Tyson Foods Inc. said Thursday it expects its earnings per share to growth 10 percent in its upcoming fiscal year, aided by its acquisition of Chicago-based Hillshire Brands Co.
The deal closed a week ago. Tyson still expects to earn $2.78 per share in fiscal year 2014, which ends Sept. 27, excluding any gains or costs from the Hillshire acquisition, Chief Financial Officer Dennis Leatherby said at the Barclays Back-to-School Consumer Conference in Boston. That forecast excludes any impact from Hillshire, and is well above last year’s earnings of $2.22 per share.
CEO Donnie Smith said he is confident the company will be able save $225 million within a year from the acquisition and $500 million by the third year.
“The more we get into it, the better we feel,” Smith said.
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Hillshire CEO Sean Connolly won’t stay with Tyson beyond a transition period, Tyson announced last week. Tyson also said last week that it plans to keep Hillshire’s Chicago headquarters and its Downers Grove Innovation Center open.