Pilgrim’s Pride Corporation (NASDAQ: PPC) reports first quarter
2020 financial results.
First Quarter Highlights
- Net Sales of $3.07 billion.
- Net GAAP Income of $67.3 million, including one-time $0.09 per
share gain on case settlement.
- Operating Income margins of 4.4% in U.S., -7.3% in Mexico and
2.8% in Europe operations, respectively.
- Adjusted EBITDA of $165.5 million, or a 5.4% margin.
- Strong focus in execution and dedication by our team members,
combined with portfolio strategy of differentiated products, strong
Key Customer relationships, and diversified global footprint
reducing volatility of specific market conditions, especially under
unprecedented Covid-19 impact at end of first quarter.
- U.S. continues to improve our relative performance versus the
industry across all business units, supported by our business model
and agility in changing mix.
- Mexico experiencing weak macro conditions persisting longer
than expected, partially offset by growth in Prepared Foods.
- Operating results from legacy European business (Moy Park) at
strong levels with increasing operational efficiencies and input
cost mitigation. Newly acquired operations continue to generate
positive EBITDA, and remain on track to achieve performance
comparable to leading companies with similar portfolio in next few
years.
- Our liquidity position remains strong, supported by our
emphasis on cash flow generation, focus on working capital
management, and disciplined investments in high-return projects,
preserving the opportunity to maintain strategic priorities to
continue strengthening our differentiated global platforms.
Unaudited
(2) |
|
Three Months Ended |
|
|
March 29, 2020 |
|
March 31, 2019 |
|
Y/Y Change |
|
|
(In millions, except per share and
percentages) |
Net sales |
|
$ |
3,074.9 |
|
|
$ |
2,724.7 |
|
|
+12.9 |
% |
U.S. GAAP EPS |
|
$ |
0.27 |
|
|
$ |
0.34 |
|
|
(20.6 |
)% |
Operating income |
|
$ |
84.4 |
|
|
$ |
137.0 |
|
|
(38.4 |
)% |
Adjusted EBITDA(1) |
|
$ |
165.5 |
|
|
$ |
204.4 |
|
|
(19.0 |
)% |
Adjusted EBITDA margin(1) |
|
5.4 |
% |
|
7.5 |
% |
|
-2.1 |
pts |
(1)
Reconciliations for non-U.S. GAAP measures are provided in
subsequent sections within this release.(2)
Comparisons
include Tulip from 10/15/19 forward.
“We are grateful to our team members for their commitment,
dedication, and continued hard work, in supporting our ability to
keep our team members safe and healthy, while maintaining
production and supply to our customers during this unprecedented
crisis. Despite the volatile and challenging markets in Q1, in part
due to Covid-19, our strategy has continued to achieve solid
results in relative performance to industry competition, and
deliver more resilient performance regardless of changes in
specific market conditions. Operating results in Europe
significantly improved but were more than offset by difficult
market dynamics in the U.S. and Mexico. In spite of the difficult
global macro conditions, our results have remained well-balanced,
and are the result of our vision to become the best and most
respected company, creating the opportunity of a better future for
our team members. To support our vision, we are continuing our
strategy of developing a unique portfolio of diverse, complementary
business models, continuing to relentlessly pursue operational
excellence, becoming a more valued partner with Key Customers, and
creating an environment for safe people, safe products and healthy
attitudes,” stated Jayson Penn, Chief Executive Officer of
Pilgrim's.
“In the U.S., the market tracked normal seasonality initially
during Q1 before wider implementations of travel and movement
restrictions due to Covid-19 disrupted retail and foodservice
channel demand. The large bird deboning market was especially
volatile during the quarter and remained challenging compared to
2019. Operationally however, we continue to improve our relative
performance versus the industry across all our business units,
including large bird deboning. We also adapted quickly to the
change in channel demand by shifting the mix of our production
capabilities, supported by our close partnerships with Key
Customers, strong focus in execution by our team members, the
geographical diversity of our footprint, and our presence across
all bird size categories.”
“Market environment in Mexico during Q1 was difficult as weak
macro conditions persisted longer than expected, contributing to
uncertainties in consumer spending. Prices, especially in the
traditional markets, were below seasonal expectations before
rebounding to reach normal levels by the end of the quarter. Our
increased share of non-commodity products, strong execution, and
growth in Prepared Foods, have helped to partially offset the
weakness.”
“The legacy European operations once again delivered robust
results in Q1, maintaining the trend achieved in the last three
quarters of 2019. We generated revenue that was in-line with last
year while operating income significantly improved year on year,
and was 8% higher than the previous quarter. Our newly acquired
European operations also performed well and continued to generate
positive EBITDA. The increase in performance was driven by robust
demand at retail, partially offset by a reduction in foodservice,
continuing strength in pork exports especially to China, as well as
the initial implementations of operational improvements.”
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be
held tomorrow, April 30, 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/ppc200430.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 July 30, 2020.
About Pilgrim’s Pride
Pilgrim’s employs approximately 58,600 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 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; 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, 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: |
Dunham Winoto |
|
Investor Relations |
|
IRPPC@pilgrims.com |
|
(970) 506-8192 |
|
www.pilgrims.com |
|
PILGRIM’S PRIDE CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
March 29, 2020 |
|
December 29, 2019 |
|
|
(Unaudited) |
|
|
|
|
(In thousands) |
Cash and cash equivalents |
|
$ |
511,183 |
|
|
$ |
260,568 |
|
Restricted cash and cash
equivalents |
|
25,234 |
|
|
20,009 |
|
Trade accounts and other
receivables, less allowance for doubtful accounts |
|
754,246 |
|
|
741,281 |
|
Accounts receivable from related
parties |
|
743 |
|
|
944 |
|
Inventories |
|
1,362,358 |
|
|
1,383,535 |
|
Income taxes receivable |
|
53,495 |
|
|
60,204 |
|
Prepaid expenses and other
current assets |
|
152,920 |
|
|
131,695 |
|
Total current assets |
|
2,860,179 |
|
|
2,598,236 |
|
Deferred tax assets |
|
4,443 |
|
|
4,426 |
|
Other long-lived assets |
|
34,511 |
|
|
36,325 |
|
Identified intangible assets,
net |
|
286,606 |
|
|
301,513 |
|
Goodwill |
|
568,183 |
|
|
596,053 |
|
Operating lease assets, net |
|
935,266 |
|
|
973,750 |
|
Property, plant and equipment,
net |
|
2,562,794 |
|
|
2,592,061 |
|
Total assets |
|
$ |
7,251,982 |
|
|
$ |
7,102,364 |
|
|
|
|
|
|
Accounts payable |
|
$ |
915,663 |
|
|
$ |
993,780 |
|
Accounts payable to related
parties |
|
7,998 |
|
|
3,819 |
|
Revenue contract liability |
|
32,084 |
|
|
41,770 |
|
Accrued expenses and other
current liabilities |
|
532,509 |
|
|
575,319 |
|
Income taxes payable |
|
1,951 |
|
|
7,075 |
|
Current maturities of long-term
debt |
|
25,877 |
|
|
26,392 |
|
Total current liabilities |
|
1,516,082 |
|
|
1,648,155 |
|
Noncurrent operating lease
liability, less current maturities |
|
219,860 |
|
|
235,382 |
|
Long-term debt, less current
maturities |
|
2,620,907 |
|
|
2,276,029 |
|
Noncurrent income taxes
payable |
|
7,731 |
|
|
7,731 |
|
Deferred tax liabilities |
|
309,471 |
|
|
301,907 |
|
Other long-term liabilities |
|
101,440 |
|
|
97,100 |
|
Total liabilities |
|
4,775,491 |
|
|
4,566,304 |
|
Common stock |
|
2,612 |
|
|
2,611 |
|
Treasury stock |
|
(262,798 |
) |
|
(234,892 |
) |
Additional paid-in capital |
|
1,955,936 |
|
|
1,955,261 |
|
Retained earnings |
|
945,080 |
|
|
877,812 |
|
Accumulated other comprehensive
loss |
|
(174,917 |
) |
|
(75,129 |
) |
Total Pilgrim’s Pride Corporation stockholders’ equity |
|
2,465,913 |
|
|
2,525,663 |
|
Noncontrolling interest |
|
10,578 |
|
|
10,397 |
|
Total stockholders’ equity |
|
2,476,491 |
|
|
2,536,060 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,251,982 |
|
|
$ |
7,102,364 |
|
|
PILGRIM’S PRIDE CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 29, 2020 |
|
March 31, 2019 |
|
|
(In thousands, except per share data) |
Net sales |
|
$ |
3,074,928 |
|
|
$ |
2,724,675 |
|
Cost of sales |
|
2,897,829 |
|
|
2,505,736 |
|
Gross profit |
|
177,099 |
|
|
218,939 |
|
Selling, general and
administrative expense |
|
92,713 |
|
|
81,924 |
|
Administrative restructuring
activity |
|
— |
|
|
(27 |
) |
Operating income |
|
84,386 |
|
|
137,042 |
|
Interest expense, net of
capitalized interest |
|
32,688 |
|
|
33,562 |
|
Interest income |
|
(1,690 |
) |
|
(3,340 |
) |
Foreign currency transaction
losses (gains) |
|
(18,385 |
) |
|
2,636 |
|
Miscellaneous, net |
|
(34,188 |
) |
|
(357 |
) |
Income before income taxes |
|
105,961 |
|
|
104,541 |
|
Income tax expense |
|
38,512 |
|
|
20,416 |
|
Net income |
|
67,449 |
|
|
84,125 |
|
Less: Net income (loss)
attributable to noncontrolling interests |
|
181 |
|
|
114 |
|
Net income attributable to Pilgrim’s Pride Corporation |
|
$ |
67,268 |
|
|
$ |
84,011 |
|
|
|
|
|
|
Weighted average shares
of common stock outstanding: |
|
|
|
|
Basic |
|
249,347 |
|
|
249,167 |
|
Effect of dilutive common stock equivalents |
|
275 |
|
|
390 |
|
Diluted |
|
249,622 |
|
|
249,557 |
|
|
|
|
|
|
Net income attributable
to Pilgrim's Pride Corporation per share of common
stock outstanding: |
|
|
|
|
Basic |
|
$ |
0.27 |
|
|
$ |
0.34 |
|
Diluted |
|
$ |
0.27 |
|
|
$ |
0.34 |
|
|
PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
March 29, 2020 |
|
March 31, 2019 |
|
|
(In thousands) |
Cash flows from operating
activities: |
|
|
|
|
Net income |
|
$ |
67,449 |
|
|
$ |
84,125 |
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
79,773 |
|
|
67,182 |
|
Deferred income tax expense (benefit) |
|
17,023 |
|
|
(4,089 |
) |
Negative adjustment to previously recognized gain on bargain
purchase |
|
1,740 |
|
|
— |
|
Loan cost amortization |
|
1,212 |
|
|
1,201 |
|
Share-based compensation |
|
676 |
|
|
1,882 |
|
Gain on property disposals |
|
(521 |
) |
|
(108 |
) |
Loss (gain) on equity-method investments |
|
309 |
|
|
(16 |
) |
Accretion of discount related to Senior Notes |
|
246 |
|
|
246 |
|
Amortization of premium related to Senior Notes |
|
(167 |
) |
|
(167 |
) |
Foreign currency transaction loss (gain) related to borrowing
arrangements |
|
— |
|
|
(1,034 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts and other receivables |
|
(26,296 |
) |
|
2,381 |
|
Inventories |
|
9,333 |
|
|
(1,368 |
) |
Prepaid expenses and other current assets |
|
(22,419 |
) |
|
(11,479 |
) |
Accounts payable, accrued expenses and other current
liabilities |
|
(108,004 |
) |
|
(21,968 |
) |
Income taxes |
|
(16 |
) |
|
6,579 |
|
Long-term pension and other postretirement obligations |
|
(6,282 |
) |
|
(1,315 |
) |
Other operating assets and liabilities |
|
7,008 |
|
|
(1,683 |
) |
Cash provided by operating
activities |
|
21,064 |
|
|
120,369 |
|
Cash flows from investing
activities: |
|
|
|
|
Acquisitions of property, plant and equipment |
|
(77,168 |
) |
|
(87,941 |
) |
Business acquisition |
|
(1,740 |
) |
|
— |
|
Proceeds from property disposals |
|
632 |
|
|
539 |
|
Cash used in investing
activities |
|
(78,276 |
) |
|
(87,402 |
) |
Cash flows from financing
activities: |
|
|
|
|
Proceeds from revolving line of credit and long-term
borrowings |
|
356,547 |
|
|
67,193 |
|
Purchase of common stock under share repurchase program |
|
(27,906 |
) |
|
— |
|
Payments on revolving line of credit, long-term borrowings and
finance lease obligations |
|
(13,396 |
) |
|
(62,293 |
) |
Proceeds from equity contribution under Tax Sharing Agreement
between JBS USA Food Company Holdings and Pilgrim's Pride
Corporation |
|
— |
|
|
(525 |
) |
Payment of capitalized loan costs |
|
— |
|
|
(458 |
) |
Cash provided by (used in)
financing activities |
|
315,245 |
|
|
3,917 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
(2,193 |
) |
|
429 |
|
Increase (decrease) in cash,
cash equivalents and restricted cash |
|
255,840 |
|
|
37,313 |
|
Cash, cash equivalents and
restricted cash, beginning of period |
|
280,577 |
|
|
361,578 |
|
Cash, cash equivalents and
restricted cash, end of period |
|
$ |
536,417 |
|
|
$ |
398,891 |
|
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) income (loss) attributable to noncontrolling
interests, (2) charges or income from restructuring activities, (3)
reorganization items, (4) transaction costs related to
acquisitions, (5) gain on bargain purchase and (6) 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 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. 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. 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 U.S.
GAAP.
|
PILGRIM'S PRIDE CORPORATION |
Reconciliation of Adjusted EBITDA |
|
|
|
|
(Unaudited) |
Three Months Ended |
|
March 29, 2020 |
|
March 31, 2019 |
|
(In thousands) |
Net income |
$ |
67,449 |
|
|
$ |
84,125 |
|
Add: |
|
|
|
Interest expense, net |
30,998 |
|
|
30,222 |
|
Income tax expense |
38,512 |
|
|
20,416 |
|
Depreciation and amortization |
79,773 |
|
|
67,182 |
|
EBITDA |
216,732 |
|
|
201,945 |
|
Add: |
|
|
|
Foreign currency transaction losses (gains) |
(18,385 |
) |
|
2,636 |
|
Transaction costs related to acquisitions |
215 |
|
|
— |
|
Restructuring activity |
— |
|
|
(27 |
) |
Minus: |
|
|
|
Negative adjustment to previously recognized gain on bargain
purchase |
(1,740 |
) |
|
— |
|
Shareholder litigation settlement |
34,643 |
|
|
— |
|
Net income attributable to noncontrolling interest |
181 |
|
|
114 |
|
Adjusted EBITDA |
$ |
165,478 |
|
|
$ |
204,440 |
|
The summary unaudited consolidated income
statement data for the twelve months ended March 29, 2020 (the LTM
Period) have been calculated by subtracting the applicable
unaudited consolidated income statement data for the three months
ended March 31, 2019 from the sum of (1) the applicable audited
consolidated income statement data for the year ended December 29,
2019 and (2) the applicable audited consolidated income statement
data for the three months ended March 29, 2020.
|
PILGRIM'S PRIDE CORPORATION |
Reconciliation of LTM Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended |
|
LTM Ended |
|
|
June 30, 2019 |
|
September 29, 2019 |
|
December 29, 2019 |
|
March 29, 2020 |
|
March 29, 2020 |
|
|
(In thousands) |
Net income |
|
$ |
170,080 |
|
|
$ |
110,096 |
|
|
$ |
92,235 |
|
|
$ |
67,449 |
|
|
$ |
439,860 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
30,150 |
|
|
27,330 |
|
|
30,650 |
|
|
30,998 |
|
|
119,128 |
|
Income tax expense |
|
75,547 |
|
|
46,365 |
|
|
18,681 |
|
|
38,512 |
|
|
179,105 |
|
Depreciation and amortization |
|
71,348 |
|
|
71,851 |
|
|
76,849 |
|
|
79,773 |
|
|
299,821 |
|
EBITDA |
|
347,125 |
|
|
255,642 |
|
|
218,415 |
|
|
216,732 |
|
|
1,037,914 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
Foreign currency transaction losses (gains) |
|
2,260 |
|
|
3,027 |
|
|
(1,006 |
) |
|
(18,385 |
) |
|
(14,104 |
) |
Transaction costs related to acquisitions |
|
— |
|
|
63 |
|
|
1,239 |
|
|
215 |
|
|
1,517 |
|
Restructuring activity |
|
(43 |
) |
|
(20 |
) |
|
6 |
|
|
— |
|
|
(57 |
) |
Minus: |
|
|
|
|
|
|
|
|
|
|
Gain on bargain purchase |
|
— |
|
|
— |
|
|
56,880 |
|
|
(1,740 |
) |
|
55,140 |
|
Shareholder litigation settlement |
|
— |
|
|
— |
|
|
— |
|
|
34,643 |
|
|
34,643 |
|
Net income attributable to noncontrolling interest |
|
12 |
|
|
331 |
|
|
155 |
|
|
181 |
|
|
679 |
|
Adjusted EBITDA |
|
$ |
349,330 |
|
|
$ |
258,381 |
|
|
$ |
161,619 |
|
|
$ |
165,478 |
|
|
$ |
934,808 |
|
EBITDA margins have been calculated by taking
the relevant unaudited EBITDA figures, then dividing by
Net Sales for the applicable period.
|
PILGRIM'S PRIDE CORPORATION |
Reconciliation of EBITDA Margin |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended |
|
Three Months Ended |
|
|
March 29, 2020 |
|
March 31, 2019 |
|
March 29, 2020 |
|
March 31, 2019 |
|
|
(In thousands) |
Net income |
|
$ |
67,449 |
|
|
$ |
84,125 |
|
|
2.19 |
% |
|
3.09 |
% |
Add: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
30,998 |
|
|
30,222 |
|
|
1.01 |
% |
|
1.11 |
% |
Income tax expense |
|
38,512 |
|
|
20,416 |
|
|
1.25 |
% |
|
0.75 |
% |
Depreciation and amortization |
|
79,773 |
|
|
67,182 |
|
|
2.59 |
% |
|
2.47 |
% |
EBITDA |
|
216,732 |
|
|
201,945 |
|
|
7.05 |
% |
|
7.41 |
% |
Add: |
|
|
|
|
|
|
|
|
Foreign currency transaction losses (gains) |
|
(18,385 |
) |
|
2,636 |
|
|
(0.59 |
)% |
|
0.10 |
% |
Acquisition charges |
|
215 |
|
|
— |
|
|
0.01 |
% |
|
— |
% |
Shareholder litigation settlement |
|
|
|
— |
|
|
— |
% |
|
— |
% |
Restructuring activity |
|
— |
|
|
(27 |
) |
|
— |
% |
|
— |
% |
Minus: |
|
|
|
|
|
|
|
|
Negative adjustment to previously recognized gain on bargain
purchase |
|
(1,740 |
) |
|
— |
|
|
(0.06 |
)% |
|
— |
% |
Shareholder litigation settlement |
|
34,643 |
|
|
— |
|
|
1.13 |
% |
|
— |
% |
Net income (loss) attributable
to noncontrolling interest |
|
181 |
|
|
114 |
|
|
0.01 |
% |
|
— |
% |
Adjusted EBITDA |
|
$ |
165,478 |
|
|
$ |
204,440 |
|
|
5.38 |
% |
|
7.50 |
% |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
3,074,928 |
|
|
$ |
2,724,675 |
|
|
|
|
|
|
PILGRIM'S PRIDE CORPORATION |
Supplementary Selected Segment and Geographic
Data |
|
|
|
|
|
(Unaudited) |
|
Three Months Ended |
|
|
March 29, 2020 |
|
March 31, 2019 |
|
|
(In thousands) |
Sources of net sales by
geographic region of origin: |
|
|
|
|
US |
|
$ |
1,926,880 |
|
|
$ |
1,883,591 |
|
Europe |
|
822,262 |
|
|
514,962 |
|
Mexico |
|
325,786 |
|
|
326,122 |
|
Total net sales |
|
$ |
3,074,928 |
|
|
$ |
2,724,675 |
|
|
|
|
|
|
Sources of cost of sales by
geographic region of origin: |
|
|
|
|
US |
|
$ |
1,788,777 |
|
|
$ |
1,713,419 |
|
Europe |
|
770,134 |
|
|
485,378 |
|
Mexico |
|
338,942 |
|
|
306,963 |
|
Elimination |
|
(24 |
) |
|
(24 |
) |
Total cost of sales |
|
$ |
2,897,829 |
|
|
$ |
2,505,736 |
|
|
|
|
|
|
Sources of gross profit by
geographic region of origin: |
|
|
|
|
US |
|
$ |
138,103 |
|
|
$ |
170,172 |
|
Europe |
|
52,128 |
|
|
29,584 |
|
Mexico |
|
(13,156 |
) |
|
19,159 |
|
Elimination |
|
24 |
|
|
24 |
|
Total gross profit |
|
$ |
177,099 |
|
|
$ |
218,939 |
|
|
|
|
|
|
Sources of operating income by
geographic region of origin: |
|
|
|
|
US |
|
$ |
85,052 |
|
|
$ |
114,840 |
|
Europe |
|
23,190 |
|
|
12,714 |
|
Mexico |
|
(23,880 |
) |
|
9,464 |
|
Elimination |
|
24 |
|
|
24 |
|
Total operating income |
|
$ |
84,386 |
|
|
$ |
137,042 |
|
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