Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's
largest poultry producers, reports its fourth quarter and year-end
2021 financial results.
2021 Highlights
- Net Sales of $14.8 billion, up 22% from prior year.
- Consolidated GAAP Operating Income margin of 1.4% with Adjusted
U.S. Operating Income margin of 7.1%.
- GAAP Net Income of $31.0 million. Adjusted Net Income of $557.4
million, or adjusted EPS of $2.28.
- Adjusted EBITDA of $1.3 billion, or an 8.7% margin, 64% higher
than prior year.
- Our strategy and our portfolio continue to mitigate the impact
of volatile market conditions. Demand in the U.S.
continued its recovery. Our food service business
improved year over year, while Retail sales were above pre-pandemic
levels. Our margins improved year over year, especially on the
Commodity large bird deboning operation, despite high input and
operating costs and less than optimal mix due to the labor
shortages during the year.
- Prepared foods continues to improve, and the Pilgrim’s® and
Just Bare® brands grew significantly in both the retail and
e-commerce channels.
- Mexico achieved a solid year through excellent execution of its
strategy and through the growth of our Pilgrim’s®, Del Dia® and
Alamesa® brands in the retail and food service channels.
- Our legacy European business was significantly affected by
unprecedented cost inflation, labor shortages and pig pricing not
yet reflected into pricing models; however, our newly acquired
Pilgrim’s Food Masters meats and meals business performed well and
the integration is in line with expectations.
- While labor shortages were a significant challenge in the U.S.
and Europe throughout 2021, we are starting to see signs of
improvement in staffing levels.
- We made significant strides in our ESG metrics, and are ahead
of expectations in our greenhouse gas emission targets.
- Our liquidity position remains strong with an Adjusted EBITDA
to net leverage ratio of less than 2.2x.
- Pilgrim's is positioned for future growth with synergies and
scale in the U.S., Mexico and Europe.
Fourth Quarter
- Net Sales of $4.0 billion.
- GAAP Net Income of $36.8 million.
- Consolidated GAAP Operating Income margin of 1.4%. Adjusted
U.S. Operating Income margin of 8.4%.
- Adjusted EBITDA of $316.7 million, or a 7.8% margin, 54.2%
higher than last year.
Unaudited
(2) |
|
Three Months Ended |
|
Year Ended |
|
|
December 26, 2021 |
|
December 27, 2020 |
|
Y/Y Change |
|
December 26, 2021 |
|
December 27, 2020 |
|
Y/Y Change |
|
|
(In millions, except per share and
percentages) |
|
|
Net sales |
|
$ |
4,038.8 |
|
|
$ |
3,117.8 |
|
|
+29.5 |
% |
|
$ |
14,777.5 |
|
|
$ |
12,091.9 |
|
|
+22.2 |
% |
U.S. GAAP EPS |
|
$ |
0.15 |
|
|
$ |
— |
|
|
+100.0 |
% |
|
$ |
0.13 |
|
|
$ |
0.38 |
|
|
(65.8 |
)% |
Operating income |
|
$ |
55.1 |
|
|
$ |
39.5 |
|
|
+39.4 |
% |
|
$ |
211.2 |
|
|
$ |
245.5 |
|
|
(14.0 |
)% |
Adjusted EBITDA(1) |
|
$ |
316.7 |
|
|
$ |
205.4 |
|
|
+54.2 |
% |
|
$ |
1,289.0 |
|
|
$ |
788.1 |
|
|
+63.6 |
% |
Adjusted EBITDA margin(1) |
|
|
7.8 |
% |
|
|
6.6 |
% |
|
+1.3 pts |
|
|
|
8.7 |
% |
|
|
6.5 |
% |
|
+2.2 pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Reconciliations for
non-U.S. GAAP measures are provided in subsequent sections within
this release.(2)
Comparisons include
newly acquired European prepared foods business from 09/24/21
forward.
“The Pilgrim’s Pride team was relentless in the face of input
cost inflation and volatility, supply chain disruptions, labor
shortages and a global pandemic. They managed through these
challenges to deliver a strong performance in the fourth quarter
and the fiscal year,” said Fabio Sandri, Chief Executive Officer of
Pilgrim’s. “By staying focused on our Key Customer strategy, on the
safety of our employees and on producing high-quality food
products, our diversified portfolio delivered improved results over
last year as well as 2019 pre-COVID baselines.
“Strong U.S. consumer demand for chicken supported fresh meat
pricing throughout 2021, and we expect this pricing environment to
continue into the near future with the USDA projecting supply
growth of only 1.6% for 2022. Chicken remains a great value
relative to the other major proteins, and we continue to grow and
improve our portfolio in partnerships with Key Customers and to
grow our Prepared Foods business while supporting our
differentiated Pilgrim’s® and Just Bare® brands within retail and
e-commerce.
“Our business in Mexico dealt with elevated feed grain pricing
for much of the year but executed well and delivered results
surpassing last year with Fresh and Prepared Foods offerings in our
Pilgrim’s®, Del Dia® and Alamesa® brands.
“Our legacy European businesses faced rising input costs and
overall inflation, labor disruptions due to Brexit and very
challenging market conditions. Through continued execution of our
operational excellence strategy and pricing model actions, we are
confident in our legacy UK businesses returning to expected
results. At the end of September, we welcomed Pilgrim’s Food
Masters with its value-added branded products that strengthened our
portfolio in Europe and created a differentiated platform for
growth.
“Overall, I am extremely pleased with our team members and the
execution of our strategy under difficult conditions. We are
committed to being the best and most respected company in our
industry, and we will continue to perform to the best of our
ability to serve our Key Customers and create a better future for
our team members.”
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be
held tomorrow, February 10, at 7:00 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/ppc220209.html
You may also reach the pre-registration link by logging in
through the investor section of our website at www.pilgrims.com and
clicking on the link under “Upcoming Events.”
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. The
webcast will be available for replay through May 10, 2022.
About Pilgrim’s Pride
Pilgrim’s employs approximately 59,400 people and operates
protein processing plants and prepared-foods facilities in 14
states, Puerto Rico, Mexico, the U.K, 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: the impact of the COVID-19 pandemic, efforts to contain
the pandemic and resulting economic downturn on our operations and
financial condition, including the risk that our health and safety
measures at Pilgrim’s Pride production facilities will not be
effective, the risk that we may be unable to prevent the infection
of our employees at these facilities, and the risk that we may need
to temporarily close one or more of our production facilities; the
risk that we may experience decreased production and sales due to
the changing demand for food products; the risk that we may face a
significant increase in delayed payments from our customers; and
additional risks related to COVID-19 set forth in our most recent
Form 10-K and Form 10-Q filed with the SEC; 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 channel, including anti-dumping
proceedings and countervailing duty proceedings; 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: |
|
Julie Kegley - Financial ProfilesInvestor
RelationsIRPPC@pilgrims.comwww.pilgrims.com |
|
|
|
PILGRIM’S PRIDE CORPORATION |
CONSOLIDATED BALANCE SHEETS |
|
|
|
December 26, 2021 |
|
December 27, 2020 |
|
|
(In thousands, except share and par value
data) |
Cash and cash equivalents |
|
$ |
427,661 |
|
|
$ |
547,624 |
|
Restricted cash and cash
equivalents |
|
|
22,460 |
|
|
|
782 |
|
Trade accounts and other
receivables, less allowance for doubtful accounts |
|
|
1,013,437 |
|
|
|
741,992 |
|
Accounts receivable from
related parties |
|
|
1,345 |
|
|
|
1,084 |
|
Inventories |
|
|
1,575,658 |
|
|
|
1,358,793 |
|
Income taxes receivable |
|
|
27,828 |
|
|
|
69,397 |
|
Prepaid expenses and other
current assets |
|
|
237,565 |
|
|
|
183,039 |
|
Total current assets |
|
|
3,305,954 |
|
|
|
2,902,711 |
|
Deferred tax assets |
|
|
5,314 |
|
|
|
5,471 |
|
Other long-lived assets |
|
|
32,410 |
|
|
|
24,780 |
|
Operating lease assets,
net |
|
|
351,226 |
|
|
|
288,886 |
|
Identified intangible assets,
net |
|
|
963,243 |
|
|
|
589,913 |
|
Goodwill |
|
|
1,337,252 |
|
|
|
1,005,245 |
|
Property, plant and equipment,
net |
|
|
2,917,806 |
|
|
|
2,657,491 |
|
Total assets |
|
$ |
8,913,205 |
|
|
$ |
7,474,497 |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,378,077 |
|
|
$ |
1,028,710 |
|
Accounts payable to related
parties |
|
|
22,317 |
|
|
|
9,650 |
|
Revenue contract
liability |
|
|
22,321 |
|
|
|
65,918 |
|
Accrued expenses and other
current liabilities |
|
|
859,885 |
|
|
|
807,847 |
|
Income taxes payable |
|
|
81,977 |
|
|
|
— |
|
Current maturities of
long-term debt |
|
|
26,246 |
|
|
|
25,455 |
|
Total current liabilities |
|
|
2,390,823 |
|
|
|
1,937,580 |
|
Noncurrent operating lease
liability, less current maturities |
|
|
271,366 |
|
|
|
217,432 |
|
Long-term debt, less current
maturities |
|
|
3,191,161 |
|
|
|
2,255,546 |
|
Noncurrent income taxes
payable |
|
|
— |
|
|
|
— |
|
Deferred tax liabilities |
|
|
369,185 |
|
|
|
339,831 |
|
Other long-term
liabilities |
|
|
101,736 |
|
|
|
148,761 |
|
Total liabilities |
|
|
6,324,271 |
|
|
|
4,899,150 |
|
Common stock, $.01 par value,
800,000,000 shares authorized; 261,184,998 and 255,059,435
shares issued at year-end 2021 and year-end 2020,
respectively; 243,512,490 and 243,512,490 shares outstanding
at year-end 2021 and year-end 2020, respectively |
|
|
2,614 |
|
|
|
2,612 |
|
Treasury stock, at cost,
17,672,508 shares and 11,546,945 shares at year-end 2020 and
year-end 2019, respectively |
|
|
(345,134 |
) |
|
|
(345,134 |
) |
Additional paid-in
capital |
|
|
1,964,028 |
|
|
|
1,954,334 |
|
Retained earnings |
|
|
1,003,569 |
|
|
|
972,569 |
|
Accumulated other
comprehensive loss |
|
|
(47,997 |
) |
|
|
(20,620 |
) |
Total Pilgrim’s Pride Corporation stockholders’ equity |
|
|
2,577,080 |
|
|
|
2,563,761 |
|
Noncontrolling interest |
|
|
11,854 |
|
|
|
11,586 |
|
Total stockholders’ equity |
|
|
2,588,934 |
|
|
|
2,575,347 |
|
Total liabilities and stockholders' equity |
|
$ |
8,913,205 |
|
|
$ |
7,474,497 |
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION |
CONSOLIDATED AND COMBINED STATEMENTS OF
INCOME |
(Unaudited) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
|
(In thousands, except per share data) |
Net sales |
|
$ |
4,038,769 |
|
|
$ |
3,117,829 |
|
|
$ |
14,777,458 |
|
|
$ |
12,091,901 |
|
Cost of
sales |
|
|
3,686,269 |
|
|
|
2,890,433 |
|
|
|
13,411,631 |
|
|
|
11,253,705 |
|
Gross profit |
|
|
352,500 |
|
|
|
227,396 |
|
|
|
1,365,827 |
|
|
|
838,196 |
|
Selling,
general and administrative expense |
|
|
291,644 |
|
|
|
187,773 |
|
|
|
1,148,861 |
|
|
|
592,610 |
|
Administrative restructuring activities |
|
|
5,802 |
|
|
|
123 |
|
|
|
5,802 |
|
|
|
123 |
|
Operating income |
|
|
55,054 |
|
|
|
39,500 |
|
|
|
211,164 |
|
|
|
245,463 |
|
Interest
expense, net of capitalized interest |
|
|
34,974 |
|
|
|
30,543 |
|
|
|
145,792 |
|
|
|
126,118 |
|
Interest
income |
|
|
(1,604 |
) |
|
|
(2,694 |
) |
|
|
(6,056 |
) |
|
|
(7,305 |
) |
Foreign
currency transaction loss (gain) |
|
|
(18,400 |
) |
|
|
4,528 |
|
|
|
(9,382 |
) |
|
|
760 |
|
Gain on
bargain purchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,746 |
|
Miscellaneous, net |
|
|
(1,575 |
) |
|
|
(2,062 |
) |
|
|
(11,580 |
) |
|
|
(39,681 |
) |
Income before income taxes |
|
|
41,659 |
|
|
|
9,185 |
|
|
|
92,390 |
|
|
|
161,825 |
|
Income
tax expense |
|
|
5,191 |
|
|
|
8,855 |
|
|
|
61,122 |
|
|
|
66,755 |
|
Net income |
|
|
36,468 |
|
|
|
330 |
|
|
|
31,268 |
|
|
|
95,070 |
|
Less:
Net income (loss) attributable to
noncontrolling interests |
|
|
(286 |
) |
|
|
251 |
|
|
|
268 |
|
|
|
313 |
|
Net income attributable to Pilgrim’s Pride Corporation |
|
$ |
36,754 |
|
|
$ |
79 |
|
|
$ |
31,000 |
|
|
$ |
94,757 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
243,676 |
|
|
|
243,557 |
|
|
|
243,652 |
|
|
|
245,944 |
|
Effect of dilutive common stock equivalents |
|
|
665 |
|
|
|
244 |
|
|
|
477 |
|
|
|
180 |
|
Diluted |
|
|
244,341 |
|
|
|
243,801 |
|
|
|
244,129 |
|
|
|
246,124 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to Pilgrim's
Pride Corporation per share of common
stock outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
0.13 |
|
|
$ |
0.39 |
|
Diluted |
|
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
0.13 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION |
CONSOLIDATED AND COMBINED STATEMENTS OF CASH
FLOWS |
|
|
|
|
Year Ended |
|
|
December 26, 2021 |
|
December 27, 2020 |
|
|
(In thousands) |
Cash flows from operating activities: |
|
|
|
|
Net income |
|
$ |
31,268 |
|
|
$ |
95,070 |
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
380,824 |
|
|
|
337,104 |
|
Deferred income tax expense |
|
|
(86,391 |
) |
|
|
37,337 |
|
Loss on early extinguishment of debt recognized as a component of
interest expense |
|
|
24,654 |
|
|
|
— |
|
Share-based compensation |
|
|
11,655 |
|
|
|
(276 |
) |
Loan cost amortization |
|
|
5,095 |
|
|
|
4,848 |
|
Accretion of bond discount |
|
|
1,533 |
|
|
|
982 |
|
Gain on property disposals |
|
|
(1,476 |
) |
|
|
(13,766 |
) |
Amortization of bond premium |
|
|
(167 |
) |
|
|
(668 |
) |
Loss (gain) on equity method investments |
|
|
(16 |
) |
|
|
291 |
|
Adjustment to gain on bargain purchase |
|
|
— |
|
|
|
3,746 |
|
Noncash loss on subsidiary dissolution |
|
|
— |
|
|
|
115 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts and other receivables |
|
|
(259,377 |
) |
|
|
29,154 |
|
Inventories |
|
|
(177,864 |
) |
|
|
26,041 |
|
Prepaid expenses and other current assets |
|
|
(53,797 |
) |
|
|
(50,347 |
) |
Accounts payable and accrued expenses |
|
|
359,589 |
|
|
|
295,327 |
|
Income taxes |
|
|
115,216 |
|
|
|
(39,436 |
) |
Long-term pension and other postretirement obligations |
|
|
(18,461 |
) |
|
|
(7,883 |
) |
Other operating assets and liabilities |
|
|
(5,826 |
) |
|
|
6,608 |
|
Cash provided by operating activities |
|
|
326,459 |
|
|
|
724,247 |
|
Cash flows from investing activities: |
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(381,671 |
) |
|
|
(354,762 |
) |
Purchase of acquired businesses, net of cash acquired |
|
|
(966,766 |
) |
|
|
(4,216 |
) |
Proceeds from property disposals |
|
|
24,724 |
|
|
|
31,976 |
|
Cash used in investing activities |
|
|
(1,323,713 |
) |
|
|
(327,002 |
) |
Cash flows from financing activities: |
|
|
|
|
Payments on revolving line of credit and long-term borrowings |
|
|
(2,006,195 |
) |
|
|
(430,988 |
) |
Proceeds from revolving line of credit and long-term
borrowings |
|
|
2,951,707 |
|
|
|
404,522 |
|
Payment of capitalized loan costs |
|
|
(22,293 |
) |
|
|
— |
|
Payment on early extinguishment of debt |
|
|
(21,258 |
) |
|
|
— |
|
Distribution from equity contribution under Tax Sharing Agreement
between JBS USA Food Company Holdings and Pilgrim's Pride
Corporation |
|
|
(650 |
) |
|
|
— |
|
Purchase of common stock under share repurchase program |
|
|
— |
|
|
|
(110,242 |
) |
Cash provided by financing activities |
|
|
901,311 |
|
|
|
(136,708 |
) |
Effect
of exchange rate changes on cash and cash equivalents |
|
|
(2,342 |
) |
|
|
7,292 |
|
Increase
in cash and cash equivalents |
|
|
(98,285 |
) |
|
|
267,829 |
|
Cash and
cash equivalents, beginning of year |
|
|
548,406 |
|
|
|
280,577 |
|
Cash and
cash equivalents, end of year |
|
$ |
450,121 |
|
|
$ |
548,406 |
|
Supplemental Disclosure Information: |
|
|
|
|
Interest paid (net of amount capitalized) |
|
$ |
119,328 |
|
|
$ |
130,641 |
|
Income taxes paid |
|
|
20,863 |
|
|
|
51,710 |
|
|
|
|
|
|
|
|
|
|
PILGRIM’S PRIDE CORPORATION
Selected Financial
Information
(Unaudited)
“EBITDA” is defined as the sum of net income
(loss) 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 loss (gain), (2)
transaction costs related to business acquisitions, (3) DOJ
agreement and litigation settlements, (4) restructuring activities
loss (gain), (5) Hometown Strong initiative expenses,
(6) charge for fair value markup of acquired inventory, (7)
gain on bargain purchase, (8) shareholder litigation
settlement, (9) deconsolidation of a subsidiary and (10) net income
attributable to noncontrolling interest. 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 |
|
Year Ended |
|
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
|
(In thousands) |
Net income |
|
$ |
36,468 |
|
|
$ |
330 |
|
|
$ |
31,268 |
|
|
$ |
95,070 |
|
Add: |
|
|
|
|
|
|
|
|
Interest expense, net(a) |
|
|
33,370 |
|
|
|
27,849 |
|
|
|
139,736 |
|
|
|
118,813 |
|
Income tax expense |
|
|
5,191 |
|
|
|
8,855 |
|
|
|
61,122 |
|
|
|
66,755 |
|
Depreciation and amortization |
|
|
106,488 |
|
|
|
88,463 |
|
|
|
380,824 |
|
|
|
337,104 |
|
EBITDA |
|
|
181,517 |
|
|
|
125,497 |
|
|
|
612,950 |
|
|
|
617,742 |
|
Add: |
|
|
|
|
|
|
|
|
Foreign currency transaction loss (gain)(b) |
|
|
(18,400 |
) |
|
|
4,528 |
|
|
|
(9,382 |
) |
|
|
760 |
|
Transaction costs related to acquisitions(c) |
|
|
9,540 |
|
|
|
— |
|
|
|
18,858 |
|
|
|
134 |
|
DOJ agreement and litigation settlements(d) |
|
|
131,940 |
|
|
|
75,000 |
|
|
|
656,225 |
|
|
|
185,524 |
|
Restructuring activities loss(e) |
|
|
5,802 |
|
|
|
123 |
|
|
|
5,802 |
|
|
|
123 |
|
Hometown Strong commitment(f) |
|
|
1,000 |
|
|
|
494 |
|
|
|
1,000 |
|
|
|
15,000 |
|
Charge for fair value markup of acquired inventory(g) |
|
|
4,974 |
|
|
|
— |
|
|
|
4,974 |
|
|
|
— |
|
Minus: |
|
|
|
|
|
|
|
|
Adjustment to gain on bargain purchase(h) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,746 |
) |
Shareholder litigation settlement(i) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,643 |
|
Deconsolidation of subsidiary(j) |
|
|
— |
|
|
|
— |
|
|
|
1,131 |
|
|
|
— |
|
Net income (loss) attributable to noncontrolling interest |
|
|
(286 |
) |
|
|
251 |
|
|
|
268 |
|
|
|
313 |
|
Adjusted EBITDA |
|
$ |
316,659 |
|
|
$ |
205,391 |
|
|
$ |
1,289,028 |
|
|
$ |
788,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
U.K. and Europe reportable segment are included in the line item
Foreign currency transaction losses (gains) in the Consolidated
Statements of
Income.(c) Transaction costs
related to acquisitions includes those charges that are incurred in
conjunction with business acquisitions.
(d) This line represents the DOJ
fine in 2020 and other litigation
settlements.(e) Restructuring
charges is primarily related to exiting an abattoir in the
U.K.(f) The Hometown Strong
initiative was developed to help communities in which we operate
respond to unexpected
challenges.(g) This amount
represents the flow-through of the value to step-up inventory to
fair value at the acquisition date in accordance with business
combination accounting rules recorded as part of the Pilgrim's Food
Masters transaction.(h) The gain
on bargain purchase was recognized as a result of the PPL
acquisition in October 2019. The amount above represents an
adjustment to the previously recorded gain on bargain purchase.
(i) Shareholder litigation
settlement is income received as a result of a settlement in the
first quarter of 2020.(j) This
represents a gain recognized as a result of deconsolidation of a
subsidiary.
The summary unaudited consolidated income
statement data for the 12 months ended December 26, 2021 (the
LTM Period) have been calculated by summing each of the unaudited
three month periods within the audited year ended December 26,
2021.
PILGRIM'S PRIDE CORPORATION |
Reconciliation of LTM Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended |
|
LTM Ended December 26, 2021 |
|
|
March 28, 2021 |
|
June 27, 2021 |
|
September 26, 2021 |
|
December 26, 2021 |
|
|
(In thousands) |
Net income (loss) |
|
$ |
100,468 |
|
$ |
(166,503 |
) |
|
$ |
60,835 |
|
|
$ |
36,468 |
|
|
$ |
31,268 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
27,968 |
|
|
49,809 |
|
|
|
28,589 |
|
|
|
33,370 |
|
|
|
139,736 |
|
Income tax expense |
|
|
35,358 |
|
|
(9,812 |
) |
|
|
30,385 |
|
|
|
5,191 |
|
|
|
61,122 |
|
Depreciation and amortization |
|
|
86,532 |
|
|
95,728 |
|
|
|
92,076 |
|
|
|
106,488 |
|
|
|
380,824 |
|
EBITDA |
|
|
250,326 |
|
|
(30,778 |
) |
|
|
211,885 |
|
|
|
181,517 |
|
|
|
612,950 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
Foreign currency transaction loss (gain) |
|
|
2,514 |
|
|
4,145 |
|
|
|
2,359 |
|
|
|
(18,400 |
) |
|
|
(9,382 |
) |
Transaction costs related to acquisitions |
|
|
— |
|
|
2,545 |
|
|
|
6,773 |
|
|
|
9,540 |
|
|
|
18,858 |
|
DOJ agreement and litigation settlements |
|
|
2,399 |
|
|
395,886 |
|
|
|
126,000 |
|
|
|
131,940 |
|
|
|
656,225 |
|
Restructuring activities |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
5,802 |
|
|
|
5,802 |
|
Hometown Strong commitment |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
1,000 |
|
Charge for fair value markup of acquired inventory |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
4,974 |
|
|
|
4,974 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
Deconsolidation of a subsidiary |
|
|
1,131 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,131 |
|
Net income (loss) attributable to noncontrolling interest |
|
|
260 |
|
|
184 |
|
|
|
110 |
|
|
|
(286 |
) |
|
|
268 |
|
Adjusted EBITDA |
|
$ |
253,848 |
|
$ |
371,614 |
|
|
$ |
346,907 |
|
|
$ |
316,659 |
|
|
$ |
1,289,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 EBITDA Margin |
|
(Unaudited) |
|
Three Months Ended |
|
Year Ended |
|
Three Months Ended |
|
Year Ended |
|
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
(In thousands, except percent of net sales) |
Net income |
|
$ |
36,468 |
|
|
$ |
330 |
|
|
$ |
31,268 |
|
|
$ |
95,070 |
|
|
|
0.90 |
% |
|
|
0.01 |
% |
|
|
0.21 |
% |
|
|
0.79 |
% |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
33,370 |
|
|
|
27,849 |
|
|
|
139,736 |
|
|
|
118,813 |
|
|
|
0.83 |
% |
|
|
0.89 |
% |
|
|
0.95 |
% |
|
|
0.98 |
% |
Income tax expense |
|
|
5,191 |
|
|
|
8,855 |
|
|
|
61,122 |
|
|
|
66,755 |
|
|
|
0.13 |
% |
|
|
0.28 |
% |
|
|
0.41 |
% |
|
|
0.55 |
% |
Depreciation and amortization |
|
|
106,488 |
|
|
|
88,463 |
|
|
|
380,824 |
|
|
|
337,104 |
|
|
|
2.64 |
% |
|
|
2.84 |
% |
|
|
2.58 |
% |
|
|
2.79 |
% |
EBITDA |
|
|
181,517 |
|
|
|
125,497 |
|
|
|
612,950 |
|
|
|
617,742 |
|
|
|
4.50 |
% |
|
|
4.02 |
% |
|
|
4.15 |
% |
|
|
5.11 |
% |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transaction loss (gain) |
|
|
(18,400 |
) |
|
|
4,528 |
|
|
|
(9,382 |
) |
|
|
760 |
|
|
|
(0.46 |
)% |
|
|
0.15 |
% |
|
|
(0.06 |
)% |
|
|
0.01 |
% |
Transaction costs related to acquisitions |
|
|
9,540 |
|
|
|
— |
|
|
|
18,858 |
|
|
|
134 |
|
|
|
0.24 |
% |
|
|
— |
% |
|
|
0.13 |
% |
|
|
— |
% |
DOJ agreement and litigation settlements |
|
|
131,940 |
|
|
|
75,000 |
|
|
|
656,225 |
|
|
|
185,524 |
|
|
|
3.27 |
% |
|
|
2.41 |
% |
|
|
4.43 |
% |
|
|
1.53 |
% |
Restructuring activities |
|
|
5,802 |
|
|
|
123 |
|
|
|
5,802 |
|
|
|
123 |
|
|
|
0.14 |
% |
|
|
— |
% |
|
|
0.04 |
% |
|
|
— |
% |
Hometown Strong commitment |
|
|
1,000 |
|
|
|
494 |
|
|
|
1,000 |
|
|
|
15,000 |
|
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.12 |
% |
Charge for fair value markup of acquired inventory |
|
|
4,974 |
|
|
|
— |
|
|
|
4,974 |
|
|
|
— |
|
|
|
0.12 |
% |
|
|
— |
% |
|
|
0.03 |
% |
|
|
— |
% |
Minus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment to gain on bargain purchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,746 |
) |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(0.03 |
)% |
Shareholder litigation settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,643 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.29 |
% |
Deconsolidation of a subsidiary |
|
|
— |
|
|
|
— |
|
|
|
1,131 |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
% |
|
|
0.01 |
% |
|
|
— |
% |
Net income (loss) attributable to noncontrolling interest |
|
|
(286 |
) |
|
|
251 |
|
|
|
268 |
|
|
|
313 |
|
|
|
(0.01 |
)% |
|
|
0.01 |
% |
|
|
— |
% |
|
|
— |
% |
Adjusted EBITDA |
|
$ |
316,659 |
|
|
$ |
205,391 |
|
|
$ |
1,289,028 |
|
|
$ |
788,073 |
|
|
|
7.84 |
% |
|
|
6.59 |
% |
|
|
8.72 |
% |
|
|
6.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
4,038,769 |
|
|
$ |
3,117,829 |
|
|
$ |
14,777,458 |
|
|
$ |
12,091,901 |
|
|
$ |
4,038,769 |
|
|
$ |
3,117,829 |
|
|
$ |
14,777,458 |
|
|
$ |
12,091,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 U.S. Operating
Income |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
(In thousands) |
GAAP operating income (U.S. operations) |
$ |
68,344 |
|
|
$ |
(57,574 |
) |
|
$ |
(17,036 |
) |
|
$ |
69,377 |
|
DOJ agreement & litigation
settlements(a) |
|
131,940 |
|
|
|
75,000 |
|
|
|
656,225 |
|
|
|
185,524 |
|
Transaction costs related to
acquisitions(b) |
|
157 |
|
|
|
— |
|
|
|
9,476 |
|
|
|
134 |
|
Hometown Strong
commitment(c) |
|
1,000 |
|
|
|
494 |
|
|
|
1,000 |
|
|
|
15,000 |
|
Adjusted operating income
(U.S. operations) |
$ |
201,441 |
|
|
$ |
17,920 |
|
|
$ |
649,665 |
|
|
$ |
270,035 |
|
|
|
|
|
|
|
|
|
Adjusted operating income
margin (U.S. operations) |
|
8.4 |
% |
|
|
1.0 |
% |
|
|
7.1 |
% |
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This line
represents the DOJ fine in 2020 and other litigation
settlements.(b) These costs
represent charges incurred related to the acquisition of Pilgrim's
Food Masters (formerly, Kerry Consumer Foods' Meats and Meals
businesses).(c) The Hometown
Strong initiative was developed to help communities in which we
operate respond to unexpected challenges. For the year ended
December 27, 2020, we recorded $15.0 million in incremental
donations expense relating to this initiative. For the year ended
December 26, 2021, we recorded $1.0 million in incremental
donations expense relating to this initiative.
Adjusted Operating Income Margin for the U.S. 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 the U.S. to adjusted operating income margin for
the U.S. is as follows:
PILGRIM'S PRIDE CORPORATION |
Reconciliation of GAAP Operating Income Margin to Adjusted
U.S. Operating Income Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
(In percent) |
GAAP operating income margin
(U.S. operations) |
2.8 |
% |
|
(3.1)% |
|
(0.2)% |
|
0.9 |
% |
DOJ agreement and litigation settlements |
5.6 |
% |
|
4.1 |
% |
|
7.2 |
% |
|
2.6 |
% |
Transaction costs related to
acquisitions |
— |
% |
|
— |
% |
|
0.1 |
% |
|
0.1 |
% |
Hometown Strong
commitment |
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Adjusted operating income
margin (U.S. operations) |
8.4 |
% |
|
1.0 |
% |
|
7.1 |
% |
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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 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 |
|
Year Ended |
|
December 26,2021 |
|
December 27,2020 |
|
December 26,2021 |
|
December 27,2020 |
|
(In thousands, except per share data) |
Net income attributable to Pilgrim's |
$ |
36,754 |
|
|
$ |
79 |
|
|
$ |
31,000 |
|
|
$ |
94,757 |
|
Adjustments: |
|
|
|
|
|
|
|
Foreign currency transaction loss (gain) |
|
(18,400 |
) |
|
|
4,528 |
|
|
|
(9,382 |
) |
|
|
760 |
|
Restructuring activities |
|
5,802 |
|
|
|
123 |
|
|
|
5,802 |
|
|
|
123 |
|
Transaction costs related to acquisitions |
|
9,540 |
|
|
|
— |
|
|
|
18,858 |
|
|
|
134 |
|
DOJ agreement and litigation settlements |
|
131,940 |
|
|
|
75,000 |
|
|
|
656,225 |
|
|
|
185,524 |
|
Hometown Strong commitment |
|
1,000 |
|
|
|
494 |
|
|
|
1,000 |
|
|
|
15,000 |
|
Charge for fair value markup of acquired inventory |
|
4,974 |
|
|
|
— |
|
|
|
4,974 |
|
|
|
— |
|
Loss on early extinguishment of debt recognized as a component
of interest expense |
|
— |
|
|
|
— |
|
|
|
24,654 |
|
|
|
— |
|
Adjustment to gain on bargain purchase |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,746 |
|
Shareholder litigation settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(34,643 |
) |
Deconsolidation of a subsidiary |
|
— |
|
|
|
— |
|
|
|
(1,131 |
) |
|
|
— |
|
Net tax impact of adjustments(a) |
|
(33,593 |
) |
|
|
(19,841 |
) |
|
|
(174,619 |
) |
|
|
(14,976 |
) |
Adjusted net income
attributable to Pilgrim's |
$ |
138,017 |
|
|
$ |
60,383 |
|
|
$ |
557,381 |
|
|
$ |
250,425 |
|
Weighted average diluted
shares of common stock outstanding |
|
244,341 |
|
|
|
243,801 |
|
|
|
244,129 |
|
|
|
246,124 |
|
Adjusted net income
attributable to Pilgrim's per common diluted share |
$ |
0.56 |
|
|
$ |
0.25 |
|
|
$ |
2.28 |
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Net tax impact of adjustments represents the tax impact of
all adjustments shown above with the exclusion of the DOJ agreement
as this item is non-deductible for tax purposes.
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 |
|
Year Ended |
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
(In thousands, except per share data) |
U.S. GAAP EPS |
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
0.13 |
|
|
$ |
0.39 |
|
Adjustments: |
|
|
|
|
|
|
|
Foreign currency transaction loss (gain) |
|
(0.07 |
) |
|
|
0.02 |
|
|
|
(0.04 |
) |
|
|
— |
|
Restructuring activities |
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Transaction costs related to acquisitions |
|
0.04 |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
DOJ agreement and litigation settlements |
|
0.54 |
|
|
|
0.31 |
|
|
|
2.69 |
|
|
|
0.75 |
|
Loss on early extinguishment of debt recognized as a component of
interest expense |
|
— |
|
|
|
— |
|
|
|
0.10 |
|
|
|
— |
|
Hometown Strong commitment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.06 |
|
Adjustment to gain on bargain purchase |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
Charge for fair value markup of acquired inventory |
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Shareholder litigation settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.14 |
) |
Deconsolidation of a subsidiary |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net tax impact of adjustments(a) |
|
(0.14 |
) |
|
|
(0.08 |
) |
|
|
(0.72 |
) |
|
|
(0.06 |
) |
Adjusted EPS |
$ |
0.56 |
|
|
$ |
0.25 |
|
|
$ |
2.28 |
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares of common stock outstanding |
|
244,341 |
|
|
|
243,801 |
|
|
|
244,129 |
|
|
|
246,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Net tax impact of adjustments represents the tax impact of
all adjustments shown above with the exclusion of the DOJ agreement
as this item is non-deductible for tax purposes.
PILGRIM'S PRIDE CORPORATION |
Supplementary Geographic Data |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 26, 2021 |
|
December 27, 2020 |
|
December 26, 2021 |
|
December 27, 2020 |
|
|
(In thousands) |
Sources of net sales by
country of origin: |
|
|
|
|
|
|
|
|
U.S. |
|
$ |
2,399,000 |
|
|
$ |
1,876,226 |
|
|
$ |
9,113,879 |
|
|
$ |
7,496,017 |
|
Europe |
|
|
1,213,043 |
|
|
|
849,152 |
|
|
|
3,934,062 |
|
|
|
3,274,292 |
|
Mexico |
|
|
426,726 |
|
|
|
392,451 |
|
|
|
1,729,517 |
|
|
|
1,321,592 |
|
Total net sales |
|
$ |
4,038,769 |
|
|
$ |
3,117,829 |
|
|
$ |
14,777,458 |
|
|
$ |
12,091,901 |
|
|
|
|
|
|
|
|
|
|
Sources of cost of sales by
country of origin: |
|
|
|
|
|
|
|
|
U.S. |
|
$ |
2,124,315 |
|
|
$ |
1,785,018 |
|
|
|
8,187,959 |
|
|
$ |
6,996 |
|
Europe |
|
|
1,168,996 |
|
|
|
799,931 |
|
|
|
3,769,838 |
|
|
|
3,056 |
|
Mexico |
|
|
392,970 |
|
|
|
305,498 |
|
|
|
1,453,888 |
|
|
|
1,203 |
|
Elimination |
|
|
(12 |
) |
|
|
(14 |
) |
|
|
(54 |
) |
|
|
— |
|
Total cost of sales |
|
$ |
3,686,269 |
|
|
$ |
2,890,433 |
|
|
$ |
13,411,631 |
|
|
$ |
11,253,705 |
|
|
|
|
|
|
|
|
|
|
Sources of gross profit by
country of origin: |
|
|
|
|
|
|
|
|
U.S. |
|
$ |
274,685 |
|
|
$ |
91,208 |
|
|
$ |
925,920 |
|
|
$ |
500.465 |
|
Europe |
|
|
44,047 |
|
|
|
49,221 |
|
|
|
164,224 |
|
|
|
218.327 |
|
Mexico |
|
|
33,756 |
|
|
|
86,953 |
|
|
|
275,629 |
|
|
|
118.931 |
|
Elimination |
|
|
12 |
|
|
|
14 |
|
|
|
54 |
|
|
|
0.473 |
|
Total gross profit |
|
$ |
352,500 |
|
|
$ |
227,396 |
|
|
$ |
1,365,827 |
|
|
$ |
838,196 |
|
|
|
|
|
|
|
|
|
|
Sources of operating income by
country of origin: |
|
|
|
|
|
|
|
|
U.S. |
|
$ |
68,344 |
|
|
$ |
(57,574 |
) |
|
$ |
(17,036 |
) |
|
$ |
69.377 |
|
Europe |
|
|
(33,398 |
) |
|
|
26,410 |
|
|
|
(627 |
) |
|
|
102.734 |
|
Mexico |
|
|
20,096 |
|
|
|
70,650 |
|
|
|
228,773 |
|
|
|
72.879 |
|
Elimination |
|
|
12 |
|
|
|
14 |
|
|
|
54 |
|
|
|
473 |
|
Total operating income |
|
$ |
55,054 |
|
|
$ |
39,500 |
|
|
$ |
211,164 |
|
|
$ |
245,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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