Pilgrim’s Pride Corporation (NASDAQ:PPC) reports third quarter 2017
financial results.
Third Quarter Highlights
- Consolidated numbers reflect Moy Park for the entire quarter,
including historical data in accordance to U.S. GAAP.
- Net Sales of $2.79 billion (+37.4% versus same quarter last
year of $2.03 billion, excluding Moy Park).
- Net Income of $232.7 million.
- Adjusted Operating Income margins of 16.6% in U.S., 13.4% in
Mexico and 4.1% in Europe operations, respectively.
- Adjusted EBITDA of $463.6 million (or a 16.6% margin) and
Adjusted EPS of $0.98.
- Excluding Moy Park: Net Sales was $2.28 billion, Adjusted
Operating Income was $367.7 million, Adjusted EBITDA was $427.6
million (or an 18.8% margin).
- Acquisition of Moy Park positions us as the global leader in
chicken and prepared foods, and aligns with our strategic
priorities while providing a strong platform for future
growth.
- GNP integration is progressing well; operations and
profitability significantly improved with synergy captured ahead of
expectations.
| Unaudited
(2), In Millions, Except Per Share and Percentages |
| |
Thirteen Weeks Ended |
| |
Sep 24, 2017 |
|
Sep 25, 2016 |
|
Change |
| Net Sales |
$ |
2,793.9 |
|
|
$ |
2,495.3 |
|
|
+12.0 |
% |
| GAAP EPS |
$ |
0.93 |
|
|
$ |
0.39 |
|
|
+138.5 |
% |
| Operating Income |
$ |
372.2 |
|
|
$ |
176.8 |
|
|
+110.6 |
% |
| Adjusted EBITDA
(1) |
$ |
463.6 |
|
|
$ |
237.4 |
|
|
+95.3 |
% |
| Adjusted EBITDA Margin
(1) |
|
16.6 |
% |
|
|
9.5 |
% |
|
+7.1pts |
|
| |
|
|
|
|
|
(1) Reconciliations for non-GAAP measures are provided in
subsequent sections within this release.(2) Figures have been
adjusted to include full-quarter of Moy Park, in accordance to U.S.
GAAP.
“During Q3, our U.S. operations were robust across all business
units and Mexico performed even better than our expectations. The
results once again demonstrated the strength and diversity of our
portfolio of bird sizes, and is what fundamentally differentiates
us from the competition, giving us the potential to reduce
volatility and generate higher margins over time. Despite greater
availability of alternative protein, we saw strong demand for
chicken during grilling season and we expect a continuation of
chicken as a choice protein in domestic and international markets,”
stated Bill Lovette, Chief Executive Officer of Pilgrim's.
“We closed the acquisition of Moy Park last September and are
very excited about the potential opportunities in Europe because it
creates a stronger, more diverse and more stable global chicken and
prepared foods leader in Pilgrim’s. The new European operations
align with our strategic priorities as we continue expanding our
geographical and brands footprint, and extending our global poultry
leadership position into attractive new markets while providing us
a strong platform for future growth in the region.”
“We continue to increase GNP performance, and margins have
increased by 600 bps since we acquired the business in Q1. The
integration is tracking above expectations and we are well ahead in
delivering the previously announced $30 million synergy target.
Together with the success we had in improving the profitability of
the acquired assets in Mexico relative to the legacy operations, we
believe we have the method and the team to continue to grow the
profitability of our European business.”
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be
held tomorrow, November 8, 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/ppc3q2017.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.” Please note that to submit a
question to management during the call, you must be logged in via
telephone.
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 February 8, 2018.
About Pilgrim’s Pride
Pilgrim’s employs approximately 52,000 people and operates
chicken processing plants and prepared-foods facilities in 14
states, Puerto Rico, Mexico, the U.K, 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. 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 channel, including anti-dumping
proceedings and countervailing duty proceedings; and the impact of
uncertainties of litigation as well as other risks described under
“Risk Factors” in the Company’s Annual Report on Form 10-K and
subsequent filings with the Securities and Exchange Commission.
Pilgrim’s Pride Corporation undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
| PILGRIM’S PRIDE CORPORATION |
| CONDENSED CONSOLIDATED BALANCE
SHEETS |
| |
| |
|
September 24, 2017 |
|
December 25, 2016 |
| |
|
(Unaudited) |
|
|
| |
|
(In thousands) |
| Cash and cash
equivalents |
|
$ |
401,789 |
|
|
$ |
292,544 |
|
| Restricted cash |
|
4,841 |
|
|
4,979 |
|
| Trade accounts and
other receivables, less allowance for doubtful accounts |
|
624,802 |
|
|
445,553 |
|
| Accounts receivable
from related parties |
|
970 |
|
|
4,010 |
|
| Inventories |
|
1,196,201 |
|
|
975,608 |
|
| Income taxes
receivable |
|
16,362 |
|
|
— |
|
| Prepaid expenses and
other current assets |
|
102,914 |
|
|
81,932 |
|
| Assets held for
sale |
|
2,777 |
|
|
5,259 |
|
| Total
current assets |
|
2,350,656 |
|
|
1,809,885 |
|
| Other long-lived
assets |
|
20,007 |
|
|
19,260 |
|
| Identified intangible
assets, net |
|
620,693 |
|
|
471,591 |
|
| Goodwill |
|
995,582 |
|
|
887,221 |
|
| Property, plant and
equipment, net |
|
2,076,347 |
|
|
1,833,985 |
|
| Total
assets |
|
$ |
6,063,285 |
|
|
$ |
5,021,942 |
|
| |
|
|
|
|
| Accounts payable |
|
$ |
743,528 |
|
|
$ |
790,378 |
|
| Accounts payable to
related parties |
|
7,091 |
|
|
4,468 |
|
| Accrued expenses and
other current liabilities |
|
416,476 |
|
|
347,021 |
|
| Income taxes
payable |
|
191,432 |
|
|
27,578 |
|
| Current maturities of
long-term debt |
|
61,811 |
|
|
15,712 |
|
| Total
current liabilities |
|
1,420,338 |
|
|
1,185,157 |
|
| Long-term debt, less
current maturities |
|
2,548,575 |
|
|
1,396,124 |
|
| Deferred tax
liabilities |
|
286,038 |
|
|
251,807 |
|
| Other long-term
liabilities |
|
98,098 |
|
|
102,722 |
|
| Total
liabilities |
|
4,353,049 |
|
|
2,935,810 |
|
| Common stock |
|
2,602 |
|
|
307,288 |
|
| Treasury stock |
|
(231,758 |
) |
|
(217,117 |
) |
| Additional paid-in
capital |
|
1,926,386 |
|
|
3,100,332 |
|
| Retained earnings
(accumulated deficit) |
|
39,606 |
|
|
(782,785 |
) |
| Accumulated other
comprehensive loss |
|
(36,517 |
) |
|
(329,858 |
) |
| Total
Pilgrim’s Pride Corporation stockholders’ equity |
|
1,700,319 |
|
|
2,077,860 |
|
| Noncontrolling
interest |
|
9,917 |
|
|
8,272 |
|
| Total
stockholders’ equity |
|
1,710,236 |
|
|
2,086,132 |
|
| Total
liabilities and stockholders’ equity |
|
$ |
6,063,285 |
|
|
$ |
5,021,942 |
|
| PILGRIM’S PRIDE CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
| |
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
| |
|
September 24, 2017 |
|
September 25, 2016 |
|
September 24, 2017 |
|
September 25, 2016 |
| |
|
(In thousands, except per share
data) |
| Net sales |
|
$ |
2,793,885 |
|
|
$ |
2,495,281 |
|
|
$ |
8,025,511 |
|
|
$ |
7,507,681 |
|
| Cost of sales |
|
2,315,301 |
|
|
2,242,221 |
|
|
6,815,701 |
|
|
6,632,568 |
|
| Gross
profit |
|
478,584 |
|
|
253,060 |
|
|
1,209,810 |
|
|
875,113 |
|
| Selling, general and
administrative expense |
|
102,191 |
|
|
75,933 |
|
|
284,009 |
|
|
229,786 |
|
| Administrative
restructuring charges |
|
4,147 |
|
|
279 |
|
|
8,496 |
|
|
279 |
|
| Operating
income |
|
372,246 |
|
|
176,848 |
|
|
917,305 |
|
|
645,048 |
|
| Interest expense, net
of capitalized interest |
|
24,636 |
|
|
19,119 |
|
|
66,315 |
|
|
58,480 |
|
| Interest income |
|
(2,128 |
) |
|
(253 |
) |
|
(3,600 |
) |
|
(2,000 |
) |
| Foreign currency
transaction gain |
|
(888 |
) |
|
4,569 |
|
|
(2,500 |
) |
|
(1,769 |
) |
| Miscellaneous, net |
|
(1,083 |
) |
|
(2,371 |
) |
|
(5,198 |
) |
|
(7,327 |
) |
| Nonrecurring items |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Income
before income taxes |
|
351,709 |
|
|
155,784 |
|
|
862,288 |
|
|
597,664 |
|
| Income tax expense |
|
113,396 |
|
|
53,819 |
|
|
278,046 |
|
|
202,979 |
|
| Net
income |
|
238,313 |
|
|
101,965 |
|
|
584,242 |
|
|
394,685 |
|
| Less: Net income from
Granite Holdings Sàrl prior to acquisition by Pilgrim's
Pride Corporation |
|
6,093 |
|
|
3,438 |
|
|
23,486 |
|
|
25,105 |
|
| Less: Net income (loss)
attributable to noncontrolling interests |
|
(460 |
) |
|
(130 |
) |
|
514 |
|
|
(334 |
) |
| Net
income attributable to Pilgrim’s Pride Corporation |
|
$ |
232,680 |
|
|
$ |
98,657 |
|
|
$ |
560,242 |
|
|
$ |
369,914 |
|
| |
|
|
|
|
|
|
|
|
| Weighted
average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
248,753 |
|
|
254,460 |
|
|
248,732 |
|
|
254,607 |
|
| Effect of
dilutive common stock equivalents |
|
235 |
|
|
460 |
|
|
230 |
|
|
430 |
|
|
Diluted |
|
248,988 |
|
|
254,920 |
|
|
248,962 |
|
|
255,037 |
|
| |
|
|
|
|
|
|
|
|
| Net income
attributable to Pilgrim's Pride Corporation per share
of common stock outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.94 |
|
|
$ |
0.39 |
|
|
$ |
2.25 |
|
|
$ |
1.45 |
|
|
Diluted |
|
$ |
0.93 |
|
|
$ |
0.39 |
|
|
$ |
2.25 |
|
|
$ |
1.45 |
|
| PILGRIM’S PRIDE CORPORATION AND
SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
| (Unaudited) |
| |
| |
|
Thirty-Nine Weeks Ended |
| |
|
September 24, 2017 |
|
September 25, 2016 |
| |
|
(In thousands) |
| Cash flows from
operating activities: |
|
|
|
|
| Net
income |
|
$ |
584,242 |
|
|
$ |
394,685 |
|
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
204,625 |
|
|
174,128 |
|
| Foreign
currency transaction loss related to borrowing arrangements |
|
6,830 |
|
|
— |
|
|
Impairment expense |
|
4,947 |
|
|
— |
|
| Gain on
property disposals |
|
(540 |
) |
|
(7,315 |
) |
| Loss
(gain) on equity method investments |
|
(44 |
) |
|
194 |
|
|
Share-based compensation |
|
2,454 |
|
|
5,404 |
|
| Deferred
income tax expense (benefit) |
|
25,768 |
|
|
(6 |
) |
| Changes
in operating assets and liabilities: |
|
|
|
|
| Trade
accounts and other receivables |
|
(146,477 |
) |
|
(65,649 |
) |
|
Inventories |
|
(149,806 |
) |
|
(18,099 |
) |
| Prepaid
expenses and other current assets |
|
(15,377 |
) |
|
1,990 |
|
| Accounts
payable, accrued expenses and other current liabilities |
|
(36,105 |
) |
|
35,346 |
|
| Income
taxes |
|
149,063 |
|
|
45,789 |
|
| Long-term
pension and other postretirement obligations |
|
(9,660 |
) |
|
(8,294 |
) |
| Other
operating assets and liabilities |
|
(1,429 |
) |
|
(6,190 |
) |
| Cash provided by
operating activities |
|
618,491 |
|
|
551,983 |
|
| Cash flows from
investing activities: |
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(258,364 |
) |
|
(221,035 |
) |
| Business
acquisition |
|
(658,520 |
) |
|
— |
|
| Proceeds
from property disposals |
|
2,585 |
|
|
12,977 |
|
| Cash used in investing
activities |
|
(914,299 |
) |
|
(208,058 |
) |
| Cash flows from
financing activities: |
|
|
|
|
| Proceeds
from note payable to bank |
|
— |
|
|
36,838 |
|
| Payments
on note payable to bank |
|
— |
|
|
(65,564 |
) |
| Proceeds
from revolving line of credit and long-term borrowings |
|
1,013,662 |
|
|
515,292 |
|
| Payments
on revolving line of credit, long-term borrowings and capital lease
obligations |
|
(609,678 |
) |
|
(504,078 |
) |
| Proceeds
from equity contribution under Tax Sharing Agreement between JBS
USA Food Company Holdings and Pilgrim's Pride Corporation |
|
5,038 |
|
|
3,691 |
|
| Payment
of capitalized loan costs |
|
(4,550 |
) |
|
(693 |
) |
| Purchase
of common stock under share repurchase program |
|
(14,641 |
) |
|
(20,333 |
) |
| Cash
dividends |
|
— |
|
|
(715,711 |
) |
| Cash provided by (used
in) financing activities |
|
389,831 |
|
|
(743,379 |
) |
| Increase (decrease) in
cash, cash equivalents and restricted cash |
|
109,107 |
|
|
(428,391 |
) |
| Cash, cash equivalents
and restricted cash, beginning of period |
|
297,523 |
|
|
696,553 |
|
| Cash, cash equivalents
and restricted cash, end of period |
|
$ |
406,630 |
|
|
$ |
268,162 |
|
PILGRIM’S PRIDE
CORPORATIONSelected 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: (i) income (loss) attributable to non-controlling
interests, (ii) restructuring charges, (iii) reorganization items,
(iv) losses on early extinguishment of debt and (v) foreign
currency transaction losses (gains). 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 US (“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. The Company also believes that
Adjusted EBITDA, in combination with the Company’s financial
results calculated in accordance with 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 GAAP.
They should not be considered as an alternative to cash flow from
operating activities or as a measure of liquidity or an alternative
to net income as indicators of our operating performance or any
other measures of performance derived in accordance with GAAP.
| PILGRIM'S PRIDE CORPORATION |
| Reconciliation of Adjusted
EBITDA |
| |
|
|
|
|
|
|
|
|
(Unaudited) |
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
| |
September 24, 2017 |
|
September 25, 2016 |
|
September 24, 2017 |
|
September 25, 2016 |
| |
(In thousands) |
| Net income |
$ |
238,313 |
|
|
$ |
101,965 |
|
|
$ |
584,242 |
|
|
$ |
394,685 |
|
| Add: |
|
|
|
|
|
|
|
| Interest expense,
net |
22,508 |
|
|
18,866 |
|
|
62,715 |
|
|
56,480 |
|
| Income tax expense |
113,396 |
|
|
53,819 |
|
|
278,046 |
|
|
202,979 |
|
| Depreciation and
amortization |
71,763 |
|
|
58,718 |
|
|
204,625 |
|
|
174,128 |
|
| Minus: |
|
|
|
|
|
|
|
| Amortization of
capitalized financing costs |
1,181 |
|
|
970 |
|
|
3,129 |
|
|
2,859 |
|
| EBITDA |
444,799 |
|
|
232,398 |
|
|
1,126,499 |
|
|
825,413 |
|
| Add: |
|
|
|
|
|
|
|
| Foreign currency
transaction loss (gains) |
(888 |
) |
|
4,569 |
|
|
(2,500 |
) |
|
(1,769 |
) |
| Acquisition
charges |
15,039 |
|
|
— |
|
|
15,039 |
|
|
— |
|
| Restructuring
charges |
4,147 |
|
|
279 |
|
|
8,496 |
|
|
279 |
|
| Minus: |
|
|
|
|
|
|
|
| Net income
(loss) attributable to noncontrolling interest |
(460 |
) |
|
(130 |
) |
|
514 |
|
|
(334 |
) |
| Adjusted EBITDA |
$ |
463,557 |
|
|
$ |
237,376 |
|
|
$ |
1,147,020 |
|
|
$ |
824,257 |
|
EBITDA margins have been calculated by taking the relevant
unaudited EBITDA figures, then dividing by Net Revenue for the
applicable period.
| PILGRIM'S PRIDE CORPORATION |
| Reconciliation of EBITDA Margin |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
| |
|
September 24, 2017 |
|
September 25, 2016 |
|
September 24, 2017 |
|
September 25, 2016 |
|
September 24, 2017 |
|
September 25, 2016 |
|
September 24, 2017 |
|
September 25, 2016 |
| |
|
(In thousands) |
| Net income from
continuing operations |
|
$ |
238,313 |
|
|
$ |
101,965 |
|
|
$ |
584,242 |
|
|
$ |
394,685 |
|
|
8.53 |
% |
|
4.09 |
% |
|
7.28 |
% |
|
5.26 |
% |
| Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense,
net |
|
22,508 |
|
|
18,866 |
|
|
62,715 |
|
|
56,480 |
|
|
0.81 |
% |
|
0.76 |
% |
|
0.78 |
% |
|
0.75 |
% |
| Income tax expense |
|
113,396 |
|
|
53,819 |
|
|
278,046 |
|
|
202,979 |
|
|
4.06 |
% |
|
2.16 |
% |
|
3.46 |
% |
|
2.70 |
% |
| Depreciation and
amortization |
|
71,763 |
|
|
58,718 |
|
|
204,625 |
|
|
174,128 |
|
|
2.57 |
% |
|
2.35 |
% |
|
2.55 |
% |
|
2.32 |
% |
| Minus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of
capitalized financing costs |
|
1,181 |
|
|
970 |
|
|
3,129 |
|
|
2,859 |
|
|
0.04 |
% |
|
0.04 |
% |
|
0.04 |
% |
|
0.04 |
% |
| EBITDA |
|
444,799 |
|
|
232,398 |
|
|
1,126,499 |
|
|
825,413 |
|
|
15.92 |
% |
|
9.32 |
% |
|
14.03 |
% |
|
10.99 |
% |
| Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency
transaction gains |
|
(888 |
) |
|
4,569 |
|
|
(2,500 |
) |
|
(1,769 |
) |
|
(0.03 |
)% |
|
0.18 |
% |
|
(0.03 |
)% |
|
(0.02 |
)% |
| Acquisition
charges |
|
15,039 |
|
|
— |
|
|
15,039 |
|
|
— |
|
|
0.54 |
% |
|
— |
% |
|
0.19 |
% |
|
— |
% |
| Restructuring
charges |
|
4,147 |
|
|
279 |
|
|
8,496 |
|
|
279 |
|
|
0.15 |
% |
|
0.01 |
% |
|
0.11 |
% |
|
— |
% |
| Minus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income
(loss) attributable to noncontrolling interest |
|
(460 |
) |
|
(130 |
) |
|
514 |
|
|
(334 |
) |
|
(0.02 |
)% |
|
(0.01 |
)% |
|
0.01 |
% |
|
— |
% |
| Adjusted EBITDA |
|
$ |
463,557 |
|
|
$ |
237,376 |
|
|
$ |
1,147,020 |
|
|
$ |
824,257 |
|
|
16.59 |
% |
|
9.52 |
% |
|
14.28 |
% |
|
10.98 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Revenue: |
|
$ |
2,793,885 |
|
|
$ |
2,495,281 |
|
|
$ |
8,025,511 |
|
|
$ |
7,507,681 |
|
|
$ |
2,793,885 |
|
|
$ |
2,495,281 |
|
|
$ |
8,025,511 |
|
|
$ |
7,507,681 |
|
A reconciliation of net income (loss)
attributable to Pilgrim's Pride Corporation per common diluted
share to adjusted net income (loss) attributable to Pilgrim's Pride
Corporation per common diluted share is as follows:
| PILGRIM'S PRIDE CORPORATION |
| Reconciliation of Adjusted
Earnings |
| (Unaudited) |
| |
| |
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
| |
|
September 24, 2017 |
|
September 25,
2016 |
|
September 24,
2017 |
|
September 25,
2016 |
| |
|
(In thousands, except per share
data) |
| Net income attributable
to Pilgrim's Pride Corporation |
|
$ |
232,680 |
|
|
$ |
98,657 |
|
|
$ |
560,242 |
|
|
$ |
369,914 |
|
| Loss on early
extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Acquisition and
restructuring charges, net of taxes |
|
12,988 |
|
|
— |
|
|
15,980 |
|
|
— |
|
| Foreign currency
transaction gains |
|
(888 |
) |
|
4,569 |
|
|
(2,500 |
) |
|
(1,769 |
) |
| Income before loss on
early extinguishment of debt and foreign currency transaction
gains |
|
244,780 |
|
|
103,226 |
|
|
573,722 |
|
|
368,145 |
|
| Weighted average
diluted shares of common stock outstanding |
|
248,988 |
|
|
254,920 |
|
|
248,962 |
|
|
255,037 |
|
| Income before loss on
early extinguishment of debt and foreign currency transaction
gains per common diluted share |
|
$ |
0.98 |
|
|
$ |
0.41 |
|
|
$ |
2.30 |
|
|
$ |
1.44 |
|
A reconciliation of GAAP earnings per share
(EPS) to adjusted earnings per share (EPS) is as follows:
| PILGRIM'S PRIDE CORPORATION |
| Reconciliation of GAAP EPS to Adjusted
EPS |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| |
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
| |
September 24, 2017 |
|
September 25, 2016 |
|
September 24, 2017 |
|
September 25, 2016 |
| |
(In thousands, except per share
data) |
| GAAP EPS |
$ |
0.93 |
|
|
$ |
0.39 |
|
|
$ |
2.25 |
|
|
$ |
1.45 |
|
| Loss on early
extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Acquisition and
restructuring charges, net of taxes |
0.05 |
|
|
— |
|
|
0.06 |
|
|
— |
|
| Foreign currency
transaction gains |
— |
|
|
0.02 |
|
|
(0.01 |
) |
|
(0.01 |
) |
| Adjusted EPS |
$ |
0.98 |
|
|
$ |
0.41 |
|
|
$ |
2.30 |
|
|
$ |
1.44 |
|
| |
|
|
|
|
|
|
|
| Weighted average
diluted shares of common stock outstanding |
248,988 |
|
|
254,920 |
|
|
248,962 |
|
|
255,037 |
|
| PILGRIM'S PRIDE CORPORATION |
| Supplementary Selected Segment and Geographic
Data |
| |
|
|
|
|
|
|
|
|
| |
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
| |
|
September 24, 2017 |
|
September 25, 2016 |
|
September 24, 2017 |
|
September 25, 2016 |
| |
|
(Unaudited) |
|
|
|
|
|
|
| |
|
(In thousands) |
| Sources of net sales by
country of origin: |
|
|
|
|
|
|
|
|
| US: |
|
$ |
1,938,542 |
|
|
$ |
1,724,625 |
|
|
$ |
5,557,089 |
|
|
$ |
5,072,351 |
|
| Mexico: |
|
341,018 |
|
|
307,096 |
|
|
994,568 |
|
|
950,622 |
|
| Europe: |
|
514,325 |
|
|
463,560 |
|
|
1,473,854 |
|
|
1,484,708 |
|
| Total net sales: |
|
$ |
2,793,885 |
|
|
$ |
2,495,281 |
|
|
$ |
8,025,511 |
|
|
$ |
7,507,681 |
|
| |
|
|
|
|
|
|
|
|
| Sources of cost of
sales by country of origin: |
|
|
|
|
|
|
|
|
| US: |
|
$ |
1,561,333 |
|
|
$ |
1,545,289 |
|
|
$ |
4,656,825 |
|
|
$ |
4,470,648 |
|
| Mexico: |
|
286,617 |
|
|
276,366 |
|
|
822,822 |
|
|
818,749 |
|
| Europe: |
|
467,374 |
|
|
420,590 |
|
|
1,336,123 |
|
|
1,343,242 |
|
| Elimination: |
|
(23 |
) |
|
(24 |
) |
|
(69 |
) |
|
(71 |
) |
| Total cost of
sales: |
|
$ |
2,315,301 |
|
|
$ |
2,242,221 |
|
|
$ |
6,815,701 |
|
|
$ |
6,632,568 |
|
| |
|
|
|
|
|
|
|
|
| Sources of gross profit
by country of origin: |
|
|
|
|
|
|
|
|
| US: |
|
$ |
377,209 |
|
|
$ |
179,336 |
|
|
$ |
900,262 |
|
|
$ |
601,703 |
|
| Mexico: |
|
54,401 |
|
|
30,730 |
|
|
171,745 |
|
|
131,874 |
|
| Europe: |
|
46,951 |
|
|
42,970 |
|
|
137,734 |
|
|
141,466 |
|
| Elimination: |
|
23 |
|
|
24 |
|
|
69 |
|
|
70 |
|
| Total gross
profit: |
|
$ |
478,584 |
|
|
$ |
253,060 |
|
|
$ |
1,209,810 |
|
|
$ |
875,113 |
|
| |
|
|
|
|
|
|
|
|
| Sources of operating
income by country of origin: |
|
|
|
|
|
|
|
|
| US: |
|
$ |
307,962 |
|
|
$ |
141,195 |
|
|
$ |
719,121 |
|
|
$ |
480,280 |
|
| Mexico: |
|
45,692 |
|
|
22,603 |
|
|
146,241 |
|
|
108,856 |
|
| Europe: |
|
18,569 |
|
|
13,027 |
|
|
51,874 |
|
|
55,841 |
|
| Elimination: |
|
23 |
|
|
23 |
|
|
69 |
|
|
71 |
|
| Total operating
income: |
|
$ |
372,246 |
|
|
$ |
176,848 |
|
|
$ |
917,305 |
|
|
$ |
645,048 |
|
Contact:
Dunham WinotoDirector, Investor
RelationsIRPPC@pilgrims.com (970)
506-8192www.pilgrims.com
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