• Pilgrim’s Pride Reports First Quarter 2024 Results with $4.4 Billion in Net Sales and Operating Income of $250.3 Million

    来源: Nasdaq GlobeNewswire / 01 5月 2024 16:30:01   America/New_York

    GREELEY, Colo., May 01, 2024 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's largest poultry producers, reports its first quarter 2024 financial results.

    First Quarter Highlights

    • Net Sales of $4.4 billion.
    • Consolidated GAAP operating income margin of 5.7%.
    • GAAP Net Income of $174.9 million and GAAP EPS of $0.73. Adjusted Net Income of $182.9 million or Adjusted EPS of $0.77.
    • Adjusted EBITDA of $371.9 million, or a 8.5% margin, with adjusted EBITDA margins of 9.4% in the U.S., 6.4% in Europe, and 9.2% in Mexico.
    • Our diversified U.S. fresh portfolio continues to demonstrate its strength with dynamic market conditions, through increased partnership with Key Customers in both Case Ready and Small Bird, and improved operational excellence in Big Bird.
    • Prepared Foods continues to accelerate its profitable growth through branded fully cooked offerings as Just Bare® and Pilgrim’s® net sales collectively grew 30% from prior year and continue to gain distribution across all channels.
    • Europe continued its journey to improve through additional distribution with Key Customers and further optimization of manufacturing and support activities. Diversification through brands continues to grow as net sales for Richmond® and Fridge Raiders® grew 6.5% and 9.6% respectively.
    • Mexico improved results given balanced supply and demand fundamentals in commodity markets, deepened relationships with Key Customers, and expanded presence in differentiated offerings.
    • Strong liquidity position and net leverage ratio of less than 2.0x Adjusted EBITDA through prudent management of working capital.
    • Increased diversification of our portfolio to support profitable growth as our protein conversion plant in South Georgia initiated start up in March.
    • Completed an external review of our GHG emission intensity levels associated with our Sustainability Linked Bond. Emission intensity declined by 15.6% between 2019 and 2022 from improved production efficiencies, capital investments, and energy infrastructure enhancements.

    (Unaudited)Three Months Ended
     March 31,
    2024    		 March 26,
    2023    		 Y/Y Change
     (In millions, except per share and percentages)
    Net sales$4,361.9  $4,165.6  +4.7%
    U.S. GAAP EPS$0.73  $0.02  NM(2)
    Operating income$250.3  $31.3  +699.7%
    Adjusted EBITDA(1)$371.9  $151.9  +144.8%
    Adjusted EBITDA margin(1) 8.5%  3.6% +4.9pts
    (1) Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.
    (2) This Y/Y change is designated not meaningful (or “NM”).
     

    “Although we experienced depressed market conditions and persistent consumer inflation throughout 2023, we saw this as opportunity to enhance our competitive advantage. To that end, we focused on consistent execution of our strategies, controlling what we can control, and maintaining investment in our operations. These efforts further strengthened our business, accelerating our profitable growth as market conditions evolved,” said Fabio Sandri, Pilgrim’s Chief Executive Officer.

    During the first quarter, the U.S. continued to improve as Big Bird realized significant benefits from enhanced operational efficiencies and market fundamentals. Case Ready and Small Bird continued to grow from increased distribution with Key Customers, promotional activity, and the value of chicken to consumers. Prepared Foods also drove significant growth in both retail and food service through branded offerings, further diversifying the portfolio.

    “Our U.S. portfolio continues to demonstrate an ability to capture market upsides while minimizing downside risk through a diversified set of offerings across multiple bird sizes and value-added items. This approach is further reinforced by our Key Customer partnerships and relentless focus on operational excellence,” remarked Sandri.

    In Europe, consumer inflation and labor costs continue to be challenging. Nonetheless, the team secured additional business with retail Key Customers, drove branded growth above category averages, and identified further efficiencies in manufacturing and support activities.  

    “Over the past year, the Europe team executed a variety of efforts to improve Key Customer partnerships, enhance our operational excellence, and further diversify our portfolio of branded offerings. Our foundation is much stronger today and we will continue to explore ways to accelerate our journey of profitable growth,” said Sandri.

    Mexico improved through a combination of enhanced supply and demand fundamentals in the commodity market, increased Key Customer partnerships, and further momentum of branded offerings. Operational excellence efforts to expand capacity and mitigate risk in live operations remain on track.

    “Our strategies continue to demonstrate their effectiveness as we’ve grown ahead of the markets with our Key Customers. Similarly, our branded portfolio continues to gain acceptance throughout the market, further diversifying our portfolio. When these efforts are combined with our operational excellence initiatives to expand capacity, we can further drive our profitable growth,” said Sandri.

    Pilgrim’s efforts in sustainability continue to drive meaningful progress. Between 2019 and 2022, GHG emissions intensity has fallen by 15.6%, translating into an absolute reduction of 216,000 metric tons.

    “We are proud of our leadership mindset regarding sustainability. Given our continued efforts, we can elevate our performance in GHG intensity reduction, creating a better future for our team members and further reinforcing our vision to become the best and most respected company in our industry,” said Sandri.

    Conference Call Information

    A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, May 2, at 7 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
    To pre-register, go to: https://services.choruscall.com/links/ppc240502.html

    You may also reach the pre-registration link by logging in through the investor section of our website at https://ir.pilgrims.com in the “Events & Presentations” section.

    For those who would like to join the call but have not pre-registered, access is available by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.”

    Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com.

    About Pilgrim’s Pride

    Pilgrim’s employs approximately 61,600 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.

    Forward-Looking Statements

    Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels, including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access, telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

    Contact:Andrew Rojeski
     Head of Strategy, Investor Relations, & Sustainability
     IRPPC@pilgrims.com
     www.pilgrims.com


    PILGRIM’S PRIDE CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
        
     (Unaudited)  
     March 31, 2024 December 31, 2023
     (In thousands)
    Cash and cash equivalents$870,820  $697,748 
    Restricted cash and restricted cash equivalents 24,063   33,475 
    Trade accounts and other receivables, less allowance for credit losses 1,049,410   1,129,178 
    Accounts receivable from related parties 2,146   1,778 
    Inventories 1,861,989   1,985,399 
    Income taxes receivable 141,122   161,062 
    Prepaid expenses and other current assets 222,327   195,831 
    Total current assets 4,171,877   4,204,471 
    Deferred tax assets 7,151   4,890 
    Operating lease assets, net 279,105   266,707 
    Other long-lived assets 45,955   35,646 
    Intangible assets, net 837,747   853,983 
    Goodwill 1,274,721   1,286,261 
    Property, plant and equipment, net 3,151,784   3,158,403 
    Total assets$9,768,340  $9,810,361 
        
    Accounts payable$1,295,910  $1,410,576 
    Accounts payable to related parties 13,524   41,254 
    Revenue contract liabilities 45,422   84,958 
    Accrued expenses and other current liabilities 876,217   926,727 
    Income taxes payable 48,022   31,678 
    Current maturities of long-term debt 650   674 
    Total current liabilities 2,279,745   2,495,867 
    Noncurrent operating lease liabilities, less current maturities 217,660   203,348 
    Long-term debt, less current maturities 3,342,664   3,340,841 
    Deferred tax liabilities 401,003   385,548 
    Other long-term liabilities 32,890   40,180 
    Total liabilities 6,273,962   6,465,784 
    Common stock 2,621   2,620 
    Treasury stock (544,687)  (544,687)
    Additional paid-in capital 1,983,592   1,978,849 
    Retained earnings 2,245,494   2,071,073 
    Accumulated other comprehensive loss (206,364)  (176,483)
    Total Pilgrim’s Pride Corporation stockholders’ equity 3,480,656   3,331,372 
    Noncontrolling interest 13,722   13,205 
    Total stockholders’ equity 3,494,378   3,344,577 
    Total liabilities and stockholders’ equity$9,768,340  $9,810,361 
     


    PILGRIM’S PRIDE CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands, except per share data)
    Net sales$4,361,934  $4,165,628 
    Cost of sales 3,978,025   3,992,581 
    Gross profit 383,909   173,047 
    Selling, general and administrative expense 119,076   133,678 
    Restructuring activities 14,559   8,026 
    Operating income 250,274   31,343 
    Interest expense, net of capitalized interest 41,243   42,662 
    Interest income (10,346)  (3,600)
    Foreign currency transaction losses (gains) (4,337)  18,143 
    Miscellaneous, net (3,286)  (22,653)
    Income (loss) before income taxes 227,000   (3,209)
    Income tax expense (benefit) 52,062   (8,840)
    Net income 174,938   5,631 
    Less: Net income attributable to noncontrolling interests 517   444 
    Net income attributable to Pilgrim’s Pride Corporation$174,421  $5,187 
        
    Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:   
    Basic 236,844   236,585 
    Effect of dilutive common stock equivalents 647   579 
    Diluted 237,491   237,164 
        
    Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding:   
    Basic$0.74  $0.02 
    Diluted$0.73  $0.02 
            


    PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands)
    Cash flows from operating activities:   
    Net income$174,938  $5,631 
    Adjustments to reconcile net income to cash provided by operating activities:   
    Depreciation and amortization 103,350   98,257 
    Deferred income tax expense (benefit) 15,519   (26,309)
    Stock-based compensation 4,744   1,200 
    Loss (gain) on property disposals 1,842   (9,333)
    Loan cost amortization 1,311   1,333 
    Accretion of discount related to Senior Notes 649   429 
    Gain on equity-method investments (2)  (4)
    Adjustment to previously recognized asset impairment —   (130)
    Changes in operating assets and liabilities:   
    Trade accounts and other receivables 72,350   (132,791)
    Inventories 114,471   (30,267)
    Prepaid expenses and other current assets (27,628)  (20,268)
    Accounts payable, accrued expenses and other current liabilities (212,807)  (43,662)
    Income taxes 35,797   3,149 
    Long-term pension and other postretirement obligations (1,315)  949 
    Other operating assets and liabilities (12,192)  (9,888)
    Cash provided by (used in) operating activities 271,027   (161,704)
    Cash flows from investing activities:   
    Acquisitions of property, plant and equipment (108,429)  (131,701)
    Proceeds from property disposals 2,217   12,631 
    Proceeds from insurance recoveries —   1,599 
    Cash used in investing activities (106,212)  (117,471)
    Cash flows from financing activities:   
    Proceeds from contribution (distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation 1,425   (1,592)
    Payments on revolving line of credit, long-term borrowings and finance lease obligations (153)  (6,527)
    Proceeds from revolving line of credit and long-term borrowings —   35,000 
    Payments of capitalized loan costs (16)  — 
    Cash provided by financing activities 1,256   26,881 
    Effect of exchange rate changes on cash and cash equivalents (2,411)  2,101 
    Increase in cash, cash equivalents and restricted cash 163,660   (250,193)
    Cash, cash equivalents and restricted cash, beginning of period 731,223   434,759 
    Cash, cash equivalents and restricted cash, end of period$894,883  $184,566 
     

    PILGRIM’S PRIDE CORPORATION
    Non-GAAP Financial Measures Reconciliation
    (Unaudited)

    “EBITDA” is defined as the sum of net income plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction losses (gains), (2) costs related to litigation settlements, (3) restructuring activities losses, (4) property insurance recoveries for Mayfield, Kentucky tornado property damage losses, and (5) net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted EBITDA only on a supplemental basis.

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of Adjusted EBITDA
    (Unaudited)
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands)
    Net income$174,938  $5,631 
    Add:   
    Interest expense, net(a) 30,897   39,062 
    Income tax expense (benefit) 52,062   (8,840)
    Depreciation and amortization 103,350   98,257 
    EBITDA 361,247   134,110 
    Add:   
    Foreign currency transaction losses (gains)(b) (4,337)  18,143 
    Litigation settlements(c) 940   11,200 
    Restructuring activities losses(d) 14,559   8,026 
    Minus:   
    Property insurance recoveries for Mayfield tornado losses(e) —   19,086 
    Net income attributable to noncontrolling interest 517   444 
    Adjusted EBITDA$371,892  $151,949 
     
    (a) Interest expense, net, consists of interest expense less interest income.
    (b) The Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements, as well as, from our Europe reportable segment are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
    (c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
    (d) Restructuring activities losses are primarily related to our Pilgrim's Europe integration.
    (e) This represents property insurance recoveries for the property damage losses incurred as a result of the tornado in Mayfield, KY in December 2021.
     
     

    The summary unaudited consolidated income statement data for the twelve months ended March 31, 2024 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 26, 2023 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 31, 2023 and (2) the applicable unaudited consolidated income statement data for the three months ended March 31, 2024.

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of LTM Adjusted EBITDA
    (Unaudited)
              
     Three Months Ended LTM Ended
     June 25,
    2023    		 September 24,
    2023    		 December 31,
    2023    		 March 31,
    2024    		 March 31,
    2024
     (In thousands)
    Net income$60,908  $121,567 $134,211  $174,938  $491,624 
    Add:         
    Interest expense, net 39,524   33,530  54,505   30,897   158,456 
    Income tax expense (benefit) (15,225)  44,553  22,417   52,062   103,807 
    Depreciation and amortization 104,857   104,300  112,486   103,350   424,993 
    EBITDA 190,064   303,950  323,619   361,247   1,178,880 
    Add:         
    Foreign currency transaction losses (gains) 16,395   8,924  (22,892)  (4,337)  (1,910)
    Litigation settlements 13,000   10,500  4,700   940   29,140 
    Restructuring activities losses 29,718   940  5,661   14,559   50,878 
    Minus:         
    Property insurance recoveries —   —  2,038   —   2,038 
    Net income (loss) attributable to noncontrolling interest 452   289  (442)  517   816 
    Adjusted EBITDA$248,725  $324,025 $309,492  $371,892  $1,254,134 
     
     

    EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe it is frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of EBITDA Margin
    (Unaudited)
            
     Three Months Ended Three Months Ended
     March 31, 2024 March 26, 2023 March 31, 2024 March 26, 2023
     (In thousands)
    Net income$174,938  $5,631  4.01% 0.14%
    Add:       
    Interest expense, net 30,897   39,062  0.71% 0.94%
    Income tax expense (benefit) 52,062   (8,840) 1.19% (0.21)%
    Depreciation and amortization 103,350   98,257  2.36% 2.35%
    EBITDA 361,247   134,110  8.27% 3.22%
    Add:       
    Foreign currency transaction losses (gains) (4,337)  18,143  (0.09)% 0.43%
    Litigation settlements 940   11,200  0.02% 0.27%
    Restructuring activities losses 14,559   8,026  0.33% 0.19%
    Minus:       
    Property insurance recoveries for Mayfield tornado losses —   19,086  —% 0.46%
    Net income attributable to noncontrolling interest 517   444  0.01% 0.01%
    Adjusted EBITDA$371,892  $151,949  8.52% 3.64%
            
    Net sales$4,361,934  $4,165,628  —  — 
                  

    Adjusted EBITDA by segment figures are presented because they are used by management and we believe they are frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of Adjusted EBITDA
    (Unaudited)
                    
     Three Months Ended Three Months Ended
     March 31, 2024 March 26, 2023
     U.S. Europe Mexico Total U.S. Europe Mexico Total
     (In thousands) (In thousands)
    Net income (loss)$102,631 $24,512  $47,795  $174,938  $(53,590) $20,813  $38,408  $5,631 
    Add:               
    Interest expense, net(a) 44,586  (1,983)  (11,706)  30,897   41,365   (198)  (2,105)  39,062 
    Income tax expense (benefit) 32,060  9,557   10,445   52,062   (16,822)  5,923   2,059   (8,840)
    Depreciation and amortization 62,685  35,028   5,637   103,350   60,237   32,277   5,743   98,257 
    EBITDA 241,962  67,114   52,171   361,247   31,190   58,815   44,105   134,110 
    Add:               
    Foreign currency transaction losses (gains)(b) 2  (216)  (4,123)  (4,337)  20,313   (616)  (1,554)  18,143 
    Litigation settlements(c) 940  —   —   940   11,200   —   —   11,200 
    Restructuring activities losses(d) —  14,559   —   14,559   —   8,026   —   8,026 
    Minus:               
    Property insurance recoveries for Mayfield tornado losses(e) —  —   —   —   19,086   —   —   19,086 
    Net income attributable to noncontrolling interest —  —   517   517   —   —   444   444 
    Adjusted EBITDA$242,904 $81,457  $47,531  $371,892  $43,617  $66,225  $42,107  $151,949 
    (a) Interest expense, net, consists of interest expense less interest income.
    (b) The Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements, as well as, from our Europe reportable segment are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
    (c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
    (d) Restructuring activities losses are primarily related to our Pilgrim's Europe integration.
    (e) This represents property insurance recoveries for the property damage losses incurred as a result of the tornado in Mayfield, KY in December 2021.
     
     

    Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of Adjusted Operating Income provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income to adjusted operating income as follows:

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of Adjusted Operating Income
    (Unaudited)
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands)
    GAAP operating income (loss), U.S. operations$179,417  $(28,106)
    Litigation settlements 940   11,200 
    Adjusted operating income (loss), U.S. operations$180,357  $(16,906)
        
    Adjusted operating income (loss) margin, U.S. operations 7.0% (0.7)%
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands)
    GAAP operating income, Europe operations$31,116  $25,261 
    Restructuring activities losses 14,559   8,026 
    Adjusted operating income, Europe operations$45,675  $33,287 
        
    Adjusted operating income margin, Europe operations 3.6%  2.7%
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands)
    GAAP operating income, Mexico operations$39,741  $34,175 
    No adjustments —   — 
    Adjusted operating income, Mexico operations$39,741  $34,175 
        
    Adjusted operating income margin, Mexico operations 7.7%  6.9%
            
            

    Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating Income Margin provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income margin for each of our reportable segments to adjusted operating income margin for each of our reportable segments is as follows:

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin
    (Unaudited)
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In percent)
    GAAP operating income (loss) margin, U.S. operations7.0% (1.2)%
    Litigation settlements—% 0.5%
    Adjusted operating income (loss) margin, U.S. operations7.0% (0.7)%
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In percent)
    GAAP operating income margin, Europe operations2.5% 2.0%
    Restructuring activities losses1.1% 0.6%
    Adjusted operating income margin, Europe operations3.6% 2.7%
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In percent)
    GAAP operating income margin, Mexico operations7.7% 6.9%
    No adjustments—% —%
    Adjusted operating income margin, Mexico operations7.7% 6.9%
     
     

    Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's”) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of net income (loss) attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows:

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of Adjusted Net Income
    (Unaudited)
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands, except per share data)
    Net income attributable to Pilgrim's$174,421  $5,187 
    Add:   
    Foreign currency transaction losses (gains) (4,337)  18,143 
    Litigation settlements 940   11,200 
    Restructuring activities losses 14,559   8,026 
    Minus:   
    Property insurance recoveries for Mayfield tornado losses —   19,086 
    Adjusted net income attributable to Pilgrim's before tax impact of adjustments 185,583   23,470 
    Net tax impact of adjustments(a) (2,701)  (4,554)
    Adjusted net income attributable to Pilgrim's$182,882  $18,916 
    Weighted average diluted shares of common stock outstanding 237,491   237,164 
    Adjusted net income attributable to Pilgrim's per common diluted share$0.77  $0.08 
    (a) Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above.
     
     

    Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows:

    PILGRIM'S PRIDE CORPORATION
    Reconciliation of GAAP EPS to Adjusted EPS
    (Unaudited)
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands, except per share data)
    GAAP EPS$0.73  $0.02 
    Add:   
    Foreign currency transaction losses (gains) (0.02)  0.08 
    Litigation settlements —   0.05 
    Restructuring activities losses 0.07   0.03 
    Minus:   
    Property insurance recoveries for Mayfield tornado losses —   0.08 
    Adjusted EPS before tax impact of adjustments 0.78   0.10 
    Net tax impact of adjustments(a) (0.01)  (0.02)
    Adjusted EPS$0.77  $0.08 
        
    Weighted average diluted shares of common stock outstanding 237,491   237,164 
    (a) Net tax impact of adjustments represents the tax impact of all adjustments shown above.
            


    PILGRIM'S PRIDE CORPORATION
    Supplementary Selected Segment and Geographic Data
    (Unaudited)
        
     Three Months Ended
     March 31, 2024 March 26, 2023
     (In thousands)
    Sources of net sales by geographic region of origin:   
    U.S.$2,579,332 $2,432,568 
    Europe 1,267,903  1,239,264 
    Mexico 514,699  493,796 
    Total net sales$4,361,934 $4,165,628 
        
    Sources of cost of sales by geographic region of origin:   
    U.S.$2,342,040 $2,394,239 
    Europe 1,175,738  1,155,071 
    Mexico 460,247  443,284 
    Elimination —  (13)
    Total cost of sales$3,978,025 $3,992,581 
        
    Sources of gross profit by geographic region of origin:   
    U.S.$237,292 $38,329 
    Europe 92,165  84,193 
    Mexico 54,452  50,512 
    Elimination —  13 
    Total gross profit$383,909 $173,047 
        
    Sources of operating income (loss) by geographic region of origin:   
    U.S.$179,417 $(28,106)
    Europe 31,116  25,261 
    Mexico 39,741  34,175 
    Elimination —  13 
    Total operating income$250,274 $31,343 
     

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