Business
Pilgrim’s Pride Reports Second Quarter 2022 Results with $4.63 Billion in Net Sales and Operating Income Margin of 11.1%
GREELEY, Colo., July 27, 2022 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's largest poultry producers, reports its second
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., July 27, 2022 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's largest poultry producers, reports its second quarter 2022 financial results. Second Quarter Highlights Net Sales of $4.63 billion, up 27.3% from prior year.Consolidated GAAP operating income margin of 11.1% with GAAP operating income margins of 15.6% in U.S., 10.7% in Mexico and 0.6% in Europe.GAAP Net Income of $362.0 million and GAAP EPS of $1.50. Adjusted Net Income of $370.7 million or adjusted EPS of $1.54.Adjusted EBITDA of $623.3 million, or an 13.5% margin, 67.7% higher than a year ago.We are extremely proud of the dedication and outstanding efforts of our global team members, which supported all of our business units’ top line growth through excellent service levels to our Key Customers that drove significant sequential profit improvement for the overall business.Our US retail and foodservice business remained resilient despite additional cost recovery from inflationary challenges. Margins improved given enhanced market fundamentals in Big Bird Debone and continued operational improvements.Our brand momentum continues throughout US retail as Just Bare® and Pilgrim’s® Prepared products grew over 96% year over year. E-commerce across our US branded portfolio more than doubled.Our combined European business drove bottom line improvement from accelerated implementation of operational efficiencies, focus on Key Customer partnerships to recover inflationary costs, and further diversification of product offerings.Demand in Mexico was solid and our team’s focus and continued operational improvements overcame seasonal challenges in live operations at our locations.Continuing our commitment to corporate responsibility, our Board of Directors has approved the formation of an ESG Committee to further enrich our efforts on environmental, social and governance matters, including our Hometown Strong program and our Net Zero commitment.Our liquidity position remains strong with an adjusted EBITDA net leverage ratio at 1.5x.In driving for profitable growth, we are committing to an expansion in our fresh operations, a new protein conversion plant, and a new state-of-the-art prepared foods plant. (Unaudited)Three Months Ended Six Months Ended June 26, 2022 June 27, 2021 Y/Y Change June 26, 2022 June 27, 2021 Y/Y Change (In mill...