Pilgrim’s Pride posts Q2 revenue, profit gains

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC), a Greeley-based poultry producer, reported higher sales and net income for the second quarter.

The company recorded sales of $4.76 billion in the quarter, compared with $4.56 billion in the same period a year ago. Net income totaled $355.5 million, compared with $326.3 million a year ago.

“During the quarter, our portfolio captured market upsides from attractive market fundamentals,” Fabio Sandri, Pilgrim’s president and CEO, said in a prepared statement. “Equally important, demand from Key Customers outpaced the category, and our business became more diversified as sales of prepared offerings expanded.

“The relative availability and affordability of chicken compared to other proteins continues to resonate among consumers,” Sandri added. “As such, we continued to drive quality, service, and innovation to ensure ample access and relevant offerings needed to meet demand.” 

The company saw gains in the United States, Europe and Mexico, with Mexico “achieving the second highest adjusted EBITDA on record, supported by favorable fundamentals in the commodity market, continued growth with Key Customers, and branded momentum,” according to a press release.

“Given Mexico’s overall growth potential and our performance, we will continue to invest in capacity expansion to drive our strategies, unlocking additional opportunities for profitable growth,” Sandri said.

Pilgrim’s will build a new prepared-foods plant in Walker County, Georgia, to meet demand for value-added products across retail and food service, evolve its portfolio into higher margin branded offerings and expand its supply-chain capabilities, the company said.

“Prepared Foods products are a significant growth opportunity for Pilgrim’s,” Sandri said. “Given the extensive momentum of our retail brands and growth opportunities within food service, this new facility will accelerate our ability to unlock value for our consumers, customers and shareholders alike.” 

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