Pilgrim's Pride Reports First Quarter 2025 Results with $4.5 Billion in Net Sales and Operating Income of $404.5 Million

GREELEY, Colo., April 30, 2025 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's leading food companies, reports its first quarter 2025 financial results. First Quarter Highlights: Net Sales of $4.5 billion.Consolidated GAAP operating income margin of 9.1%.GAAP Net Income of $296.3 million and GAAP EPS of $1.24. Adjusted Net Income of $312.6 million and Adjusted EPS of $1.31.Adjusted EBITDA of $533.2 million, or a 12.0% margin.The U.S. Fresh portfolio experienced strong demand across both retail and foodservice and continued improvements in operational efficiencies. Chicken commodity prices rose higher than historical seasonal averages benefiting Big Bird. Case Ready and Small Bird strengthened relationships with Key Customers as volumes increased higher than industry averages.U.S. Prepared Foods continued to expand its portfolio across retail and foodservice as net sales grew over 20% compared to prior year, further diversifying our portfolio. Brands remained a key driver as Just Bare® continues to have the highest velocity and most growth in the retail fully cooked chicken category.Digitally-enabled sales grew over 35% from prior year through partnerships with leading retailers, foodservice providers, and online suppliers.Pilgrim’s Europe continued to scale profitable growth through Key Customer partnerships, enhanced mix, and further business integration. Momentum for branded offerings grew as volumes for Richmond® and Fridge Raiders® increased faster than the category.Mexico continued to grow with Key Customers in retail and foodservice as sales volume increased by double digits compared to prior year. Diversification efforts accelerated as sales volume of value-added product offerings increased 9%.Continued strong liquidity position and balance sheet flexibility after payment of the special dividend of $1.5 billion with a net leverage ratio of 1.1x of Adjusted EBITDA.Investment projects remain on track to support the growth of Pilgrim’s branded portfolio, to meet increased Key Customer demand in Fresh and to reduce operational risk in protein conversion. Through these investments, Pilgrim’s will continue to support and strengthen local communities in rural America.The company continues to drive sustainability through both operational efficiencies and supply chain engagement. Third-party reports demonstrate Pilgrim’s Scope 1 and 2 GHG emissions intensity levels have decreased below target thresholds, while efforts to expand climate resiliency in broader businesses and value chains increase. (Unaudited) Three Months Ended March 30,2025 March 31,2024 Y/Y Change (In millions, except per share and percentages)Net sales $4,463.0 $4,361.9 +2.3%U.S. GAAP EPS $1.24 $0.73 +69.9%Operating income $404.5 $250.3 +61.6%Adjusted EBITDA(1) $533.2 $371.9 +43.4%Adjusted EBITDA margin(1) 12.0% 8.5% +3.5pts (1) Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release. “While facing volatility during the quarter, we maintained our focus on controlling the controllables and consistent execution of our strategies,” said Fabio Sandri, Pilgrim’s President and CEO. “We continued to cultivate Key Customer partnerships through differentiated offerings and a diversified portfolio in each of our geographies, reinforcing our foundation for profitable growth.” In the first quarter, the U.S. business increased sales and profitability compared to the prior year. U.S. Fresh experienced continued seasonal strength in commodity values and improved production efficiencies in Big Bird, whereas Case Ready and Small Bird benefited from increased distribution with Key Customers in retail, deli, and QSRs. Prepared Foods accelerated the expansion of its value-added portfolio across retail and foodservice. “We continue to realize strong demand as the consumer maintains an appreciation for the relative affordability and convenience of chicken compared to other proteins,” added Sandri. “Given our diversified portfolio across segments, we captured commodity market upsides. Equally important, we have strengthened relationships with Key Customers through quality and service, and further diversified our portfolio through value-added offerings.” Europe continues to benefit from ongoing optimization, new product development efforts, and branded growth. The business achieved a new adjusted EBITDA margin milestone at 8.1% for the first quarter, over 150 basis points higher than the previous year. Overall demand remained stable as the portfolio continues to transition to an enhanced mix. “In Europe, our efforts to scale profitable growth continues to accelerate,” said Sandri. “We have increased traction among consumers for core branded offerings, grown our partnerships with Key Customers, and further cultivated our innovation pipeline.” Mexico drove profitability from growth in Key Customer partnerships throughout Fresh, relatively attractive commodity fundamentals, and expansion of value-added offerings across retail and foodservice. Expansion efforts in live operations and Prepared Foods remained on track as all projects are proceeding as planned. “Given our overall market presence and long-term potential, Mexico remains a promising growth opportunity,” remarked Sandri. “As such, we will continue to evaluate investments to further diversify our portfolio, improve our operational efficiencies, and strengthen Key Customer partnerships.” Pilgrim’s achieved a net leverage ratio of 1.1x after payment of a special dividend, well below its target of 2x to 3x. “We will maintain our financial flexibility and capital discipline as we continue to invest in projects to drive profitable growth with Key Customers and explore strategic opportunities to diversify our portfolio,” concluded Sandri. Conference Call Information A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, May 1, at 7 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. To pre-register, go to: https://dpregister.com/sreg/10198901/fef3fe079e. You may also reach the pre-registration link by logging in through the investor section of our website at https://ir.pilgrims.com in the “Events & Presentations” section. For those who would like to join the call but have not pre-registered, access is available by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.” Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com. About Pilgrim’s Pride Pilgrim’s employs approximately 62,600 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com. Forward-Looking Statements Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels, including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access, telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. Contact:Andrew Rojeski Head of Strategy, Investor Relations, & Sustainability IRPPC@pilgrims.com www.pilgrims.com PILGRIM’S PRIDE CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 30, 2025 December 29, 2024 (In thousands)Cash and cash equivalents $2,066,782 $2,040,834 Restricted cash and restricted cash equivalents 10,685 2,324 Investment in available-for-sale securities — 10,220 Trade accounts and other receivables, less allowance for credit losses 1,105,991 1,004,334 Accounts receivable from related parties 10,612 2,608 Inventories 1,856,305 1,783,488 Income taxes receivable 55,597 72,414 Assets held for sale 3,151 3,062 Prepaid expenses and other current assets 257,915 200,879 Total current assets 5,367,038 5,120,163 Deferred tax assets 28,519 29,483 Operating lease assets, net 248,178 255,713 Other long-lived assets 66,745 62,019 Intangible assets, net 820,275 806,234 Goodwill 1,271,690 1,239,073 Property, plant and equipment, net 3,161,314 3,137,891 Total assets $10,963,759 $10,650,576 Accounts payable $1,410,879 $1,411,519 Accounts payable to related parties 27,280 15,257 Revenue contract liabilities 42,412 48,898 Dividends payable 1,495,382 — Accrued expenses and other current liabilities 919,606 1,015,504 Income taxes payable 93,328 60,097 Current maturities of long-term debt 862 858 Total current liabilities 3,989,749 2,552,133 Noncurrent operating lease liabilities, less current maturities 189,258 195,944 Long-term debt, less current maturities 3,199,746 3,206,113 Deferred tax liabilities 418,704 422,952 Other long-term liabilities 18,855 20,038 Total liabilities 7,816,312 6,397,180 Common stock 2,625 2,623 Treasury stock (544,687) (544,687)Additional paid-in capital 2,001,280 1,994,259 Retained earnings 1,958,162 3,157,511 Accumulated other comprehensive loss (284,233) (370,300)Total Pilgrim’s Pride Corporation stockholders’ equity 3,133,147 4,239,406 Noncontrolling interest 14,300 13,990 Total stockholders’ equity 3,147,447 4,253,396 Total liabilities and stockholders’ equity $10,963,759 $10,650,576 PILGRIM’S PRIDE CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In thousands, except per share data)Net sales $4,463,009 $4,361,934 Cost of sales 3,908,136 3,978,025 Gross profit 554,873 383,909 Selling, general and administrative expense 133,779 119,076 Restructuring activities 16,612 14,559 Operating income 404,482 250,274 Interest expense, net of capitalized interest 41,738 41,243 Interest income (24,953) (10,346)Foreign currency transaction gains (2,053) (4,337)Miscellaneous, net (692) (3,286)Income before income taxes 390,442 227,000 Income tax expense 94,099 52,062 Net income 296,343 174,938 Less: Net income attributable to noncontrolling interests 310 517 Net income attributable to Pilgrim’s Pride Corporation $296,033 $174,421 Weighted average shares of Pilgrim's Pride Corporation common stock outstanding: Basic 237,235 236,844 Effect of dilutive common stock equivalents 1,045 647 Diluted 238,280 237,491 Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding: Basic $1.25 $0.74 Diluted $1.24 $0.73 PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In thousands)Cash flows from operating activities: Net income $296,343 $174,938 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 104,518 103,350 Deferred income tax expense (10,958) 15,519 Stock-based compensation 7,023 4,744 Loan cost amortization 1,239 1,311 Loss on property disposals 900 1,842 Accretion of discount related to Senior Notes 608 649 Asset impairment 589 — Gain on early extinguishment of debt recognized as a component of interest expense (107) — Gain on equity-method investments (1) (2)Changes in operating assets and liabilities: Trade accounts and other receivables (91,504) 72,350 Inventories (64,233) 114,471 Prepaid expenses and other current assets (44,021) (27,628)Accounts payable, accrued expenses and other current liabilities (118,667) (212,807)Income taxes 51,887 35,797 Long-term pension and other postretirement obligations (1,414) (1,315)Other operating assets and liabilities (5,311) (12,192)Cash provided by operating activities 126,891 271,027 Cash flows from investing activities: Acquisitions of property, plant and equipment (98,274) (108,429)Proceeds from property disposals 1,185 2,217 Cash used in investing activities (97,089) (106,212)Cash flows from financing activities: Payments on revolving line of credit, long-term borrowings and finance lease obligations (3,553) (153)Proceeds from contribution (distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation — 1,425 Payments of capitalized loan costs — (16)Cash provided by (used in) financing activities (3,553) 1,256 Effect of exchange rate changes on cash and cash equivalents 8,060 (2,411)Increase in cash, cash equivalents and restricted cash 34,309 163,660 Cash, cash equivalents and restricted cash, beginning of period 2,043,158 731,223 Cash, cash equivalents and restricted cash, end of period $2,077,467 $894,883 PILGRIM’S PRIDE CORPORATIONNon-GAAP Financial Measures Reconciliation(Unaudited) “EBITDA” is defined as the sum of net income plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction gains, (2) costs related to litigation settlements, (3) restructuring activities losses, and (4) net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted EBITDA only on a supplemental basis. PILGRIM'S PRIDE CORPORATIONReconciliation of Adjusted EBITDA(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In thousands)Net income$296,343 $174,938 Add: Interest expense, net(a) 16,785 30,897 Income tax expense 94,099 52,062 Depreciation and amortization 104,518 103,350 EBITDA 511,745 361,247 Add: Litigation settlements(b) 7,250 940 Restructuring activities losses(c) 16,612 14,559 Minus: Foreign currency transaction gains(d) 2,053 4,337 Net income attributable to noncontrolling interest 310 517 Adjusted EBITDA$533,244 $371,892 (a) Interest expense, net, consists of interest expense less interest income.(b) This represents expenses recognized in anticipation of probable settlements in ongoing litigation.(c) Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.(d) Prior to April 1, 2024, the Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. The summary unaudited consolidated income statement data for the twelve months ended March 30, 2025 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 31, 2024 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 29, 2024 and (2) the applicable unaudited consolidated income statement data for the three months ended March 30, 2025. PILGRIM'S PRIDE CORPORATIONReconciliation of LTM Adjusted EBITDA(Unaudited) Three Months Ended LTM Ended June 30,2024 September 29,2024 December 29,2024 March 30,2025 March 30,2025 (In thousands)Net income $326,523 $349,990 $235,772 $296,343 $1,208,628 Add: Interest expense, net 15,338 19,498 22,776 16,785 74,397 Income tax expense 100,650 131,609 40,725 94,099 367,083 Depreciation and amortization 107,948 110,470 111,854 104,518 434,790 EBITDA 550,459 611,567 411,127 511,745 2,084,898 Add: Litigation settlements 71,250 — 95,038 7,250 173,538 Restructuring activities losses 36,675 30,836 11,318 16,612 95,441 Loss on settlement of pension from plan termination — 10,709 10,940 — 21,649 Inventory write-down as a result of hurricane — 8,075 — — 8,075 Minus: Foreign currency transaction gains 2,225 678 2,785 2,053 7,741 Net income (loss) attributable to noncontrolling interest 220 130 (82) 310 578 Adjusted EBITDA $655,939 $660,379 $525,720 $533,244 $2,375,282 EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe it is frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies. PILGRIM'S PRIDE CORPORATIONReconciliation of EBITDA Margin(Unaudited) Three Months Ended Three Months Ended March 30,2025 March 31,2024 March 30,2025 March 31,2024 (In thousands)Net income $296,343 $174,938 6.64% 4.01%Add: Interest expense, net 16,785 30,897 0.38% 0.71%Income tax expense 94,099 52,062 2.11% 1.19%Depreciation and amortization 104,518 103,350 2.34% 2.36%EBITDA 511,745 361,247 11.47% 8.27%Add: Litigation settlements 7,250 940 0.16% 0.02%Restructuring activities losses 16,612 14,559 0.37% 0.33%Minus: Foreign currency transaction gains 2,053 4,337 0.05% 0.09%Net income attributable to noncontrolling interest 310 517 0.01% 0.01%Adjusted EBITDA $533,244 $371,892 11.94% 8.52% Net sales $4,463,009 $4,361,934 — — Adjusted EBITDA by segment figures are presented because they are used by management and we believe they are frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies. PILGRIM'S PRIDE CORPORATIONReconciliation of Adjusted EBITDA(Unaudited) Three Months Ended Three Months Ended March 30, 2025 March 31, 2024 U.S. Europe Mexico Total U.S. Europe Mexico Total (In thousands) (In thousands)Net income$222,296 $42,150 $31,897 $296,343 $102,631 $24,512 $47,795 $174,938 Add: Interest expense, net(a) 25,567 (1,904) (6,878) 16,785 44,586 (1,983) (11,706) 30,897 Income tax expense 71,012 9,922 13,165 94,099 32,060 9,557 10,445 52,062 Depreciation and amortization 66,386 33,137 4,995 104,518 62,685 35,028 5,637 103,350 EBITDA 385,261 83,305 43,179 511,745 241,962 67,114 52,171 361,247 Add: Foreign currency transaction losses (gains)(b) (1) (372) (1,680) (2,053) 2 (216) (4,123) (4,337)Litigation settlements(c) 7,250 — — 7,250 940 — — 940 Restructuring activities losses(d) — 16,612 — 16,612 — 14,559 — 14,559 Minus: Net income attributable to noncontrolling interest — — 310 310 — — 517 517 Adjusted EBITDA$392,510 $99,545 $41,189 $533,244 $242,904 $81,457 $47,531 $371,892 (a) Interest expense, net, consists of interest expense less interest income.(b) Prior to April 1, 2024, the Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.(c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation.(d) Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment. Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of Adjusted Operating Income provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income to adjusted operating income as follows: PILGRIM'S PRIDE CORPORATIONReconciliation of Adjusted Operating Income(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In thousands)GAAP operating income, U.S. operations$318,806 $179,417 Litigation settlements 7,250 940 Adjusted operating income, U.S. operations$326,056 $180,357 Adjusted operating income margin, U.S. operations 11.9% 7.0% Three Months Ended March 30, 2025 March 31, 2024 (In thousands)GAAP operating income, Europe operations$49,071 $31,116 Restructuring activities losses 16,612 14,559 Adjusted operating income, Europe operations$65,683 $45,675 Adjusted operating income margin, Europe operations 5.3% 3.6% Three Months Ended March 30, 2025 March 31, 2024 (In thousands)GAAP operating income, Mexico operations$36,605 $39,741 No adjustments — — Adjusted operating income, Mexico operations$36,605 $39,741 Adjusted operating income margin, Mexico operations 7.5% 7.7% Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating Income Margin provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income margin for each of our reportable segments to adjusted operating income margin for each of our reportable segments is as follows: PILGRIM'S PRIDE CORPORATIONReconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In percent)GAAP operating income margin, U.S. operations11.6% 7.0%Litigation settlements0.3% —%Adjusted operating income margin, U.S. operations11.9% 7.0% Three Months Ended March 30, 2025 March 31, 2024 (In percent)GAAP operating income margin, Europe operations4.0% 2.5%Restructuring activities losses1.3% 1.1%Adjusted operating income margin, Europe operations5.3% 3.6% Three Months Ended March 30, 2025 March 31, 2024 (In percent)GAAP operating income margin, Mexico operations7.5% 7.7%No adjustments—% —%Adjusted operating income margin, Mexico operations7.5% 7.7% Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's”) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of net income (loss) attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows: PILGRIM'S PRIDE CORPORATIONReconciliation of Adjusted Net Income(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In thousands, except per share data)Net income attributable to Pilgrim's$296,033 $174,421 Add: Litigation settlements 7,250 940 Restructuring activities losses 16,612 14,559 Minus: Foreign currency transaction gains 2,053 4,337 Adjusted net income attributable to Pilgrim's before tax impact of adjustments 317,842 185,583 Net tax impact of adjustments(a) (5,278) (2,701)Adjusted net income attributable to Pilgrim's$312,564 $182,882 Weighted average diluted shares of common stock outstanding 238,280 237,491 Adjusted net income attributable to Pilgrim's per common diluted share$1.31 $0.77 (a) Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above. Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows: PILGRIM'S PRIDE CORPORATIONReconciliation of GAAP EPS to Adjusted EPS(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In thousands, except per share data)GAAP EPS$1.24 $0.73 Add: Litigation settlements 0.03 — Restructuring activities losses 0.07 0.07 Minus: Foreign currency transaction gains 0.01 0.02 Adjusted EPS before tax impact of adjustments 1.33 0.78 Net tax impact of adjustments(a) (0.02) (0.01)Adjusted EPS$1.31 $0.77 Weighted average diluted shares of common stock outstanding 238,280 237,491 (a) Net tax impact of adjustments represents the tax impact of all adjustments shown above. PILGRIM'S PRIDE CORPORATIONSupplementary Selected Segment and Geographic Data(Unaudited) Three Months Ended March 30, 2025 March 31, 2024 (In thousands)Sources of net sales by geographic region of origin: U.S. $2,743,189 $2,579,332 Europe 1,231,529 1,267,903 Mexico 488,291 514,699 Total net sales $4,463,009 $4,361,934 Sources of cost of sales by geographic region of origin: U.S. $2,355,567 $2,342,040 Europe 1,115,225 1,175,738 Mexico 437,344 460,247 Total cost of sales $3,908,136 $3,978,025 Sources of gross profit by geographic region of origin: U.S. $387,622 $237,292 Europe 116,304 92,165 Mexico 50,947 54,452 Total gross profit $554,873 $383,909 Sources of operating income by geographic region of origin: U.S. $318,806 $179,417 Europe 49,071 31,116 Mexico 36,605 39,741 Total operating income $404,482 $250,274

Pilgrim's Pride Reports First Quarter 2025 Results with $4.5 Billion in Net Sales and Operating Income of $404.5 Million

FAQ

Why Bullish?

How important is it?

Why Short Term?

Related Companies

Related News