Business
Pilgrim’s Pride Reports First Quarter 2024 Results with $4.4 Billion in Net Sales and Operating Income of $250.3 Million
GREELEY, Colo., May 01, 2024 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's largest poultry producers, reports its first
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., May 01, 2024 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's largest poultry producers, reports its first quarter 2024 financial results. First Quarter Highlights Net Sales of $4.4 billion.Consolidated GAAP operating income margin of 5.7%.GAAP Net Income of $174.9 million and GAAP EPS of $0.73. Adjusted Net Income of $182.9 million or Adjusted EPS of $0.77.Adjusted EBITDA of $371.9 million, or a 8.5% margin, with adjusted EBITDA margins of 9.4% in the U.S., 6.4% in Europe, and 9.2% in Mexico.Our diversified U.S. fresh portfolio continues to demonstrate its strength with dynamic market conditions, through increased partnership with Key Customers in both Case Ready and Small Bird, and improved operational excellence in Big Bird.Prepared Foods continues to accelerate its profitable growth through branded fully cooked offerings as Just Bare® and Pilgrim’s® net sales collectively grew 30% from prior year and continue to gain distribution across all channels.Europe continued its journey to improve through additional distribution with Key Customers and further optimization of manufacturing and support activities. Diversification through brands continues to grow as net sales for Richmond® and Fridge Raiders® grew 6.5% and 9.6% respectively.Mexico improved results given balanced supply and demand fundamentals in commodity markets, deepened relationships with Key Customers, and expanded presence in differentiated offerings.Strong liquidity position and net leverage ratio of less than 2.0x Adjusted EBITDA through prudent management of working capital.Increased diversification of our portfolio to support profitable growth as our protein conversion plant in South Georgia initiated start up in March.Completed an external review of our GHG emission intensity levels associated with our Sustainability Linked Bond. Emission intensity declined by 15.6% between 2019 and 2022 from improved production efficiencies, capital investments, and energy infrastructure enhancements. (Unaudited)Three Months Ended March 31,2024 March 26,2023 Y/Y Change (In millions, except per share and percentages)Net sales$4,361.9 $4,165.6 +4.7%U.S. GAAP EPS$0.73 $0.02 NM(2)Operating income$250.3 $31.3 +699.7%Adjusted EBITDA(1)$371.9 $151.9 +144.8%Adjusted EBITDA margin(1) 8.5% 3.6% +4.9pts(1) Reconciliations for non-U.S. GAA...