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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.
Pilgrim's Pride
Pilgrim's Pride
Pilgrim's Pride Revenue by Geographic Location
Revenue by Geographic Location
U.S. Revenue
CapyFin.comEurope Revenue
CapyFin.comMexico Revenue
CapyFin.com 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