=Tyson Foods (TSN) earnings on Mon 21 Nov 2016 (b/o)

Tyson Foods misses by $0.20, misses on revs; guides FY17 EPS below consensus; raises dividend 50%; appoints President Tom Hayes to succeed Donnie Smith as CEO :

• Reports Q4 (Sep) earnings of $0.96 per share, excluding non-recurring items, $0.20 worse than the Capital IQ Consensus of $1.16; revenues fell 12.8% year/year to $9.16 bln vs the $9.41 bln Capital IQ Consensus.
  • Chicken volume -10% price +3.5%; Beef volume -7.4%, price -14.9%; Pork volume -6.8%, price +1%; prepared foods -4.8%, price -3.9%
• Co issues downside guidance for FY17, sees EPS of $4.70-4.85, excluding non-recurring items, vs. $4.99 Capital IQ Consensus Estimate. 
• "The first seven weeks of fiscal 2017 have been phenomenal as we are off to the best start we have ever experienced."
• "We produced record earnings per share, operating income and operating margin. "We're growing where we want to grow by selling more branded, higher margin products. Sales volume was up in our Core 9 product lines at retail and our top tier products in foodservice. "The Prepared Foods segment had a record margin for the year, while simultaneously driving industry-leading category growth at retail. The Pork segment had a record year as well, while the Chicken segment nearly matched last year's record margin. The Beef segment is a great turnaround story, producing normalized margins for the year."
• "In fiscal 2016, we repurchased more than 28 million shares of our stock for $1.7 billion.
• This week the Board of Directors increased the quarterly dividend by $0.075, or 50%, to $0.225 per share. This continues our expectation to increase dividends for Class A shares by at least $0.10 per share annually." 
• Tom Hayes, President of Tyson Foods, will succeed Donnie Smith as Chief Executive Officer on December 31, 2016. Hayes will continue to serve as President and has been appointed to the Board of Directors, effective immediately. Smith, who has been CEO of Tyson Foods since November 2009, will be available to consult with the Company for a three-year period.