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Sep 24, 2023
Pilgrim's Pride Q3 2023 Earnings Report
Pilgrim's Pride's Q3 2023 performance was marked by $4.4 billion in net sales and an operating income of $206.4 million.
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.
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.
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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