Pilgrim's Pride Q3 2023 Earnings Report
Key Takeaways
Pilgrim's Pride reported third quarter 2023 results with $4.4 billion in net sales and operating income of $206.4 million. The company's global and diversified portfolio drove improved margins across all regions.
Net Sales reached $4.4 billion.
GAAP Net Income was $121.6 million and GAAP EPS was $0.51; Adjusted Net Income was $136.7 million with Adjusted EPS at $0.58.
Consolidated GAAP operating income margin stood at 4.7%.
Adjusted EBITDA was $324.0 million, with a 7.4% margin, featuring adjusted EBITDA margins of 7.0% in the U.S., 6.1% in the U.K. & Europe, and 12.4% in Mexico.
Pilgrim's Pride
Pilgrim's Pride
Pilgrim's Pride Revenue by Geographic Location
Forward Guidance
Pilgrim's is progressing with growth projects to support Key Customers and diversify its portfolio, including the commencement of start-up for the Athens, Georgia expansion and continued construction of a new protein conversion plant in South Georgia.
Positive Outlook
- Operational excellence programs are driving improved margins across all regions.
- Key Customer partnerships continue to strengthen the business.
- Diversification through branded and differentiated offerings is proving beneficial.
- The U.S. Fresh business is showing sustained operational improvement and enhanced market fundamentals.
- The U.K. and Europe business continues on its profitability growth trajectory through manufacturing network optimization.
Challenges Ahead
- The company faces uneven market conditions.
- Consumer inflation persists.
- The commodity business remains under volatile market conditions.
- There are challenges in live operations that require continuous improvement.
- Potential supply risks exist.
Revenue & Expenses
Visualization of income flow from segment revenue to net income