Pilgrim’s Pride reports 27.3% revenue growth in Q2

GREELEY — Poultry company Pilgrim’s Pride Corp. (Nasdaq: PPC) reported Thursday a 27.3% year-over-year increase in revenue for the second quarter of 2022, up to $4.63 billion from $3.95 billion in the second quarter of 2021. 

Pilgrim’s Pride also posted $362 million in net income after incurring a $166 million net loss in the second quarter of 2021. That comes out to earnings of $1.51 per share, up from a 68-cent loss per share a year ago.

This marks a continuation of the company’s strong 2022. At the end of the first quarter, it launched a $200 million stock buyback program “given continued confidence in the growth potential of the business and its strong balance sheet position.”

And in February, The company also rejected an offer last month by JBS SA, which owns 80% of Pilgrim’s Pride, to purchase its remaining shares. 

Pilgrim’s Pride had said in a filing with the U.S. Securities and Exchange Commission that it had rejected a JBS offer of $28.50 per share, “concluding that the offer significantly undervalued the publicly owned shares of PPC.”

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