Pilgrim’s Pride’s revenues as expected as Mexico sales rebound

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) edged revenue expectations for the previous quarter on the back of improving sales in Mexico.

The Greeley company posted sales of $3.08 billion in the third quarter of the year compared with consensus estimates of $3.01 billion in revenue, according to data from finance site Seeking Alpha.

The earnings-per-share figure does not factor in the $110.5 million fine Pilgrim’s is scheduled to pay to the U.S. Department of Justice to settle allegations of antitrust violations.

The company is scheduled to appear in federal court in Denver next week to formally accept a plea deal. Several former executives, including former CEOs Jayson Penn and William Lovette, are being charged individually for allegedly participating in anti-competitive activities organized by the largest chicken producers in the U.S.

In a statement accompanying the results, CEO Fabio Sandri said weak sales in the U.S. and Mexico rebounded in the quarter after a slow first half to 2020, with $1.89 billion sold in the U.S. and near-record revenues of $335.22 million coming from Mexico.

“During the third quarter in the U.S., we are continuing to see demand recovering at our fresh operations, including from some sectors within foodservice, with more states gradually loosening travel and movement restrictions,” he said.

 

© 2020 BizWest Media LLC

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) edged revenue expectations for the previous quarter on the back of improving sales in Mexico.

The Greeley company posted sales of $3.08 billion in the third quarter of the year compared with consensus estimates of $3.01 billion in revenue, according to data from finance site Seeking Alpha.

The earnings-per-share figure does not factor in the $110.5 million fine Pilgrim’s is scheduled to pay to the U.S. Department of Justice to settle allegations of antitrust violations.

The company is scheduled to appear in federal court in Denver next week to formally accept a plea deal. Several former executives, including former CEOs Jayson Penn and William Lovette, are being charged individually for allegedly participating in anti-competitive activities organized by the largest chicken producers in the U.S.

In a statement accompanying the results, CEO Fabio Sandri said weak sales in the U.S. and Mexico rebounded in the quarter after a slow first half to 2020, with $1.89 billion sold in the U.S. and near-record revenues of $335.22 million coming from Mexico.

“During the third quarter in the U.S., we are continuing to see demand recovering at our fresh operations, including from some sectors within foodservice, with more states gradually loosening travel and movement restrictions,” he said.

 

© 2020 BizWest Media LLC