B common stock, payable on December 15, 2015, to shareholders of record at the close of business on December 1, 2015.
Tyson Foods, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 27, 2015; Provides Production and Earnings Guidance for the Fiscal Year 2015; Provides Financial Guidance for the Fiscal Year 2016
Aug 3 15
Tyson Foods, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended June 27, 2015. For the quarter, the company reported sales of $10,071 million against $9,682 million a year ago. Operating income was $563 million against $35 million a year ago. Income before income taxes was $518 million against $310 million a year ago. Net income attributable to the company was $343 million or $0.83 per diluted share against $260 million or $0.73 per diluted a year ago. Adjusted net income per share attributable to the company was $0.80 against $0.75 a year ago. Adjusted operating income was $568 million against $407 million a year ago. Net debt was $6.8 billion, down $688 million from the second quarter of fiscal 2015.
For the nine months, the company reported sales of $30,867 million against $27,475 million a year ago. Operating income was $1,619 million against $1,124 million a year ago. Income before income taxes was $1,436 million against $1,034 million a year ago. Net income attributable to the company was $962 million or $2.32 per diluted share against $727 million or $2.05 per diluted share a year ago. Cash provided by operating activities was $1,672 million against $543 million a year ago. Additions to property, plant and equipment was $636 million against $437 million a year ago. EBITDA was $2,167 million against $1,483 million a year ago. Total adjusted EBITDA was $2,212 million against $1,561 million a year ago. Adjusted net income per share attributable to the company was $2.32 against $2.07 a year ago. Adjusted operating income was $1,685 million against $1,180 a year ago.
In fiscal 2016, the company expects domestic protein production (chicken, beef, pork and turkey) to increase approximately 3% from fiscal 2015 levels. The company expects sales to approximate $41 billion for fiscal 2015 and fiscal 2016, respectively. The company expects capital expenditures to approximate $900 million for fiscal 2015. The company expects net interest expense will approximate $280 million for fiscal 2015. The company currently estimate its adjusted effective tax rate to be around 34.5% for fiscal 2015.
The company expects capital expenditures to be in range between $900-$950 million for fiscal 2016. The company expects net interest expense will approximate $260 million for fiscal 2016. The company currently estimate its adjusted effective tax rate to be around 36% for fiscal 2016.
Tyson Foods, Inc. Appoints Mikel A. Durham as Independent Director
Jul 31 15
Mikel A. Durham has been selected as a new independent director on the Tyson Foods, Inc. board, effective July 30. She currently serves as the chief commercial officer of the private equity backed CMS Bakery Solutions, a global bakery supply manufacturer based in Atlanta, Ga. Durham began her career in 1985 with management consulting firm Bain & Company, where she served in several roles working in the United States, United Kingdom, Australia and Russia. In 1994, she joined PepsiCo in the U.S., where she was promoted to vice president and general manager of the company's south European and north African restaurant operations. Subsequently, she served as a managing director of Guinness, as president of Burger King North America; and as president of global supply for Cadbury Schweppes. In 2009 she returned to PepsiCo where she progressed, finally serving as global growth officer for PepsiCo Foodservice. She joined CMS Bakery Solutions in 2014.
Tyson Foods, Inc. Presents at Stephens Spring Investment Conference 2015, Jun-02-2015 04:00 PM
May 19 15
Tyson Foods, Inc. Presents at Stephens Spring Investment Conference 2015, Jun-02-2015 04:00 PM. Venue: New York Palace Hotel, 455 Madison Avenue, New York, New York, United States.