Business
Pilgrim’s Pride Closes Fiscal Year 2020 with Net Sales of $12.1 Billion, Operating Income of $245.5 Million and GAAP EPS of $0.39
GREELEY, Colo., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) reports fourth quarter and year-end 2020 financial results. 2020
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) reports fourth quarter and year-end 2020 financial results. 2020 Highlights Net GAAP Income of $94.8 million.Adjusted Operating Income margins of 3.6% in U.S. ex legal settlements, 5.5% in Mexico and 3.1% in Europe operations.Adjusted EBITDA of $788.1 million, or a 6.5% margin.Faced with the global Covid-19 pandemic, we remain guided by our principles of an uncompromising commitment to the safety of our team members, our duty to provide quality food globally, and our responsibility to provide continued employment opportunities and benefits for our team during these unprecedented times.Portfolio strategy, operational excellence and Key Customer strategy continuing to mitigate the impact of challenging market conditions. EBITDA outpacing industry peers, driven by improved agility, execution and operating performance across all business units in the U.S.After a very challenging first half during 2020, our Mexican operations adjusted to market conditions, rebounding strongly and delivering robust results in the second half, to finish 2020 in-line with prior years.Operating results from legacy European business continue to increase, reflecting our portfolio resiliency and continuous improvement despite significant Covid-19 effects. Newly acquired operations continuing to generate positive EBITDA, and on track to achieve performance competitive with leading companies with similar portfolio in next few years.Our liquidity position remains strong, supported by our emphasis on cash flow generation, focus on working capital management, and disciplined investments in high-return projects, preserving the opportunity to maintain strategic growth priorities while strengthening our differentiated global platforms. Fourth Quarter Net Sales of $3.1 billion.Net GAAP Income of $0.1 million.Adjusted Consolidated Operating Income margins of 3.7%.Adjusted EBITDA of $205.4 million, or a 6.6% margin, 27% higher than last year. Unaudited (2) Three Months Ended Year Ended December 27,2020 December 29,2019 Y/Y Change December 27,2020 December 29,2019 Y/Y Change (In millions, except per share and percentages) Net sales $3,117.8 $3,063.5 +1.8 % $12,091.9 $11,409.2 +6.0 %U.S. GAAP EPS $— $0.37 (100.0)% $0.39 $1.83 (78.7)%Operating income $39.5 $85.8 (54.0)% $245.5 $69...