Pilgrim’s Pride tops Wall Street earnings projections but top, bottom lines fall

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) saw its sales and earnings fall in the third quarter 2023, but the Greeley-based poultry producer’s performance still managed to beat Wall Street expectations.

The company posted net sales this week of $4.36 billion in the third quarter of 2023, down from $4.47 billion in the same period last year.

Operating income was $206.4 million in the most recent period, compared to $339.2 million in the third quarter of 2022. 

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Pilgrim’s adjusted earnings were 58 cents per share in the third quarter of 2023, besting the Zacks Consensus Estimate of 51 cents per share.

“Over the past 18 months, the team has demonstrated remarkable determination to further cultivate operational excellence in our production facilities and back office activities. When these efforts are combined with our key customer focus, innovation pipeline, and diversified offerings, the business has strengthened the foundation to drive further profitable growth,” Pilgrim’s CEO Fabio Sandri said in a prepared statement.