Pilgrim’s Pride Corp ( (PPC) ) has released its Q3 earnings. Here is a breakdown of the information Pilgrim’s Pride Corp presented to its investors.
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Pilgrim’s Pride Corporation is one of the world’s leading poultry producers, operating in the protein processing and prepared-foods industry with facilities across the United States, Puerto Rico, Mexico, the U.K., the Republic of Ireland, and continental Europe. The company is notable for its extensive distribution network through retailers and foodservice distributors.
In its third quarter of 2024, Pilgrim’s Pride Corporation reported strong financial performance with net sales of $4.6 billion and an operating income of $508.4 million. The company highlighted significant improvements in its operational segments across the U.S., Europe, and Mexico, driven by strong demand for its fresh and prepared foods portfolios.
Key financial highlights include a GAAP net income of $350 million and an adjusted net income of $387 million. The company achieved an adjusted EBITDA of $660.4 million, marking a substantial 103.8% increase from the previous year. Strategic advancements included increased distribution and promotional activities in its branded prepared foods portfolio, which grew significantly faster than category averages.
In Europe, the company realized a near 40% improvement in adjusted EBITDA, attributed to network optimizations and expanded branded offerings. Meanwhile, in Mexico, Pilgrim’s Pride continued its diversification strategy, resulting in branded sales growth of over 20%. These achievements were supported by strong partnerships with key customers and investments in operational excellence.
Looking ahead, Pilgrim’s Pride remains focused on strengthening its market position through operational excellence and sustainability initiatives. The company reported significant improvements in safety performance and emissions reductions, reflecting its commitment to long-term growth and value creation for shareholders.
