Pilgrim’s Pride exceeds Wall Street expectations, grows sales

GREELEY — As the world begins its transition back to normalcy, Pilgrim’s Pride Corp.’s (Nasdaq: PPC) sales are way up and the company’s earnings outperformed Wall Street expectations.

The Greeley-based meat processor posted sales of nearly $3.64 billion in the second quarter of 2021, up 28.8% for the same period last year. 

“As the world emerges from the COVID-19 pandemic, more of the population gets vaccinated and activities gradually return to normal, we are optimistic that dining out, gathering with friends and family for meals and eating lunch at work or at school will once again become routine,” Pilgrim’s CEO Fabio Sandri said in a statement accompanying the firm’s quarterly report. “Our second quarter results reflect a shift to more normal patterns in the U.S. as we saw a slight increase in retail store trips and more foodservice locations reopened.”

Pilgrim’s Pride reported second-quarter adjusted earnings of 63 cents per share, besting the Zacks Consensus Estimate of 59 cents.

“Our U.S. business turned in a solid operational performance despite higher and more volatile input costs and product mix issues resulting from continued, albeit improving, labor challenges,” Sandri said in a statement. 

Pilgrim’s is in the process of absorbing Kerry Consumer Foods in the United Kingdom and Ireland in a deal worth nearly $1 billion. 

“Following the acquisition, Pilgrim’s will be a leading food company with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands,” the company said. 

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