Agribusiness  July 28, 2022

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.”

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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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