Pilgrim’s Pride recently announced Q3 2022 earnings results with stronger than expected sales, profits, and margins.

Net sales were $4.47 billion, up 16.8 percent from the prior year. Consolidated GAAP operating income margin was 7.6 percent and U.S. GAAP operating income margin was 11.9 percent. GAAP net income was $259 million, while adjusted net income was $260.7 million. Adjusted EBITDA was $460.5 million, indicating a 10.3 percent margin, which is 32.7 percent higher than the prior year.

“We are extremely proud of the agility of our teams in their relentless pursuit of operational excellence in the face of extensive inflationary headwinds,” the company said in a press release. “Our diversified U.S. portfolio across bird sizes and our Key Customers strategy proved a differentiating factor during changing market conditions. Strengthening in our Case Ready and Small Bird businesses, combined with Prepared Foods momentum mitigated significant volatility in Big Bird Debone.”

“During the third quarter, we experienced significant changes in market fundamentals,” Pilgrim’s CEO Fabio Sandri said. “To navigate these challenges, our team members maintained their determination and focus on our operations. As a result, third quarter sales grew almost 17 percent and adjusted EBITDA nearly 33 percent from the prior year.”

Pilgrim’s also noted the release of its 2021 Sustainability Report in August, which detailed a downward trajectory of its greenhouse gas emissions intensity.

“I am proud of our progress to date in sustainability and look forward to continuing our journey towards Net Zero, especially as it simultaneously strengthens our business and creates a better future for all of our team members and their communities,” Sandri said. “I am very confident that these efforts, when combined with our team’s ability to consistently execute our strategy, will help drive our vision of becoming the best and most respected company in our industry, even under the most difficult circumstances.”

 

 

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