Agribusiness May 3, 2024 2:36:36 pm

Pilgrim’s Pride plumps sales, income in first quarter

JBS/Pilgrim's Pride headquarters — The combined JBS USA/Pilgrim’s Pride headquarters in Greeley. Both entities are majority-owned by Brazilian meat giant JBS S.A. BizWest file photo

By Lucas High

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC), a Greeley-based poultry producer, boosted its year-over-year sales in the first quarter of 2024 and fattened up its operating income significantly.

The company posted net sales of $4.36 billion in the first quarter, up 4.7% year over year.

Operating income in the most-recent period skyrocketed to $250.3 million from $31.3 million in the first quarter of 2023.

“Although we experienced depressed market conditions and persistent consumer inflation throughout 2023, we saw this as opportunity to enhance our competitive advantage,” Pilgrim’s CEO Fabio Sandri said in a prepared statement. “To that end, we focused on consistent execution of our strategies, controlling what we can control, and maintaining investment in our operations. These efforts further strengthened our business, accelerating our profitable growth as market conditions evolved.”

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Pilgrim’s Pride’s stock price, which closed at $36.28 Friday, has been on a tear in 2024, up nearly 27% since the year began.

Pilgrim’s Pride Corp. (Nasdaq: PPC), a Greeley-based poultry producer, boosted its year-over-year sales in the first quarter of 2024 and fattened up its operating income significantly.