Pilgrim’s Pride Reports Q1 Net Sales of $3.07 Billion, Operating Income of $84 Million and GAAP EPS of $0.27

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[{"type":"text","content":"GREELEY, Colo., April 29, 2020 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) reports first quarter 2020 financial results.\n First Quarter Highlights Net Sales of $3.07 billion.Net GAAP Income of $67.3 million, including one-time $0.09 per share gain on case settlement.Operating Income margins of 4.4% in U.S., -7.3% in Mexico and 2.8% in Europe operations, respectively.Adjusted EBITDA of $165.5 million, or a 5.4% margin.Strong focus in execution and dedication by our team members, combined with portfolio strategy of differentiated products, strong Key Customer relationships, and diversified global footprint reducing volatility of specific market conditions, especially under unprecedented Covid-19 impact at end of first quarter.U.S. continues to improve our relative performance versus the industry across all business units, supported by our business model and agility in changing mix.Mexico experiencing weak macro conditions persisting longer than expected, partially offset by growth in Prepared Foods.Operating results from legacy European business (Moy Park) at strong levels with increasing operational efficiencies and input cost mitigation. Newly acquired operations continue to generate positive EBITDA, and remain on track to achieve performance comparable to 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 priorities to continue strengthening our differentiated global platforms. Unaudited (2) Three Months Ended March 29, 2020 March 31, 2019 Y/Y Change (In millions, except per share and percentages)Net sales $3,074.9 $2,724.7 +12.9%U.S. GAAP EPS $0.27 $0.34 (20.6)%Operating income $84.4 $137.0 (38.4)%Adjusted EBITDA(1) $165.5 $204.4 (19.0)%Adjusted EBITDA margin(1) 5.4% 7.5% -2.1 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. “We are grateful to our team members for their commitment, dedication, and continued hard work, in supporting our ability to keep our team members safe and healthy, while maintaining production and supply to our customers during this unprecedente...

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