November 28, 2023
CHICKEN/US: Pilgrim's Pride profits up 325.6% in Q3

CHICKEN/US: Pilgrim’s Pride profits up 325.6% in Q3

SAO PAULO, 27 – Pilgrim’s Pride, a North American chicken processor controlled by Brazilian company JBS, reported net income of US$258.35 million, or US$1.08 per share, in the third quarter of this year, the company said on Wednesday (26). After the market closes. The result represents a 325.6% increase compared to the same period last year, when the company earned US$60.7 million, or US$0.25 per share. On adjusted terms, earnings per share increased from $0.67 to $1.09. Net income increased by 16.8% to USD 4.469 billion.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 32.7% to USD 460.5 million. Adjusted EBITDA margin grew 1.2 percentage points, from 9.1% to 10.3%.

In the US, net sales increased 15% to $2.837 billion. “Our strong performance in the US highlights the strength and effectiveness of our strategy,” Pilgrim’s CEO Fabio Sandri said in a statement. According to him, the company’s diversified portfolio has helped mitigate market volatility.

Net revenue in Mexico decreased 0.31% to $428.9 million. According to Pilgrims, the company faced seasonal changes in demand and continued problems with birds dying due to disease.

In Europe and the UK, net revenue increased 29.3% to $1.203 billion. The company said operations in the region performed well despite inflationary pressures and a challenging consumer environment.