Business
Pilgrim’s Pride Closes Fiscal Year 2019 with Net Sales of $11.41 Billion, Operating Income of $691 Million and GAAP EPS of $1.83, an 83% increase over the $1.00 in Fiscal Year 2018
GREELEY, Colo., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) reports fourth quarter and year-end 2019 financial results. 2019
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) reports fourth quarter and year-end 2019 financial results.\n 2019 Highlights Operating Income margins of 6.4% in U.S., 8.9% in Mexico and 3.3% in Europe operations, respectively.Net Income of $455.9 million, or an 84% increase from last year.Adjusted EBITDA of $973.8 million, a 22% increase over 2018, or an 8.5% margin.Portfolio strategy and geographic diversification reducing the impact of challenging specific market conditions. EBITDA outpacing the industry competition, driven by improved execution and increased operating performance across all business units, including the U.S., Mexico and Europe.Operating results from legacy European business rose by 7% on better operational efficiencies and input cost mitigation. Newly acquired operations already generating positive EBITDA, and on track to achieve performance competitive with leading companies with similar portfolio in next few years.We remain motivated to pursue additional growth potential and product differentiation, aligning our strategic priorities to continue to strengthen our differentiated global platforms. Fourth Quarter Net Sales of $3.06 billion.Net GAAP Income of $92.1 million, including one-time asset acquisition net gain due to valuation and acquisition adjustments.Operating Income margins of 3.2% in U.S., 2.5% in Mexico and 2.1% in Europe operations, respectively.Adjusted EBITDA of $161.6 million (or a 5.3% margin). Unaudited (2)Thirteen Weeks Ended Fifty-Two Weeks Ended December 29, 2019 December 30, 2018 Y/Y Change December 29, 2019 December 30, 2018 Y/Y Change (In millions, except per share and percentages) Net sales$3,063.5 $2,656.8 +15.3% $11,409.2 $10,937.8 +4.3%U.S. GAAP EPS$0.37 $(0.03) +1,333.3% $1.83 $1.00 +83.0%Operating income$85.8 $23.6 +263.6% $690.6 $495.7 +39.3%Adjusted EBITDA(1)$161.6 $111.0 +45.6% $973.8 $798.2 +22.0%Adjusted EBITDA margin(1)5.3% 4.2% +1.1 pts 8.5% 7.3% +1.2 pts (1) Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.(2) Comparisons include Tulip from 10/15/19 forward. “While overall global market conditions including U.S. commodity chicken improved during 2019, our team members have continued to deliver on our strategy, achieving a significant increase in relative performance compared to...