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- Tyson Foods & Skyworks Earnings Reports
- GAAP EPS of $1.00, down 15% from the prior year; Adjusted EPS of $0.77, down 36% from the prior year
- GAAP and Adjusted operating income of $501 million
- Total Company GAAP and adjusted operating margin of 4.6%
- Record total Company sales of $10,888 million
- Secured $1.5 billion term loan facility
- Leveraged our Sky5® platform across flagship 5G handset launches at Samsung, Oppo, Vivo, Xiaomi and other Tier-1 players
- Expanded our technology reach across our customized Diversity Receive platforms, with new 5G-centric solutions being deployed across a growing set of customers
- Ramped wireless remote patient monitoring systems with GE
- Extended our market leadership in Wi-Fi 6 home and enterprise-grade gateways at Cisco
- Enabled home security systems at Honeywell
- Accelerated content across multiple automotive leaders including Volkswagen, Renault, Hyundai and Nissan
- Launched asset tracking and fleet management solutions at Juniper and Blackberry
- Powered 5G mobile hotspots with Verizon and AT&T, supporting work-from-home trends
- Supported 5G Massive MIMO and small cell base station deployments across the U.S., Europe and Japan
News & AnalysisTyson Foods & Skyworks Earnings Reports
Tyson Foods and Skyworks are among the two major earnings results released on Monday. The meat processor reported its quarterly results before the open while Skyworks Solutions issued its reports after market close.
Tyson Foods, Inc. (NYSE: TSN)
Tyson Foods is one of the largest processors and marketer of chicken beef and pork. The company is considered as one of the world’s largest food companies and a leader in protein. The lockdown measures have seen temporary plant closures, reduced, member attendance, and supply chain volatility, which have forced the company to adjust its product mix and redirect products accordingly.
Second Quarter Highlights:
Tyson Foods has welcomed the actions of the government to strengthen the food supply chain and prioritising support for meat and poultry processors last week, but the company is still anticipating to operate under multiple challenges related to the pandemic which is expected to drive operating costs higher and negatively impact volumes for the remainder of fiscal year 2020.
Given the uncertainty, the Company withdrew its annual guidance and warned of shortages of protein in grocery stores across the US, mainly due to the closures of facilities and a lack of workers. Also, almost 900 employees at a processing plant in Indiana were tested positive for COVID-19. Amid a gloomy outlook for the meat market, the shortages have driven prices of protein like pork and beef higher.
Source: BloombergThe company’s share price which has remained quite resilient in the month of April tumbled by almost 8% on Monday to $55.32.
Skyworks Solutions, Inc. (Nasdaq: SWKS)
The semiconductors manufacturer is an innovator of high-performance analog semiconductors connecting people, pace and things. The company’s wireless technologies are playing a key role as the world goes remote.
The company reported earnings of $1.34 per share on revenue of $766m which came above estimates. However, Skyworks provided a weaker guidance outlook for its third quarter between $670m and $710m in revenue. Its share price struggled to find a firm direction in after-hours trading.
Walt Disney, Activision Blizzard, and Beyond Meat are among the few that are expected to report earnings on Tuesday. After the warnings of shortages by the meat giant, Tyson Foods, Beyond Meat will be on investors’ watchlist.
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