Pilgrim's Pride Reports Third Quarter Financial Results

Pilgrim’s Pride Corporation reports third quarter 2020 financial results.

Third Quarter Highlights

• Net Sales of $3.08 billion.
• Net GAAP Income of $33.4 million. Adjusted Net Income of $161.7 million or adjusted EPS of $0.66 excluding $110.5 million DOJ agreement.
• Consolidated Operating Income margin of 3% with Adjusted Operating Income margins of 6.7% in U.S. excluding DOJ agreement, 18.4% in Mexico and 3.5% in Europe.
• Adjusted EBITDA of $305.0 million, or a 9.9% margin, 18% higher than a year ago.
• Faced with the global Covid-19 pandemic, we continue to be guided by...

Pilgrim’s Announces Agreement with DOJ Antitrust Division

Pilgrim’s Pride Corporation today announced that it has entered into a plea agreement with the United States Department of Justice Antitrust Division in respect to its investigation into the sales of broiler chicken products in the United States. In the plea agreement, which is subject to the approval of the United States District Court of Colorado, Pilgrim’s and the Antitrust Division agreed to a fine of $110,524,140 for restraint of competition that affected three contracts for the sale of chicken products to one customer in the United States. The agreement does not recommend...

Pilgrim’s Announces Appointment of Fabio Sandri as CEO

Pilgrim’s Pride Corporation (NASDAQ: PPC) today announced that interim president and CEO Fabio Sandri has been appointed by the Pilgrim’s Board of Directors as president and CEO of Pilgrim’s, effective immediately.

“I am humbled and excited to be selected by the Board to lead Pilgrim’s in our next stage of growth and opportunity for our team members,” said Sandri. “I look forward to working alongside our strong team of professionals around the globe who are committed to realizing Pilgrim’s vision to be the best and most respected company in our industry.”

The company has initiated a search process to identify a new Chief Financial Officer to replace Mr. Sandri...

Pilgrim's Pride Corporation Recalls Chicken Breast Nugget Products

Pilgrim’s Pride Corporation, a Waco, Texas establishment, is recalling approximately 59,800 pounds of fully cooked chicken breast nugget products that may be contaminated with extraneous materials, specifically flexible rubber material, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.

The frozen ready-to-eat (RTE) chicken breast nugget items were produced on May 6, 2020. The following products are subject to recall...

Pilgrim’s Publishes 2019 Sustainability Achievements and Advancement Toward 2020 Goals

Pilgrim’s Pride today announced the release of its 2019 Sustainability Report and progress toward 2020 sustainability goals. The report transparently details the company’s progress in the key priority areas of team member health and safety, product integrity, animal welfare, water and energy across its operations in the UK, Continental Europe, Mexico, Puerto Rico and the United States.

“The Pilgrim’s global team is driven by our passion to sustainably produce food that positively impacts the lives of our team members, grower partners, customers, shareholders and society,” said Jayson Penn, President and CEO, Pilgrim’s. “We are focused on doing things the right way and creating...

Pilgrim’s Pride Reports Q1 2020 Results 

Pilgrim’s Pride Corporation reports first quarter 2020 financial results.

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...

Pilgrim's Pride Reports Fourth Quarter and Year-End Financial Results

Pilgrim’s Pride Corporation reports fourth quarter and year-end 2019 financial results.

2019 Highlights

• Operating Income margins of 6.4% in U.S., 8.9% in Mexico and 3.3% in Europe operations, respectively.
• Net Income of $455.9 million, or an 84% increase from last year.
• Adjusted EBITDA of $973.8 million, a 22% increase over 2018, or an 8.5% margin.
• Portfolio strategy and geographic diversification reducing the impact of challenging specific market conditions. EBITDA outpacing the industry competition, driven by improved execution and increased operating performance across all business units, including the U.S., Mexico and Europe.
• Operating results from...