Pilgrims Pride Stock Price, News & Analysis

Pilgrim's, a leading global food company, announced a $4.5 million annualized wage increase for employees at its Mayfield facility in response to a recent tornado disaster. The $2 per hour increase boosts starting wages to $16.50 per hour. This initiative accompanies a previous commitment of $1 million for tornado relief. CEO Fabio Sandri emphasized the company's dedication to the local community, aiming to support recovery and strengthen the region. The Mayfield facility employs over 1,500 individuals and collaborates with 235 family farmers.

Pilgrim's Pride Corporation (NASDAQ: PPC) will release its fourth quarter and fiscal year 2021 financial results on February 9, 2022. The announcement follows an unsolicited acquisition proposal from majority stockholder JBS S.A. for additional shares not already owned by them. A conference call to discuss the results will take place on February 10, 2022, at 7:00 a.m. MT. Investors can pre-register for the event via the company’s investor website. The webcast will be available for replay two hours after the call, remaining accessible until April 28, 2022.

Pilgrim’s, a leading global food company, announced a $1 million investment to aid recovery efforts in Mayfield, Kentucky, following a devastating tornado. This funding will support long-term rebuilding and provide assistance to team members directly affected by the storm. The company has already delivered essential supplies to the community and aims to identify further needs in collaboration with local organizations. Pilgrim’s Mayfield facility employs over 1,500 people and supports local 235 family farmers and poultry growers, although its poultry production facility was unharmed.

Pilgrim’s Pride Corporation (NASDAQ: PPC) reported a strong performance in Q3 2021, with net sales reaching $3.83 billion, up 24% year-over-year. The company achieved GAAP Net Income of $60.8 million and adjusted net income of $162.5 million, translating to an adjusted EPS of $0.67. Improved margins were noted, particularly with U.S. operations at 8.2%. However, the European division faced challenges due to rising costs and lower pig pricing. The quarter also included a $126 million legal contingency accrual and the acquisition of Kerry Consumer Foods’ Meats and Meals business.

Pilgrim’s Pride Corporation (NASDAQ: PPC) will release its Q3 2021 financial results on October 27, 2021, after market close. Following this, executives will host a conference call and webcast on October 28, 2021, at 7:00 a.m. MT. Investors may pre-register for the webcast at the company's investor website. The call will not take questions. The company previously disclosed an unsolicited acquisition proposal from majority stockholder JBS S.A. for shares not owned by it.

Pilgrim’s Pride Corporation (PPC) has completed the acquisition of Kerry Consumer Foods’ Meats and Meals business for £680 million (approximately $932 million). This acquisition, which will operate under Pilgrim’s European division, was funded through a recent senior notes offering and a credit facility. The deal aims to expand Pilgrim’s market presence and product offerings in the meat sector, reinforcing its competitive position in the food industry.

The board of directors of Pilgrim's Pride Corporation (NASDAQ: PPC) has established a special committee of independent directors to assess JBS S.A.'s unsolicited acquisition proposal submitted on August 12, 2021, targeting all outstanding shares of PPC not already owned by JBS. The committee has appointed Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel and Goldman Sachs & Co. LLC as financial advisor for the evaluation process. Any potential transaction will need the committee's favorable recommendation and a majority vote from shareholders not affiliated with JBS.

Pilgrim’s Pride Corporation (NASDAQ: PPC) announced the successful closing of a $900 million offering of 3.500% Senior Notes due 2032. The net proceeds will finance the acquisition of Kerry Consumer Foods' Meats and Meals businesses in the UK and Ireland, along with paying related fees. Remaining funds will repay borrowings under its secured credit facility and support general corporate purposes. The offering was conducted privately, exempt from the Securities Act registration requirements, aimed at qualified institutional buyers.

Pilgrim's Pride Corporation (NASDAQ: PPC) has announced the pricing of senior unsecured notes totaling $900 million due in 2032, reflecting a yield of 3.50%. The offering was increased from an initial $750 million due to strong demand and is expected to close on September 2, 2021. Funds will be used for the acquisition of Kerry Consumer Foods' Meats and Meals businesses and to repay existing borrowings. Additionally, S&P Global has affirmed its 'BB+' credit rating for the company, with a positive outlook.