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Jun 25, 2023
Pilgrim's Pride Q2 2023 Earnings Report
Pilgrim's Pride reported a decrease in net sales but improved financial performance across all regions due to operational excellence and portfolio diversification.
Key Takeaways
Pilgrim's Pride reported Q2 2023 results with $4.3 billion in net sales and operating income of $100.3 million. The company saw improvements in financial performance across all regions driven by operational excellence efforts, portfolio diversification, and growth with key customers.
Net Sales reached $4.3 billion.
GAAP Net Income was $60.9 million with a GAAP EPS of $0.25.
Adjusted EPS stood at $0.44, with Adjusted Net Income of $105.3 million.
Consolidated GAAP operating income margin was 2.3%.
Revenue by Geographic Location
Forward Guidance
Pilgrim's is focused on investment in automation, expansion at the Athens, Georgia facility, and construction of a new protein conversion plant in South Georgia. The company also continues to make progress in Sustainability.
Positive Outlook
- Margins significantly improved from the first quarter despite continuing challenges in the market conditions of the commodity Big Bird segment, given an intense focus on our operational excellence efforts.
- Case Ready and Small Bird maintained steady performance while cultivating promotional activity and growth with Key Customers.
- Prepared Foods continues its branded momentum as Just Bare® and Pilgrim’s® sales collectively grew over 56% from last year.
- Momentum continued as profitability grew for the fifth straight quarter given benefits from recent network optimization, continued cost recovery efforts, and growth with Key Customers through innovation and strong service levels.
- Mexico results improved relative to both first quarter and prior year as supply and demand fundamentals became progressively balanced, overall live performance improved, and interest in our branded offerings increased.
Challenges Ahead
- Q2 was still challenging for the commodity segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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