Pilgrim’s Pride reports 16.8% revenue growth for third quarter

GREELEY — Poultry company Pilgrim’s Pride Corp. (Nasdaq: PPC) experienced 16.8% revenue growth for the third quarter of 2022, the company reported Thursday. That represents an increase to $4.46 billion from $3.82 billion in the third quarter of 2021.

Net income also grew substantially, 325% to $258 million from $60.7 million in the third quarter of 2021.

“Our strong performance in the U.S. highlights the strength and effectiveness of our strategy,” Pilgrim’s Pride CEO Fabio Sandri said in a statement. “Our diversified portfolio offerings across multiple bird sizes helps mitigate volatility, whereas our key customer relationships cultivated profitable growth for all involved. When these factors are combined with our relentless focus on operational excellence, we demonstrated our ability to drive strong performance throughout a challenging environment.”

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 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.”

The company also received good news last week, as the final charges in the price-fixing case against Pilgrim’s Pride executives, including former CEO Jayson Penn, were dropped.

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