Tyson predicts record year for business

17-Sep-2017 - Last updated on 18-Sep-2017 at 13:44 GMT

Tyson Foods predicts a "record year" in terms of earnings

US processor Tyson Foods Inc has set out big ambitions for the year at a consumer conference.

Speaking at the annual Global Consumer Staples Conference, Tom Hayes, Tyson Foods’ president and chief executive officer, said the company was on track for another record year as it neared the end of its 2017 fiscal year.

“Looking to fiscal 2018, we expect topline sales growth of about 6% to approximately $41 billion as we grow volume, improve our sales mix to higher-value products and benefit from a full year of AdvancePierre Foods in our portfolio.”

Hayes said sustainability would play a key role in the company’s strategy moving forward. “We will work hand in hand with some of the world’s best thought leaders and problem-solvers to drive change and develop science-based targets for improvement as we simultaneously strive for healthier food, healthier animals, a healthier environment, a healthier workplace and healthier communities. In doing this, we’ll earn the right to a healthier bottom line.”

Sally Grimes, group president, prepared foods, set out the strong position the business is in and how it got to this position. “Protein has risen to the top of all desired health attributes in food,” she said. “The volume growth for high-protein food looks a lot different than growth for food in general. We bring differentiated capabilities to this growth space. We add value, by building brands and innovating continuously in categories consumers want and in categories customers are focused on.”

Grimes said the raw, chilled and freshly prepared foods in the perimeter of the store had become “retail’s growth frontier” as consumers sought fresh, less processed foods, ease and simplicity.

Hayes said the company had generated momentum in its sustainability efforts this year, and continued progress would be made through strong business performance, financial fitness and the ability for sustainability initiatives to fund themselves over time.

“We expect to grow volume, sales, profits and our people,” Hayes said. “By delivering results and improving continuously, we’ll sustain the company and the world for future generations.”

The business recently announced plans to invest $320 million in a poultry complex in eastern Kansas in response to growing market demand.