Pilgrim’s Pride reports third quarter results

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) earned net income of $60.8 million on net sales of $3.8 billion in its third quarter. Sales were up 24% compared with the same quarter last year.

Adjusted earnings before interest, taxes, depreciation and amortization were $346.9 million, up 13.7%.

Margins improved year-over-year, the global meat processor said in a press release.

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Mexico was a high-performing market while results in Europe were hit by “inflationary cost pressures on inputs, utility and freight costs and increasing labor shortages, along with lower pig pricing.”

Companywide “significant ongoing labor shortages” limited growth, the release said.

Executives reviewed results on a conference call this morning but didn’t plan to take questions.

Pilgrim’s Pride is examining a bid from its 81% owner JBS SA to buy the rest of the meat processor. Meanwhile, a federal trial on alleged price-fixing by former company executives began this week in Denver.

The company “recorded an aggregate legal contingency accrual of $126 million in the quarter,” the press release on its results added.

Pilgrim’s Pride traded recently at a $6.9 billion market cap. The JBS bid for full ownership has been valued at $6.7 billion.

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