Pilgrim’s Pride Corporation (NASDAQ: PPC) reports first quarter
2019 financial results.
First Quarter Highlights
- Net Sales of $2.72 billion.
- Net Income of $84.0 million.
- Operating Income margins of 6.1% in U.S., 2.9% in Mexico and
2.5% in Europe operations, respectively.
- Adjusted EBITDA of $204.4 million (or a 7.5% margin), and
Adjusted EPS of $0.35.
- Significant sequential rebound in U.S. operations vs. Q4,
driven by stronger markets as feature activities tracked much
closer to seasonality. Our balanced portfolio has continued to
evolve, realizing the results of investments made over the past few
years to further widen our products and brands, strengthen key
customer relationships, and improve margin consistency.
- Weaker than seasonal markets in Mexico impacted results but
conditions are already improving in Q2. Diversification into
premium Pilgrim’s brand is gaining momentum and producing strong
results, together with significant growth in Prepared Foods.
- In-line with the industry, Europe continued to be impacted by a
substantial increase in input costs. We are offsetting the increase
through capture of synergies and adjustments in pricing
models.
Unaudited,
In Millions, Except Per Share and Percentages |
|
Thirteen Weeks Ended |
|
Mar 31, 2019 |
|
Apr 1, 2018 |
|
Change |
Net Sales |
$ |
2,724.7 |
|
|
$ |
2,746.7 |
|
|
-0.8 |
% |
GAAP EPS |
$ |
0.34 |
|
|
$ |
0.48 |
|
|
-29.2 |
% |
Operating Income |
$ |
137.0 |
|
|
$ |
201.6 |
|
|
-32.0 |
% |
Adjusted EBITDA
(1) |
$ |
204.4 |
|
|
$ |
271.8 |
|
|
-24.8 |
% |
Adjusted EBITDA Margin
(1) |
|
7.5 |
% |
|
|
9.9 |
% |
|
-2.4pts |
|
|
|
|
|
|
|
- Reconciliations for non-GAAP measures are provided in
subsequent sections within this release.
“After a very challenging market in 2018, we experienced a much
better environment within our U.S. operations during Q1
particularly in commodity large bird deboning, with demand from
retailers and QSR operators rebounding as they recognized the value
of chicken. Feature activities normalized to seasonal levels
throughout the quarter and the momentum has been sustained into
early Q2. Commodity boneless prices have already surpassed levels
from a year ago and are close to the five-year average, while wing
prices are near historical highs. We have been heavily investing in
further differentiating our portfolio to increase our capacities
and capabilities to meet customer expectations. The investments in
the operations and the focus of our people have yielded an increase
in performance, and further growth prospects remain available. We
are driving growth while continuing to pursue future opportunities
by intensifying our efforts in innovation and marketing. We expect
value added, differentiated products to account for a larger
portion of our total results over the next few years as we continue
to reduce the volatility of our commodity sales mix,” stated Jayson
Penn, Chief Executive Officer of Pilgrim's.
“Market balance dynamics in Mexico were weaker than seasonal in
Q1. Better than expected growing conditions and softer demand have
impacted prices. Chicken demand was also affected by more
availability of imported pork from the U.S. during the quarter but
we believe chicken demand can continue to grow in-line with
historical rates longer term. The environment has already started
to recover in Q2 and prices have begun to react positively, with
growing conditions reverting back to normal, demand improving, and
competition from pork imports declining. Our Prepared Foods have
continued to grow at a double digit rate and are generating great
results under both premium Pilgrim’s and Del Dia brands to drive
the evolution of our Mexican portfolio towards more differentiated,
higher-value products giving us a clear path to margin
expansion.”
“In-line with the whole industry, our European operations
continued to be impacted by a substantial increase in input costs,
including feed ingredients, higher utilities, labor and packaging.
These increases were partially offset by cost reduction
initiatives, synergies and price adjustments some of which have
taken slightly longer than expected to be passed on and reflected
in customer contracts. Despite the impact in results, we expect an
improvement month over month as we adjust our prices based on key
customer’s contracts and expect the full recovery within our
pricing models.”
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be
held tomorrow, May 2, 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/ppc190502.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 August 2, 2019.
About Pilgrim’s Pride
Pilgrim’s employs approximately 52,100 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.
Contact: |
Dunham Winoto |
|
Director, Investor Relations |
|
IRPPC@pilgrims.com |
|
(970) 506-8192 |
|
www.pilgrims.com |
PILGRIM’S PRIDE CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
March 31, 2019 |
|
December 30, 2018 |
|
|
(Unaudited) |
|
|
|
|
(In thousands) |
Cash and cash
equivalents |
|
$ |
378,518 |
|
|
$ |
338,386 |
|
Restricted cash and cash
equivalents |
|
20,373 |
|
|
23,192 |
|
Trade accounts and other
receivables, less allowance for doubtful accounts |
|
564,055 |
|
|
561,549 |
|
Accounts receivable from
related parties |
|
854 |
|
|
1,331 |
|
Inventories |
|
1,166,002 |
|
|
1,159,519 |
|
Income taxes
receivable |
|
31,985 |
|
|
38,479 |
|
Prepaid expenses and other
current assets |
|
124,265 |
|
|
112,023 |
|
Assets held for sale |
|
178 |
|
|
178 |
|
Total
current assets |
|
2,286,230 |
|
|
2,234,657 |
|
Deferred tax assets |
|
4,166 |
|
|
4,248 |
|
Other long-lived
assets |
|
16,275 |
|
|
16,717 |
|
Identified intangible
assets, net |
|
569,870 |
|
|
564,128 |
|
Goodwill |
|
970,640 |
|
|
949,750 |
|
Operating lease assets,
net |
|
330,040 |
|
|
— |
|
Property, plant and
equipment, net |
|
2,195,706 |
|
|
2,161,702 |
|
Total
assets |
|
$ |
6,372,927 |
|
|
$ |
5,931,202 |
|
|
|
|
|
|
Accounts payable |
|
$ |
818,482 |
|
|
$ |
830,059 |
|
Accounts payable to
related parties |
|
5,550 |
|
|
7,269 |
|
Revenue contract
liability |
|
25,812 |
|
|
33,328 |
|
Accrued expenses and other
current liabilities |
|
472,365 |
|
|
386,941 |
|
Income taxes payable |
|
7,884 |
|
|
8,221 |
|
Current maturities of
long-term debt |
|
27,637 |
|
|
30,405 |
|
Total
current liabilities |
|
1,357,730 |
|
|
1,296,223 |
|
Noncurrent operating lease
liability, less current maturities |
|
252,281 |
|
|
— |
|
Long-term debt, less
current maturities |
|
2,303,735 |
|
|
2,295,190 |
|
Noncurrent income taxes
payable |
|
7,731 |
|
|
7,731 |
|
Deferred tax
liabilities |
|
236,931 |
|
|
237,422 |
|
Other long-term
liabilities |
|
70,019 |
|
|
75,051 |
|
Total
liabilities |
|
4,228,427 |
|
|
3,911,617 |
|
Common stock |
|
2,609 |
|
|
2,604 |
|
Treasury stock |
|
(231,994 |
) |
|
(231,994 |
) |
Additional paid-in
capital |
|
1,947,013 |
|
|
1,945,136 |
|
Retained earnings |
|
505,899 |
|
|
421,888 |
|
Accumulated other
comprehensive loss |
|
(88,926 |
) |
|
(127,834 |
) |
Total
Pilgrim’s Pride Corporation stockholders’ equity |
|
2,134,601 |
|
|
2,009,800 |
|
Noncontrolling
interest |
|
9,899 |
|
|
9,785 |
|
Total
stockholders’ equity |
|
2,144,500 |
|
|
2,019,585 |
|
Total
liabilities and stockholders’ equity |
|
$ |
6,372,927 |
|
|
$ |
5,931,202 |
|
PILGRIM’S PRIDE CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(Unaudited) |
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
March 31, 2019 |
|
April 1, 2018 |
|
|
|
|
|
|
|
(In thousands, except per share
data) |
Net sales |
|
$ |
2,724,675 |
|
|
$ |
2,746,678 |
|
Cost of sales |
|
2,505,736 |
|
|
2,459,013 |
|
Gross
profit |
|
218,939 |
|
|
287,665 |
|
Selling, general and
administrative expense |
|
81,924 |
|
|
85,283 |
|
Administrative
restructuring activity |
|
(27 |
) |
|
789 |
|
Operating
income |
|
137,042 |
|
|
201,593 |
|
Interest expense, net of
capitalized interest |
|
33,562 |
|
|
50,300 |
|
Interest income |
|
(3,340 |
) |
|
(1,590 |
) |
Foreign currency
transaction losses (gains) |
|
2,636 |
|
|
(1,721 |
) |
Miscellaneous, net |
|
(357 |
) |
|
(1,617 |
) |
Income
before income taxes |
|
104,541 |
|
|
156,221 |
|
Income tax expense |
|
20,416 |
|
|
36,997 |
|
Net
income |
|
84,125 |
|
|
119,224 |
|
Less: Net income (loss)
attributable to noncontrolling interests |
|
114 |
|
|
(194 |
) |
Net income
attributable to Pilgrim’s Pride Corporation |
|
$ |
84,011 |
|
|
$ |
119,418 |
|
|
|
|
|
|
Weighted average
shares of common stock outstanding: |
|
|
|
|
Basic |
|
249,167 |
|
|
248,838 |
|
Effect of
dilutive common stock equivalents |
|
390 |
|
|
151 |
|
Diluted |
|
249,557 |
|
|
248,989 |
|
|
|
|
|
|
Net income
attributable to Pilgrim's Pride Corporation per share of
common stock outstanding: |
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
0.48 |
|
Diluted |
|
$ |
0.34 |
|
|
$ |
0.48 |
|
PILGRIM’S PRIDE CORPORATION AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
Fifty-three weeks ended |
|
|
March 31, 2019 |
|
April 1, 2018 |
|
|
|
|
|
|
|
(In thousands) |
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
84,125 |
|
|
$ |
119,224 |
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
67,182 |
|
|
67,444 |
|
Loan cost
amortization |
|
1,201 |
|
|
1,757 |
|
Noncash
loss on early extinguishment of debt |
|
— |
|
|
3,918 |
|
Foreign
currency transaction loss related to borrowing arrangements |
|
(1,034 |
) |
|
5,745 |
|
Amortization of premium related to Senior Notes |
|
(167 |
) |
|
(167 |
) |
Accretion
of discount related to Senior Notes |
|
246 |
|
|
76 |
|
Impairment expense |
|
— |
|
|
470 |
|
Loss on
property disposals |
|
(108 |
) |
|
80 |
|
Gain on
equity method investment |
|
(16 |
) |
|
(16 |
) |
Share-based compensation |
|
1,882 |
|
|
1,273 |
|
Deferred
income tax expense (benefit) |
|
(4,089 |
) |
|
(4,735 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
Trade accounts and other receivables |
|
2,381 |
|
|
(61,945 |
) |
Inventories |
|
(1,368 |
) |
|
19,541 |
|
Prepaid expenses and other current assets |
|
(11,479 |
) |
|
(20,777 |
) |
Accounts payable, accrued expenses and other current
liabilities |
|
(21,968 |
) |
|
(29,171 |
) |
Income taxes |
|
6,579 |
|
|
(98,784 |
) |
Long-term pension and other postretirement obligations |
|
(1,315 |
) |
|
(2,759 |
) |
Other operating assets and liabilities |
|
(1,683 |
) |
|
(534 |
) |
Cash provided by
operating activities |
|
120,369 |
|
|
640 |
|
Cash flows from
investing activities: |
|
|
|
|
Acquisitions of property, plant and equipment |
|
(87,941 |
) |
|
(76,681 |
) |
Business
acquisition |
|
— |
|
|
— |
|
Proceeds
from property disposals |
|
539 |
|
|
1,021 |
|
Cash used in investing
activities |
|
(87,402 |
) |
|
(75,660 |
) |
Cash flows from
financing activities: |
|
|
|
|
Proceeds
from revolving line of credit and long-term borrowings |
|
67,193 |
|
|
502,341 |
|
Payments
on revolving line of credit, long-term borrowings and capital lease
obligations |
|
(62,293 |
) |
|
(433,550 |
) |
Proceeds
from equity contribution under Tax Sharing Agreement between JBS
USA Food Company Holdings and Pilgrim's Pride Corporation |
|
(525 |
) |
|
5,558 |
|
Payment
of capitalized loan costs |
|
(458 |
) |
|
(4,061 |
) |
Cash provided by (used
in) financing activities |
|
3,917 |
|
|
70,288 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
429 |
|
|
6,669 |
|
Increase (decrease) in
cash, cash equivalents and restricted cash |
|
37,313 |
|
|
1,937 |
|
Cash, cash equivalents
and restricted cash, beginning of period |
|
361,578 |
|
|
589,531 |
|
Cash, cash equivalents
and restricted cash, end of period |
|
$ |
398,891 |
|
|
$ |
591,468 |
|
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: (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 |
|
March 31, 2019 |
|
April 1, 2018 |
|
(In thousands) |
Net income |
$ |
84,125 |
|
|
$ |
119,224 |
|
Add: |
|
|
|
Interest
expense, net |
30,222 |
|
|
48,710 |
|
Income
tax expense (benefit) |
20,416 |
|
|
36,997 |
|
Depreciation and amortization |
67,182 |
|
|
67,444 |
|
EBITDA |
201,945 |
|
|
272,375 |
|
Add: |
|
|
|
Foreign
currency transaction losses (gains) |
2,636 |
|
|
(1,721 |
) |
Acquisition charges |
— |
|
|
179 |
|
Restructuring activity |
(27 |
) |
|
789 |
|
Minus: |
|
|
|
Net income
(loss) attributable to noncontrolling interest |
114 |
|
|
(194 |
) |
Adjusted
EBITDA |
$ |
204,440 |
|
|
$ |
271,816 |
|
The summary unaudited consolidated income
statement data for the twelve months ended March 31, 2019 (the LTM
Period) have been calculated by subtracting the applicable
unaudited consolidated income statement data for the three months
ended April 1, 2018 from the sum of (1) the applicable audited
consolidated income statement data for the year ended December 30,
2018 and (2) the applicable audited consolidated income statement
data for the three months ended March 31, 2019.
PILGRIM'S PRIDE CORPORATION |
Reconciliation of LTM Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Thirteen Weeks Ended |
|
Thirteen Weeks Ended |
|
Thirteen Weeks Ended |
|
Thirteen Weeks Ended |
|
LTM Ended |
|
|
July 1,2018 |
|
September 30,2018 |
|
December 30,2018 |
|
March 31,2019 |
|
March 31,2019 |
|
|
(In thousands) |
Net income (loss) |
|
$ |
106,344 |
|
|
$ |
29,463 |
|
|
$ |
(8,227 |
) |
|
$ |
84,125 |
|
|
$ |
211,705 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
35,433 |
|
|
31,093 |
|
|
33,765 |
|
|
30,222 |
|
|
130,513 |
|
Income
tax expense |
|
38,522 |
|
|
30,848 |
|
|
(20,944 |
) |
|
20,416 |
|
|
68,842 |
|
Depreciation and amortization |
|
70,278 |
|
|
71,971 |
|
|
68,207 |
|
|
67,182 |
|
|
277,638 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
Amortization of capitalized financing costs |
|
2,453 |
|
|
944 |
|
|
1,232 |
|
|
— |
|
|
4,629 |
|
EBITDA |
|
248,124 |
|
|
162,431 |
|
|
71,569 |
|
|
201,945 |
|
|
684,069 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
Foreign
currency transaction losses (gains) |
|
5,630 |
|
|
(6,711 |
) |
|
19,962 |
|
|
2,636 |
|
|
21,517 |
|
Acquisition charges |
|
125 |
|
|
16 |
|
|
— |
|
|
— |
|
|
141 |
|
Restructuring activity |
|
1,135 |
|
|
257 |
|
|
2,584 |
|
|
(27 |
) |
|
3,949 |
|
Other
nonrecurring losses and expenses |
|
3,298 |
|
|
164 |
|
|
16,023 |
|
|
— |
|
|
19,485 |
|
Minus: |
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to noncontrolling interest |
|
(197 |
) |
|
153 |
|
|
(903 |
) |
|
114 |
|
|
(833 |
) |
Adjusted EBITDA |
|
$ |
258,509 |
|
|
$ |
156,004 |
|
|
$ |
111,041 |
|
|
$ |
204,440 |
|
|
$ |
729,994 |
|
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 |
|
Thirteen Weeks Ended |
|
|
March 31, 2019 |
|
April 1, 2018 |
|
March 31, 2019 |
|
April 1, 2018 |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Net income from
continuing operations |
|
$ |
84,125 |
|
|
$ |
119,224 |
|
|
3.09 |
% |
|
4.34 |
% |
Add: |
|
|
|
|
|
|
|
|
Interest
expense, net |
|
30,222 |
|
|
48,710 |
|
|
1.11 |
% |
|
1.77 |
% |
Income
tax expense |
|
20,416 |
|
|
36,997 |
|
|
0.75 |
% |
|
1.35 |
% |
Depreciation and amortization |
|
67,182 |
|
|
67,444 |
|
|
2.46 |
% |
|
2.46 |
% |
EBITDA |
|
201,945 |
|
|
272,375 |
|
|
7.41 |
% |
|
9.92 |
% |
Add: |
|
|
|
|
|
|
|
|
Foreign
currency transaction losses (gains) |
|
2,636 |
|
|
(1,721 |
) |
|
0.09 |
% |
|
(0.06 |
)% |
Acquisition charges |
|
— |
|
|
179 |
|
|
— |
% |
|
— |
% |
Restructuring activity |
|
(27 |
) |
|
789 |
|
|
— |
% |
|
0.03 |
% |
Minus: |
|
|
|
|
|
|
|
|
Net income
(loss) attributable to noncontrolling interest |
|
114 |
|
|
(194 |
) |
|
— |
% |
|
(0.01 |
)% |
Adjusted
EBITDA |
|
$ |
204,440 |
|
|
$ |
271,816 |
|
|
7.50 |
% |
|
9.90 |
% |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
2,724,675 |
|
|
$ |
2,746,678 |
|
|
|
|
|
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 |
|
|
March 31,2019 |
|
April 1,2018 |
|
|
|
|
|
|
|
(In thousands, except per share
data) |
Net income attributable
to Pilgrim's Pride Corporation |
|
$ |
84,011 |
|
|
$ |
119,418 |
|
Adjustments, net of
tax: |
|
|
|
|
Loss on
early extinguishment of debt |
|
— |
|
|
12,895 |
|
Acquisition charges and restructuring activity |
|
(27 |
) |
|
968 |
|
Foreign
currency transaction losses (gains) |
|
2,636 |
|
|
(1,721 |
) |
Income before loss on
early extinguishment of debt, acquisition charges and
restructuring activity, and foreign currency transaction
losses (gains) |
|
86,620 |
|
|
131,560 |
|
Weighted average
diluted shares of common stock outstanding |
|
249,557 |
|
|
248,989 |
|
Income before loss on
early extinguishment of debt, acquisition charges and
restructuring activity, and foreign currency
transaction losses (gains) per common diluted share |
|
$ |
0.35 |
|
|
$ |
0.53 |
|
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 |
|
March 31, 2019 |
|
April 1, 2018 |
|
|
|
|
|
(In thousands, except per share
data) |
GAAP EPS |
$ |
0.34 |
|
|
$ |
0.48 |
|
Adjustments, net of
tax: |
|
|
|
Loss on
early extinguishment of debt |
— |
|
|
0.05 |
|
Foreign
currency transaction losses (gains) |
0.01 |
|
|
(0.01 |
) |
Adjusted EPS |
$ |
0.35 |
|
|
$ |
0.53 |
|
|
|
|
|
Weighted average
diluted shares of common stock outstanding |
249,557 |
|
|
248,989 |
|
PILGRIM'S PRIDE CORPORATION |
Supplementary Selected Segment and Geographic
Data |
|
|
|
|
|
(Unaudited) |
|
Thirteen Weeks Ended |
|
|
March 31, 2019 |
|
April 1, 2018 |
|
|
|
|
|
|
|
(In thousands) |
Sources of net sales by
country of origin: |
|
|
|
|
US |
|
$ |
1,883,591 |
|
|
$ |
1,841,105 |
|
Europe |
|
514,962 |
|
|
544,300 |
|
Mexico |
|
326,122 |
|
|
361,273 |
|
Total net
sales |
|
$ |
2,724,675 |
|
|
$ |
2,746,678 |
|
|
|
|
|
|
Sources of cost of
sales by country of origin: |
|
|
|
|
US |
|
$ |
1,713,419 |
|
|
$ |
1,658,734 |
|
Europe |
|
485,378 |
|
|
501,568 |
|
Mexico |
|
306,963 |
|
|
298,735 |
|
Elimination |
|
(24 |
) |
|
(24 |
) |
Total
cost of sales |
|
$ |
2,505,736 |
|
|
$ |
2,459,013 |
|
|
|
|
|
|
Sources of gross profit
by country of origin: |
|
|
|
|
US |
|
$ |
170,172 |
|
|
$ |
182,370 |
|
Europe |
|
29,584 |
|
|
42,733 |
|
Mexico |
|
19,159 |
|
|
62,538 |
|
Elimination |
|
24 |
|
|
24 |
|
Total
gross profit |
|
$ |
218,939 |
|
|
$ |
287,665 |
|
|
|
|
|
|
Sources of operating
income by country of origin: |
|
|
|
|
US |
|
$ |
114,840 |
|
|
$ |
127,286 |
|
Europe |
|
12,714 |
|
|
21,413 |
|
Mexico |
|
9,464 |
|
|
52,870 |
|
Elimination |
|
24 |
|
|
24 |
|
Total
operating income |
|
$ |
137,042 |
|
|
$ |
201,593 |
|
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