Pilgrim’s Pride Reports Q3 Net Sales of $2.78 Billion, Operating Income of $188 Million and GAAP EPS of $0.44, a 267% increase over the $0.12 in Q3 2018

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[{"type":"text","content":"GREELEY, Colo., Oct. 30, 2019 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) reports third quarter 2019 financial results.\n Third Quarter Highlights Net Sales of $2.78 billion.Net Income of $109.8 million.Operating Income margins of 6.5% in U.S., 11.5% in Mexico and 4.9% in Europe operations, respectively.Adjusted EBITDA of $258.4 million (or a 9.3% margin), and Adjusted EPS of $0.45.U.S portfolio generated an improved performance due to our differentiated strategy. Demand in less commoditized segment remained strong while pure commodity was significantly better year on year but weaker than last quarter. We continue to evolve our well-balanced portfolio to further differentiate our products and brands, strengthen Key Customer relationships, and deliver operational improvements.Q3 in Mexico was in-line with normal seasonality and stronger than last year. Growth in our branded products and prepared foods continue to create portfolio differentiation in the region.European operations continuing to mitigate the impact of input cost challenges and already achieved better results than last year. Addition of Tulip team will further enhance our position as a leading global player by expanding our portfolio of prepared foods and brands in the UK, and present opportunities for synergies. Unaudited, In Millions, Except Per Share and Percentages ThirteenWeeksEnded ThirteenWeeksEnded Thirty-Nine WeeksEnded Thirty-Nine WeeksEnded Sep 29, 2019 Sep 30, 2018 Y/YChange Sep 29, 2019 Sep 30, 2018 Y/YChangeNet Sales$2,778.0 $2,697.6 +3.0% $8,345.7 $8,281.0 +0.8%GAAP EPS$0.44 $0.12 +266.7% $1.46 $1.03 +41.7%Operating Income$188.2 $85.3 +120.6% $604.8 $472.1 +28.1%Adjusted EBITDA (1)$258.4 $156.0 +65.6% $812.2 $687.1 +18.2%Adjusted EBITDA Margin (1)9.3% 5.8% +3.5pts 9.7% 8.3% +1.4pts(1) Reconciliations for non-GAAP measures are provided in subsequent sections within this release. “After a challenging Q3 2018 within the U.S. pure commodity market, conditions during Q3 of this year were much improved. The environment in non-commodity chicken was in-line with seasonality and remained strong, driven by demand from retailers and QSRs. We remain committed to our Key Customer strategy, which is the basis for our growth. Revenues from Key Customers have more than doubled over the past eight years, and we will continue to support their growth. W...

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