Pilgrim’s Pride Reports First Quarter 2025 Results with $4.5 Billion in Net Sales and Operating Income of $404.5 Million
Pilgrim's Pride reports strong Q1 2025 results with net sales of $4.5 billion and operating income of $404.5 million. The company achieved a GAAP EPS of $1.24 and adjusted EPS of $1.31, with adjusted EBITDA reaching $533.2 million (12.0% margin).
Key highlights include:
- U.S. Fresh portfolio saw robust demand across retail and foodservice
- Prepared Foods division grew net sales by over 20% year-over-year
- Digital sales increased by 35% through strategic partnerships
- Europe achieved 8.1% adjusted EBITDA margin
- Mexico experienced double-digit sales volume growth
The company maintains strong financial health with a net leverage ratio of 1.1x after paying a $1.5 billion special dividend. Sustainability efforts show progress with decreased GHG emissions intensity levels. The company's focus on key customer partnerships and operational efficiencies continues to drive growth across all regions.
Pilgrim's Pride ha riportato risultati solidi nel primo trimestre del 2025 con ricavi netti di 4,5 miliardi di dollari e un reddito operativo di 404,5 milioni di dollari. L'azienda ha registrato un utile per azione GAAP di 1,24 dollari e un utile per azione rettificato di 1,31 dollari, con un EBITDA rettificato che ha raggiunto i 533,2 milioni di dollari (margine del 12,0%).
I punti salienti includono:
- Il portafoglio Fresh USA ha registrato una domanda robusta sia nel retail che nel settore foodservice
- La divisione Prepared Foods ha visto una crescita delle vendite nette superiore al 20% rispetto all'anno precedente
- Le vendite digitali sono aumentate del 35% grazie a partnership strategiche
- L'Europa ha raggiunto un margine EBITDA rettificato dell'8,1%
- Il Messico ha registrato una crescita a doppia cifra nei volumi di vendita
L'azienda mantiene una solida salute finanziaria con un rapporto di leva finanziaria netta di 1,1x dopo aver distribuito un dividendo speciale di 1,5 miliardi di dollari. Gli sforzi per la sostenibilità mostrano progressi con una riduzione dell'intensità delle emissioni di gas serra. Il focus dell'azienda sulle partnership chiave con i clienti e sull'efficienza operativa continua a guidare la crescita in tutte le regioni.
Pilgrim's Pride reporta sólidos resultados en el primer trimestre de 2025 con ventas netas de 4.5 mil millones de dólares e ingresos operativos de 404.5 millones de dólares. La compañía logró un EPS GAAP de 1.24 dólares y un EPS ajustado de 1.31 dólares, con un EBITDA ajustado que alcanzó los 533.2 millones de dólares (margen del 12.0%).
Los aspectos destacados incluyen:
- El portafolio Fresh en EE.UU. mostró una demanda sólida tanto en retail como en foodservice
- La división de Prepared Foods creció sus ventas netas más del 20% interanual
- Las ventas digitales aumentaron un 35% gracias a asociaciones estratégicas
- Europa alcanzó un margen EBITDA ajustado del 8.1%
- México experimentó un crecimiento de volumen de ventas de dos dígitos
La empresa mantiene una salud financiera sólida con una relación de apalancamiento neto de 1.1x tras pagar un dividendo especial de 1.5 mil millones de dólares. Los esfuerzos de sostenibilidad muestran avances con una disminución en la intensidad de emisiones de gases de efecto invernadero. El enfoque de la compañía en asociaciones clave con clientes y eficiencias operativas sigue impulsando el crecimiento en todas las regiones.
Pilgrim's Pride는 2025년 1분기에 45억 달러의 순매출과 4억 450만 달러의 영업이익을 기록하며 강력한 실적을 보고했습니다. 회사는 GAAP 주당순이익(EPS) 1.24달러와 조정 EPS 1.31달러를 달성했으며, 조정 EBITDA는 5억 3,320만 달러(마진 12.0%)에 이르렀습니다.
주요 내용은 다음과 같습니다:
- 미국 프레시 포트폴리오가 소매 및 외식 부문에서 견고한 수요를 보임
- Prepared Foods 부문은 전년 대비 순매출이 20% 이상 성장
- 전략적 파트너십을 통해 디지털 매출이 35% 증가
- 유럽은 8.1%의 조정 EBITDA 마진 달성
- 멕시코는 두 자릿수 매출량 성장 경험
회사는 15억 달러 특별 배당금을 지급한 후에도 순부채비율 1.1배로 강한 재무 건전성을 유지하고 있습니다. 지속 가능성 노력도 온실가스 배출 강도 감소로 진전을 보이고 있습니다. 회사는 주요 고객 파트너십과 운영 효율성에 집중하며 모든 지역에서 성장을 지속적으로 견인하고 있습니다.
Pilgrim's Pride annonce de solides résultats pour le premier trimestre 2025 avec un chiffre d'affaires net de 4,5 milliards de dollars et un résultat opérationnel de 404,5 millions de dollars. La société a réalisé un bénéfice par action GAAP de 1,24 dollar et un bénéfice par action ajusté de 1,31 dollar, avec un EBITDA ajusté atteignant 533,2 millions de dollars (marge de 12,0%).
Les points clés incluent :
- Le portefeuille Fresh aux États-Unis a connu une forte demande tant dans la distribution que dans la restauration
- La division Prepared Foods a vu ses ventes nettes croître de plus de 20 % d’une année sur l’autre
- Les ventes digitales ont augmenté de 35 % grâce à des partenariats stratégiques
- L’Europe a atteint une marge EBITDA ajustée de 8,1 %
- Le Mexique a enregistré une croissance à deux chiffres du volume des ventes
L’entreprise maintient une solide santé financière avec un ratio d’endettement net de 1,1x après avoir versé un dividende spécial de 1,5 milliard de dollars. Les efforts en matière de durabilité progressent avec une réduction de l’intensité des émissions de gaz à effet de serre. L’accent mis par la société sur les partenariats clés avec ses clients et l’efficacité opérationnelle continue de stimuler la croissance dans toutes les régions.
Pilgrim's Pride meldet starke Ergebnisse für das erste Quartal 2025 mit Nettoerlösen von 4,5 Milliarden US-Dollar und einem Betriebsergebnis von 404,5 Millionen US-Dollar. Das Unternehmen erreichte ein GAAP-Gewinn je Aktie (EPS) von 1,24 US-Dollar sowie ein bereinigtes EPS von 1,31 US-Dollar, wobei das bereinigte EBITDA 533,2 Millionen US-Dollar (12,0% Marge) erreichte.
Wichtige Highlights sind:
- Das US-amerikanische Fresh-Portfolio verzeichnete eine starke Nachfrage im Einzelhandel und Foodservice
- Die Sparte Prepared Foods steigerte den Nettoumsatz im Jahresvergleich um über 20%
- Der digitale Umsatz stieg durch strategische Partnerschaften um 35%
- Europa erreichte eine bereinigte EBITDA-Marge von 8,1%
- Mexiko verzeichnete ein zweistelliges Wachstum im Verkaufsvolumen
Das Unternehmen bewahrt eine starke finanzielle Gesundheit mit einem Netto-Verschuldungsgrad von 1,1x nach Zahlung einer Sonderdividende von 1,5 Milliarden US-Dollar. Die Nachhaltigkeitsbemühungen zeigen Fortschritte durch verringerte Treibhausgas-Emissionsintensität. Der Fokus des Unternehmens auf wichtige Kundenpartnerschaften und operative Effizienz treibt das Wachstum in allen Regionen weiter voran.
- Net sales increased 2.3% YoY to $4.5B in Q1 2025
- Operating income surged 61.6% to $404.5M
- GAAP EPS grew 69.9% to $1.24
- Adjusted EBITDA margin improved to 12.0% (+3.5pts YoY)
- U.S. Prepared Foods sales grew over 20% YoY
- Digital sales increased 35% YoY
- Europe achieved record 8.1% adjusted EBITDA margin
- Mexico showed double-digit sales volume growth
- Strong liquidity with net leverage ratio of 1.1x
- GHG emissions intensity decreased below target thresholds
- Special dividend payment of $1.5B impacted cash position
- Market volatility affected operations during Q1
- Revenue growth of 2.3% YoY shows relatively modest top-line expansion
Insights
Pilgrim's Pride delivered stellar Q1 performance with substantial margin expansion and 70% EPS growth while maintaining strong balance sheet flexibility.
Pilgrim's Pride reported impressive financial results for Q1 2025, with substantial improvements across key metrics. Net sales reached
The company's bottom line saw remarkable growth with GAAP EPS of
Despite distributing a special dividend of
The significant outperformance of profitability metrics relative to revenue growth demonstrates effective cost management and operational leverage across the business, creating substantial value from modest top-line expansion during a quarter that management acknowledged contained volatility.
Pilgrim's executed a winning multi-segment strategy with 20%+ prepared foods growth, strong digital acceleration, and international profitability improvements.
Pilgrim's Pride has successfully leveraged its diversified protein portfolio to deliver growth across all business segments in Q1 2025. The U.S. Fresh business capitalized on stronger-than-seasonal chicken commodity prices in Big Bird operations while Case Ready and Small Bird gained distribution with key customers at rates exceeding industry averages.
The company's strategic shift toward value-added products shows significant momentum, with U.S. Prepared Foods delivering over
Digital transformation is accelerating with digitally-enabled sales growing over
International operations show robust execution with Europe achieving a milestone
The company's performance demonstrates successful execution of its strategy to diversify across protein segments, distribution channels, and geographies, providing resilience against market volatility while driving profitable growth.
GREELEY, Colo., April 30, 2025 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's leading food companies, reports its first quarter 2025 financial results.
First Quarter Highlights:
- Net Sales of
$4.5 billion . - Consolidated GAAP operating income margin of
9.1% . - GAAP Net Income of
$296.3 million and GAAP EPS of$1.24 . Adjusted Net Income of$312.6 million and Adjusted EPS of$1.31 . - Adjusted EBITDA of
$533.2 million , or a12.0% margin. - The U.S. Fresh portfolio experienced strong demand across both retail and foodservice and continued improvements in operational efficiencies. Chicken commodity prices rose higher than historical seasonal averages benefiting Big Bird. Case Ready and Small Bird strengthened relationships with Key Customers as volumes increased higher than industry averages.
- U.S. Prepared Foods continued to expand its portfolio across retail and foodservice as net sales grew over
20% compared to prior year, further diversifying our portfolio. Brands remained a key driver as Just Bare® continues to have the highest velocity and most growth in the retail fully cooked chicken category. - Digitally-enabled sales grew over
35% from prior year through partnerships with leading retailers, foodservice providers, and online suppliers. - Pilgrim’s Europe continued to scale profitable growth through Key Customer partnerships, enhanced mix, and further business integration. Momentum for branded offerings grew as volumes for Richmond® and Fridge Raiders® increased faster than the category.
- Mexico continued to grow with Key Customers in retail and foodservice as sales volume increased by double digits compared to prior year. Diversification efforts accelerated as sales volume of value-added product offerings increased
9% . - Continued strong liquidity position and balance sheet flexibility after payment of the special dividend of
$1.5 billion with a net leverage ratio of 1.1x of Adjusted EBITDA. - Investment projects remain on track to support the growth of Pilgrim’s branded portfolio, to meet increased Key Customer demand in Fresh and to reduce operational risk in protein conversion. Through these investments, Pilgrim’s will continue to support and strengthen local communities in rural America.
- The company continues to drive sustainability through both operational efficiencies and supply chain engagement. Third-party reports demonstrate Pilgrim’s Scope 1 and 2 GHG emissions intensity levels have decreased below target thresholds, while efforts to expand climate resiliency in broader businesses and value chains increase.
| (Unaudited) | Three Months Ended | ||||||||||
| March 30, 2025 | March 31, 2024 | Y/Y Change | |||||||||
| (In millions, except per share and percentages) | |||||||||||
| Net sales | $ | 4,463.0 | $ | 4,361.9 | +2.3 | % | |||||
| U.S. GAAP EPS | $ | 1.24 | $ | 0.73 | +69.9 | % | |||||
| Operating income | $ | 404.5 | $ | 250.3 | +61.6 | % | |||||
| Adjusted EBITDA(1) | $ | 533.2 | $ | 371.9 | +43.4 | % | |||||
| Adjusted EBITDA margin(1) | 12.0 | % | 8.5 | % | +3.5pts | ||||||
(1) Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.
“While facing volatility during the quarter, we maintained our focus on controlling the controllables and consistent execution of our strategies,” said Fabio Sandri, Pilgrim’s President and CEO. “We continued to cultivate Key Customer partnerships through differentiated offerings and a diversified portfolio in each of our geographies, reinforcing our foundation for profitable growth.”
In the first quarter, the U.S. business increased sales and profitability compared to the prior year. U.S. Fresh experienced continued seasonal strength in commodity values and improved production efficiencies in Big Bird, whereas Case Ready and Small Bird benefited from increased distribution with Key Customers in retail, deli, and QSRs. Prepared Foods accelerated the expansion of its value-added portfolio across retail and foodservice.
“We continue to realize strong demand as the consumer maintains an appreciation for the relative affordability and convenience of chicken compared to other proteins,” added Sandri. “Given our diversified portfolio across segments, we captured commodity market upsides. Equally important, we have strengthened relationships with Key Customers through quality and service, and further diversified our portfolio through value-added offerings.”
Europe continues to benefit from ongoing optimization, new product development efforts, and branded growth. The business achieved a new adjusted EBITDA margin milestone at
“In Europe, our efforts to scale profitable growth continues to accelerate,” said Sandri. “We have increased traction among consumers for core branded offerings, grown our partnerships with Key Customers, and further cultivated our innovation pipeline.”
Mexico drove profitability from growth in Key Customer partnerships throughout Fresh, relatively attractive commodity fundamentals, and expansion of value-added offerings across retail and foodservice. Expansion efforts in live operations and Prepared Foods remained on track as all projects are proceeding as planned.
“Given our overall market presence and long-term potential, Mexico remains a promising growth opportunity,” remarked Sandri. “As such, we will continue to evaluate investments to further diversify our portfolio, improve our operational efficiencies, and strengthen Key Customer partnerships.”
Pilgrim’s achieved a net leverage ratio of 1.1x after payment of a special dividend, well below its target of 2x to 3x.
“We will maintain our financial flexibility and capital discipline as we continue to invest in projects to drive profitable growth with Key Customers and explore strategic opportunities to diversify our portfolio,” concluded Sandri.
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, May 1, 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://dpregister.com/sreg/10198901/fef3fe079e.
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 62,600 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 30, 2025 | December 29, 2024 | |||||||
| (In thousands) | ||||||||
| Cash and cash equivalents | $ | 2,066,782 | $ | 2,040,834 | ||||
| Restricted cash and restricted cash equivalents | 10,685 | 2,324 | ||||||
| Investment in available-for-sale securities | — | 10,220 | ||||||
| Trade accounts and other receivables, less allowance for credit losses | 1,105,991 | 1,004,334 | ||||||
| Accounts receivable from related parties | 10,612 | 2,608 | ||||||
| Inventories | 1,856,305 | 1,783,488 | ||||||
| Income taxes receivable | 55,597 | 72,414 | ||||||
| Assets held for sale | 3,151 | 3,062 | ||||||
| Prepaid expenses and other current assets | 257,915 | 200,879 | ||||||
| Total current assets | 5,367,038 | 5,120,163 | ||||||
| Deferred tax assets | 28,519 | 29,483 | ||||||
| Operating lease assets, net | 248,178 | 255,713 | ||||||
| Other long-lived assets | 66,745 | 62,019 | ||||||
| Intangible assets, net | 820,275 | 806,234 | ||||||
| Goodwill | 1,271,690 | 1,239,073 | ||||||
| Property, plant and equipment, net | 3,161,314 | 3,137,891 | ||||||
| Total assets | $ | 10,963,759 | $ | 10,650,576 | ||||
| Accounts payable | $ | 1,410,879 | $ | 1,411,519 | ||||
| Accounts payable to related parties | 27,280 | 15,257 | ||||||
| Revenue contract liabilities | 42,412 | 48,898 | ||||||
| Dividends payable | 1,495,382 | — | ||||||
| Accrued expenses and other current liabilities | 919,606 | 1,015,504 | ||||||
| Income taxes payable | 93,328 | 60,097 | ||||||
| Current maturities of long-term debt | 862 | 858 | ||||||
| Total current liabilities | 3,989,749 | 2,552,133 | ||||||
| Noncurrent operating lease liabilities, less current maturities | 189,258 | 195,944 | ||||||
| Long-term debt, less current maturities | 3,199,746 | 3,206,113 | ||||||
| Deferred tax liabilities | 418,704 | 422,952 | ||||||
| Other long-term liabilities | 18,855 | 20,038 | ||||||
| Total liabilities | 7,816,312 | 6,397,180 | ||||||
| Common stock | 2,625 | 2,623 | ||||||
| Treasury stock | (544,687 | ) | (544,687 | ) | ||||
| Additional paid-in capital | 2,001,280 | 1,994,259 | ||||||
| Retained earnings | 1,958,162 | 3,157,511 | ||||||
| Accumulated other comprehensive loss | (284,233 | ) | (370,300 | ) | ||||
| Total Pilgrim’s Pride Corporation stockholders’ equity | 3,133,147 | 4,239,406 | ||||||
| Noncontrolling interest | 14,300 | 13,990 | ||||||
| Total stockholders’ equity | 3,147,447 | 4,253,396 | ||||||
| Total liabilities and stockholders’ equity | $ | 10,963,759 | $ | 10,650,576 | ||||
| PILGRIM’S PRIDE CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 30, 2025 | March 31, 2024 | |||||||
| (In thousands, except per share data) | ||||||||
| Net sales | $ | 4,463,009 | $ | 4,361,934 | ||||
| Cost of sales | 3,908,136 | 3,978,025 | ||||||
| Gross profit | 554,873 | 383,909 | ||||||
| Selling, general and administrative expense | 133,779 | 119,076 | ||||||
| Restructuring activities | 16,612 | 14,559 | ||||||
| Operating income | 404,482 | 250,274 | ||||||
| Interest expense, net of capitalized interest | 41,738 | 41,243 | ||||||
| Interest income | (24,953 | ) | (10,346 | ) | ||||
| Foreign currency transaction gains | (2,053 | ) | (4,337 | ) | ||||
| Miscellaneous, net | (692 | ) | (3,286 | ) | ||||
| Income before income taxes | 390,442 | 227,000 | ||||||
| Income tax expense | 94,099 | 52,062 | ||||||
| Net income | 296,343 | 174,938 | ||||||
| Less: Net income attributable to noncontrolling interests | 310 | 517 | ||||||
| Net income attributable to Pilgrim’s Pride Corporation | $ | 296,033 | $ | 174,421 | ||||
| Weighted average shares of Pilgrim's Pride Corporation common stock outstanding: | ||||||||
| Basic | 237,235 | 236,844 | ||||||
| Effect of dilutive common stock equivalents | 1,045 | 647 | ||||||
| Diluted | 238,280 | 237,491 | ||||||
| Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding: | ||||||||
| Basic | $ | 1.25 | $ | 0.74 | ||||
| Diluted | $ | 1.24 | $ | 0.73 | ||||
| PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 30, 2025 | March 31, 2024 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 296,343 | $ | 174,938 | ||||
| Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
| Depreciation and amortization | 104,518 | 103,350 | ||||||
| Deferred income tax expense | (10,958 | ) | 15,519 | |||||
| Stock-based compensation | 7,023 | 4,744 | ||||||
| Loan cost amortization | 1,239 | 1,311 | ||||||
| Loss on property disposals | 900 | 1,842 | ||||||
| Accretion of discount related to Senior Notes | 608 | 649 | ||||||
| Asset impairment | 589 | — | ||||||
| Gain on early extinguishment of debt recognized as a component of interest expense | (107 | ) | — | |||||
| Gain on equity-method investments | (1 | ) | (2 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Trade accounts and other receivables | (91,504 | ) | 72,350 | |||||
| Inventories | (64,233 | ) | 114,471 | |||||
| Prepaid expenses and other current assets | (44,021 | ) | (27,628 | ) | ||||
| Accounts payable, accrued expenses and other current liabilities | (118,667 | ) | (212,807 | ) | ||||
| Income taxes | 51,887 | 35,797 | ||||||
| Long-term pension and other postretirement obligations | (1,414 | ) | (1,315 | ) | ||||
| Other operating assets and liabilities | (5,311 | ) | (12,192 | ) | ||||
| Cash provided by operating activities | 126,891 | 271,027 | ||||||
| Cash flows from investing activities: | ||||||||
| Acquisitions of property, plant and equipment | (98,274 | ) | (108,429 | ) | ||||
| Proceeds from property disposals | 1,185 | 2,217 | ||||||
| Cash used in investing activities | (97,089 | ) | (106,212 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Payments on revolving line of credit, long-term borrowings and finance lease obligations | (3,553 | ) | (153 | ) | ||||
| Proceeds from contribution (distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation | — | 1,425 | ||||||
| Payments of capitalized loan costs | — | (16 | ) | |||||
| Cash provided by (used in) financing activities | (3,553 | ) | 1,256 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 8,060 | (2,411 | ) | |||||
| Increase in cash, cash equivalents and restricted cash | 34,309 | 163,660 | ||||||
| Cash, cash equivalents and restricted cash, beginning of period | 2,043,158 | 731,223 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 2,077,467 | $ | 894,883 | ||||
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 gains, (2) costs related to litigation settlements, (3) restructuring activities losses, and (4) 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 30, 2025 | March 31, 2024 | ||||||
| (In thousands) | |||||||
| Net income | $ | 296,343 | $ | 174,938 | |||
| Add: | |||||||
| Interest expense, net(a) | 16,785 | 30,897 | |||||
| Income tax expense | 94,099 | 52,062 | |||||
| Depreciation and amortization | 104,518 | 103,350 | |||||
| EBITDA | 511,745 | 361,247 | |||||
| Add: | |||||||
| Litigation settlements(b) | 7,250 | 940 | |||||
| Restructuring activities losses(c) | 16,612 | 14,559 | |||||
| Minus: | |||||||
| Foreign currency transaction gains(d) | 2,053 | 4,337 | |||||
| Net income attributable to noncontrolling interest | 310 | 517 | |||||
| Adjusted EBITDA | $ | 533,244 | $ | 371,892 | |||
| (a) | Interest expense, net, consists of interest expense less interest income. | |
| (b) | This represents expenses recognized in anticipation of probable settlements in ongoing litigation. | |
| (c) | Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment. | |
| (d) | Prior to April 1, 2024, 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 were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. |
The summary unaudited consolidated income statement data for the twelve months ended March 30, 2025 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 31, 2024 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 29, 2024 and (2) the applicable unaudited consolidated income statement data for the three months ended March 30, 2025.
| PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||||
| Reconciliation of LTM Adjusted EBITDA | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | LTM Ended | |||||||||||||||||||
| June 30, 2024 | September 29, 2024 | December 29, 2024 | March 30, 2025 | March 30, 2025 | ||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Net income | $ | 326,523 | $ | 349,990 | $ | 235,772 | $ | 296,343 | $ | 1,208,628 | ||||||||||
| Add: | ||||||||||||||||||||
| Interest expense, net | 15,338 | 19,498 | 22,776 | 16,785 | 74,397 | |||||||||||||||
| Income tax expense | 100,650 | 131,609 | 40,725 | 94,099 | 367,083 | |||||||||||||||
| Depreciation and amortization | 107,948 | 110,470 | 111,854 | 104,518 | 434,790 | |||||||||||||||
| EBITDA | 550,459 | 611,567 | 411,127 | 511,745 | 2,084,898 | |||||||||||||||
| Add: | ||||||||||||||||||||
| Litigation settlements | 71,250 | — | 95,038 | 7,250 | 173,538 | |||||||||||||||
| Restructuring activities losses | 36,675 | 30,836 | 11,318 | 16,612 | 95,441 | |||||||||||||||
| Loss on settlement of pension from plan termination | — | 10,709 | 10,940 | — | 21,649 | |||||||||||||||
| Inventory write-down as a result of hurricane | — | 8,075 | — | — | 8,075 | |||||||||||||||
| Minus: | ||||||||||||||||||||
| Foreign currency transaction gains | 2,225 | 678 | 2,785 | 2,053 | 7,741 | |||||||||||||||
| Net income (loss) attributable to noncontrolling interest | 220 | 130 | (82 | ) | 310 | 578 | ||||||||||||||
| Adjusted EBITDA | $ | 655,939 | $ | 660,379 | $ | 525,720 | $ | 533,244 | $ | 2,375,282 | ||||||||||
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 30, 2025 | March 31, 2024 | March 30, 2025 | March 31, 2024 | |||||||||||
| (In thousands) | ||||||||||||||
| Net income | $ | 296,343 | $ | 174,938 | 6.64 | % | 4.01 | % | ||||||
| Add: | ||||||||||||||
| Interest expense, net | 16,785 | 30,897 | 0.38 | % | 0.71 | % | ||||||||
| Income tax expense | 94,099 | 52,062 | 2.11 | % | 1.19 | % | ||||||||
| Depreciation and amortization | 104,518 | 103,350 | 2.34 | % | 2.36 | % | ||||||||
| EBITDA | 511,745 | 361,247 | 11.47 | % | 8.27 | % | ||||||||
| Add: | ||||||||||||||
| Litigation settlements | 7,250 | 940 | 0.16 | % | 0.02 | % | ||||||||
| Restructuring activities losses | 16,612 | 14,559 | 0.37 | % | 0.33 | % | ||||||||
| Minus: | ||||||||||||||
| Foreign currency transaction gains | 2,053 | 4,337 | 0.05 | % | 0.09 | % | ||||||||
| Net income attributable to noncontrolling interest | 310 | 517 | 0.01 | % | 0.01 | % | ||||||||
| Adjusted EBITDA | $ | 533,244 | $ | 371,892 | 11.94 | % | 8.52 | % | ||||||
| Net sales | $ | 4,463,009 | $ | 4,361,934 | — | — | ||||||||
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 30, 2025 | March 31, 2024 | ||||||||||||||||||||||||||||||
| U.S. | Europe | Mexico | Total | U.S. | Europe | Mexico | Total | ||||||||||||||||||||||||
| (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||
| Net income | $ | 222,296 | $ | 42,150 | $ | 31,897 | $ | 296,343 | $ | 102,631 | $ | 24,512 | $ | 47,795 | $ | 174,938 | |||||||||||||||
| Add: | |||||||||||||||||||||||||||||||
| Interest expense, net(a) | 25,567 | (1,904 | ) | (6,878 | ) | 16,785 | 44,586 | (1,983 | ) | (11,706 | ) | 30,897 | |||||||||||||||||||
| Income tax expense | 71,012 | 9,922 | 13,165 | 94,099 | 32,060 | 9,557 | 10,445 | 52,062 | |||||||||||||||||||||||
| Depreciation and amortization | 66,386 | 33,137 | 4,995 | 104,518 | 62,685 | 35,028 | 5,637 | 103,350 | |||||||||||||||||||||||
| EBITDA | 385,261 | 83,305 | 43,179 | 511,745 | 241,962 | 67,114 | 52,171 | 361,247 | |||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||
| Foreign currency transaction losses (gains)(b) | (1 | ) | (372 | ) | (1,680 | ) | (2,053 | ) | 2 | (216 | ) | (4,123 | ) | (4,337 | ) | ||||||||||||||||
| Litigation settlements(c) | 7,250 | — | — | 7,250 | 940 | — | — | 940 | |||||||||||||||||||||||
| Restructuring activities losses(d) | — | 16,612 | — | 16,612 | — | 14,559 | — | 14,559 | |||||||||||||||||||||||
| Minus: | |||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | — | 310 | 310 | — | — | 517 | 517 | |||||||||||||||||||||||
| Adjusted EBITDA | $ | 392,510 | $ | 99,545 | $ | 41,189 | $ | 533,244 | $ | 242,904 | $ | 81,457 | $ | 47,531 | $ | 371,892 | |||||||||||||||
| (a) | Interest expense, net, consists of interest expense less interest income. | |
| (b) | Prior to April 1, 2024, 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 were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses 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 related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment. |
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 30, 2025 | March 31, 2024 | ||||||
| (In thousands) | |||||||
| GAAP operating income, U.S. operations | $ | 318,806 | $ | 179,417 | |||
| Litigation settlements | 7,250 | 940 | |||||
| Adjusted operating income, U.S. operations | $ | 326,056 | $ | 180,357 | |||
| Adjusted operating income margin, U.S. operations | 11.9 | % | 7.0 | % | |||
| Three Months Ended | |||||||
| March 30, 2025 | March 31, 2024 | ||||||
| (In thousands) | |||||||
| GAAP operating income, Europe operations | $ | 49,071 | $ | 31,116 | |||
| Restructuring activities losses | 16,612 | 14,559 | |||||
| Adjusted operating income, Europe operations | $ | 65,683 | $ | 45,675 | |||
| Adjusted operating income margin, Europe operations | 5.3 | % | 3.6 | % | |||
| Three Months Ended | |||||||
| March 30, 2025 | March 31, 2024 | ||||||
| (In thousands) | |||||||
| GAAP operating income, Mexico operations | $ | 36,605 | $ | 39,741 | |||
| No adjustments | — | — | |||||
| Adjusted operating income, Mexico operations | $ | 36,605 | $ | 39,741 | |||
| Adjusted operating income margin, Mexico operations | 7.5 | % | 7.7 | % | |||
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 30, 2025 | March 31, 2024 | ||||
| (In percent) | |||||
| GAAP operating income margin, U.S. operations | 11.6 | % | 7.0 | % | |
| Litigation settlements | 0.3 | % | — | % | |
| Adjusted operating income margin, U.S. operations | 11.9 | % | 7.0 | % | |
| Three Months Ended | |||||
| March 30, 2025 | March 31, 2024 | ||||
| (In percent) | |||||
| GAAP operating income margin, Europe operations | 4.0 | % | 2.5 | % | |
| Restructuring activities losses | 1.3 | % | 1.1 | % | |
| Adjusted operating income margin, Europe operations | 5.3 | % | 3.6 | % | |
| Three Months Ended | |||||
| March 30, 2025 | March 31, 2024 | ||||
| (In percent) | |||||
| GAAP operating income margin, Mexico operations | 7.5 | % | 7.7 | % | |
| No adjustments | — | % | — | % | |
| Adjusted operating income margin, Mexico operations | 7.5 | % | 7.7 | % | |
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 30, 2025 | March 31, 2024 | ||||||
| (In thousands, except per share data) | |||||||
| Net income attributable to Pilgrim's | $ | 296,033 | $ | 174,421 | |||
| Add: | |||||||
| Litigation settlements | 7,250 | 940 | |||||
| Restructuring activities losses | 16,612 | 14,559 | |||||
| Minus: | |||||||
| Foreign currency transaction gains | 2,053 | 4,337 | |||||
| Adjusted net income attributable to Pilgrim's before tax impact of adjustments | 317,842 | 185,583 | |||||
| Net tax impact of adjustments(a) | (5,278 | ) | (2,701 | ) | |||
| Adjusted net income attributable to Pilgrim's | $ | 312,564 | $ | 182,882 | |||
| Weighted average diluted shares of common stock outstanding | 238,280 | 237,491 | |||||
| Adjusted net income attributable to Pilgrim's per common diluted share | $ | 1.31 | $ | 0.77 | |||
(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 30, 2025 | March 31, 2024 | ||||||
| (In thousands, except per share data) | |||||||
| GAAP EPS | $ | 1.24 | $ | 0.73 | |||
| Add: | |||||||
| Litigation settlements | 0.03 | — | |||||
| Restructuring activities losses | 0.07 | 0.07 | |||||
| Minus: | |||||||
| Foreign currency transaction gains | 0.01 | 0.02 | |||||
| Adjusted EPS before tax impact of adjustments | 1.33 | 0.78 | |||||
| Net tax impact of adjustments(a) | (0.02 | ) | (0.01 | ) | |||
| Adjusted EPS | $ | 1.31 | $ | 0.77 | |||
| Weighted average diluted shares of common stock outstanding | 238,280 | 237,491 | |||||
(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 30, 2025 | March 31, 2024 | |||||||
| (In thousands) | ||||||||
| Sources of net sales by geographic region of origin: | ||||||||
| U.S. | $ | 2,743,189 | $ | 2,579,332 | ||||
| Europe | 1,231,529 | 1,267,903 | ||||||
| Mexico | 488,291 | 514,699 | ||||||
| Total net sales | $ | 4,463,009 | $ | 4,361,934 | ||||
| Sources of cost of sales by geographic region of origin: | ||||||||
| U.S. | $ | 2,355,567 | $ | 2,342,040 | ||||
| Europe | 1,115,225 | 1,175,738 | ||||||
| Mexico | 437,344 | 460,247 | ||||||
| Total cost of sales | $ | 3,908,136 | $ | 3,978,025 | ||||
| Sources of gross profit by geographic region of origin: | ||||||||
| U.S. | $ | 387,622 | $ | 237,292 | ||||
| Europe | 116,304 | 92,165 | ||||||
| Mexico | 50,947 | 54,452 | ||||||
| Total gross profit | $ | 554,873 | $ | 383,909 | ||||
| Sources of operating income by geographic region of origin: | ||||||||
| U.S. | $ | 318,806 | $ | 179,417 | ||||
| Europe | 49,071 | 31,116 | ||||||
| Mexico | 36,605 | 39,741 | ||||||
| Total operating income | $ | 404,482 | $ | 250,274 | ||||
FAQ
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