=Tyson Foods (TSN) reported 4Q earnings on Fri 5 Feb 2016 (before open)

** charts after earnings **

Tyson Foods beats by $0.26, misses on revs; guides FY16 revs below consensus :

• Reports Q1 (Dec) earnings of $1.15 per share, excluding non-recurring items,$0.26 better than the Capital IQ Consensus of $0.89; revenues fell 15.4% year/year to $9.15 bln vs the $10 bln Capital IQ Consensus.
• Co issues downside guidance for FY16, sees FY16 revs of $37 bln vs. $39.83 bln Capital IQ Consensus Estimate, prior guidance $41 bln.
• In fiscal 2016, the company expects domestic protein production (chicken, beef, pork and turkey) to increase approximately 2-3% from fiscal 2015 levels and moderate export growth. As a result, increased domestic availability could pressure protein pricing.
• Regarding Hillshire Brands, the co expects to realize incremental synergies in excess of $200 mln above the amount of synergies realized in fiscal 2015. In total, the co expects synergies of more than $500 mln in fiscal 2016 and more than $700 mln in fiscal 2017 from the acquisition as well as our profit improvement plan for legacy Prepared Foods business.