FORM |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Zip Code) | ||||||||||||||
(Address of principal executive offices) |
Title of each class | Trading Symbol | Name of Exchange on Which Registered | ||||||||||||
Emerging growth company |
PILGRIM’S PRIDE CORPORATION | |||||||||||
Date: | October 26, 2022 | /s/ Matthew Galvanoni | |||||||||
Matthew Galvanoni | |||||||||||
Chief Financial Officer and Chief Accounting Officer |
(Unaudited) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | Y/Y Change | September 25, 2022 | September 26, 2021 | Y/Y Change | |||||||||||||||||||||||||||||||||
(In millions, except per share and percentages) | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 4,469.0 | $ | 3,827.6 | +16.8 | % | $ | 13,341.0 | $ | 10,738.7 | +24.2 | % | ||||||||||||||||||||||||||
U.S. GAAP EPS | $ | 1.08 | $ | 0.25 | +332.0 | % | $ | 3.73 | $ | (0.02) | NM(2) | |||||||||||||||||||||||||||
Operating income (loss) | $ | 339.2 | $ | 120.8 | +180.8 | % | $ | 1,254.1 | $ | 156.1 | +703.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 460.5 | $ | 346.9 | +32.7 | % | $ | 1,585.5 | $ | 972.4 | +63.1 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 10.3 | % | 9.1 | % | +1.2 | pts | 11.9 | % | 9.1 | % | +2.8 | pts |
Contact: | Andrew Rojeski | ||||
Head of Strategy, Investor Relations, & Net Zero Programs | |||||
IRPPC@pilgrims.com | |||||
www.pilgrims.com |
PILGRIM’S PRIDE CORPORATION | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(Unaudited) | ||||||||||||||
September 25, 2022 | December 26, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Cash and cash equivalents | $ | 654,213 | $ | 427,661 | ||||||||||
Restricted cash and restricted cash equivalents | 29,880 | 22,460 | ||||||||||||
Trade accounts and other receivables, less allowance for credit losses | 1,115,156 | 1,013,437 | ||||||||||||
Accounts receivable from related parties | 9,855 | 1,345 | ||||||||||||
Inventories | 1,934,698 | 1,575,658 | ||||||||||||
Income taxes receivable | 61,684 | 27,828 | ||||||||||||
Prepaid expenses and other current assets | 227,434 | 237,565 | ||||||||||||
Total current assets | 4,032,920 | 3,305,954 | ||||||||||||
Deferred tax assets | 4,637 | 5,314 | ||||||||||||
Other long-lived assets | 31,935 | 32,410 | ||||||||||||
Operating lease assets, net | 293,564 | 351,226 | ||||||||||||
Intangible assets, net | 779,621 | 963,243 | ||||||||||||
Goodwill | 1,124,286 | 1,337,252 | ||||||||||||
Property, plant and equipment, net | 2,812,049 | 2,917,806 | ||||||||||||
Total assets | $ | 9,079,012 | $ | 8,913,205 | ||||||||||
Accounts payable | $ | 1,539,752 | $ | 1,378,077 | ||||||||||
Accounts payable to related parties | 17,055 | 22,317 | ||||||||||||
Revenue contract liabilities | 35,734 | 22,321 | ||||||||||||
Accrued expenses and other current liabilities | 857,189 | 859,885 | ||||||||||||
Income taxes payable | 131,816 | 81,977 | ||||||||||||
Current maturities of long-term debt | 26,269 | 26,246 | ||||||||||||
Total current liabilities | 2,607,815 | 2,390,823 | ||||||||||||
Noncurrent operating lease liabilities, less current maturities | 221,514 | 271,366 | ||||||||||||
Long-term debt, less current maturities | 3,183,951 | 3,191,161 | ||||||||||||
Deferred tax liabilities | 278,143 | 369,185 | ||||||||||||
Other long-term liabilities | 47,340 | 101,736 | ||||||||||||
Total liabilities | 6,338,763 | 6,324,271 | ||||||||||||
Common stock | 2,617 | 2,614 | ||||||||||||
Treasury stock | (544,687) | (345,134) | ||||||||||||
Additional paid-in capital | 1,970,310 | 1,964,028 | ||||||||||||
Retained earnings | 1,904,475 | 1,003,569 | ||||||||||||
Accumulated other comprehensive loss | (604,994) | (47,997) | ||||||||||||
Total Pilgrim’s Pride Corporation stockholders’ equity | 2,727,721 | 2,577,080 | ||||||||||||
Noncontrolling interest | 12,528 | 11,854 | ||||||||||||
Total stockholders’ equity | 2,740,249 | 2,588,934 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 9,079,012 | $ | 8,913,205 |
PILGRIM’S PRIDE CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||
Net sales | $ | 4,468,969 | $ | 3,827,566 | $ | 13,341,012 | $ | 10,738,689 | ||||||||||||||||||
Cost of sales | 3,971,699 | 3,455,723 | 11,624,991 | 9,725,362 | ||||||||||||||||||||||
Gross profit | 497,270 | 371,843 | 1,716,021 | 1,013,327 | ||||||||||||||||||||||
Selling, general and administrative expense | 158,068 | 251,066 | 461,902 | 857,217 | ||||||||||||||||||||||
Operating income | 339,202 | 120,777 | 1,254,119 | 156,110 | ||||||||||||||||||||||
Interest expense, net of capitalized interest | 36,895 | 29,833 | 111,303 | 110,818 | ||||||||||||||||||||||
Interest income | (2,673) | (1,244) | (4,957) | (4,452) | ||||||||||||||||||||||
Foreign currency transaction losses | 54 | 2,359 | 14,348 | 9,018 | ||||||||||||||||||||||
Miscellaneous, net | (19,822) | (1,391) | (21,834) | (10,005) | ||||||||||||||||||||||
Income before income taxes | 324,748 | 91,220 | 1,155,259 | 50,731 | ||||||||||||||||||||||
Income tax expense | 65,749 | 30,385 | 253,679 | 55,931 | ||||||||||||||||||||||
Net income (loss) | 258,999 | 60,835 | 901,580 | (5,200) | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 647 | 110 | 674 | 554 | ||||||||||||||||||||||
Net income (loss) attributable to Pilgrim’s Pride Corporation | $ | 258,352 | $ | 60,725 | $ | 900,906 | $ | (5,754) | ||||||||||||||||||
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding: | ||||||||||||||||||||||||||
Basic | 238,559 | 243,675 | 240,865 | 243,643 | ||||||||||||||||||||||
Effect of dilutive common stock equivalents | 649 | 520 | 629 | — | ||||||||||||||||||||||
Diluted | 239,208 | 244,195 | 241,494 | 243,643 | ||||||||||||||||||||||
Net income (loss) attributable to Pilgrim's Pride Corporation per share of common stock outstanding: | ||||||||||||||||||||||||||
Basic | $ | 1.08 | $ | 0.25 | $ | 3.74 | $ | (0.02) | ||||||||||||||||||
Diluted | $ | 1.08 | $ | 0.25 | $ | 3.73 | $ | (0.02) |
PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(Unaudited) | ||||||||||||||
Nine Months Ended | ||||||||||||||
September 25, 2022 | September 26, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | 901,580 | $ | (5,200) | ||||||||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 300,962 | 274,336 | ||||||||||||
Deferred income tax benefit | (48,611) | (26,436) | ||||||||||||
Stock-based compensation | 5,982 | 8,418 | ||||||||||||
Gain on property disposals | (5,620) | (3,605) | ||||||||||||
Loan cost amortization | 4,311 | 3,762 | ||||||||||||
Accretion of discount related to Senior Notes | 1,288 | 1,104 | ||||||||||||
Loss (gain) on equity-method investments | 1 | (12) | ||||||||||||
Loss on early extinguishment of debt recognized as a component of interest expense | — | 24,654 | ||||||||||||
Amortization of premium related to Senior Notes | — | (167) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Trade accounts and other receivables | (211,827) | (138,948) | ||||||||||||
Inventories | (455,465) | (149,653) | ||||||||||||
Prepaid expenses and other current assets | (3,525) | 13,718 | ||||||||||||
Accounts payable, accrued expenses and other current liabilities | 297,271 | 274,932 | ||||||||||||
Income taxes | 10,241 | 66,413 | ||||||||||||
Long-term pension and other postretirement obligations | (3,128) | (13,491) | ||||||||||||
Other operating assets and liabilities | (2,847) | (2,330) | ||||||||||||
Cash provided by operating activities | 790,613 | 327,495 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisitions of property, plant and equipment | (342,588) | (280,820) | ||||||||||||
Proceeds from property disposals | 14,607 | 22,896 | ||||||||||||
Purchase of acquired business, net of cash acquired | (9,692) | (953,947) | ||||||||||||
Proceeds from insurance recoveries | 7,339 | — | ||||||||||||
Cash used in investing activities | (330,334) | (1,211,871) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Payments on revolving line of credit, long-term borrowings and finance lease obligations | (370,332) | (2,005,960) | ||||||||||||
Proceeds from revolving line of credit and long-term borrowings | 362,541 | 2,951,707 | ||||||||||||
Purchase of common stock under share repurchase program | (199,553) | — | ||||||||||||
Payments of capitalized loan costs | (3,070) | (22,293) | ||||||||||||
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation | (1,961) | (650) | ||||||||||||
Payments on early extinguishment of debt | — | (21,258) | ||||||||||||
Cash provided by (used in) financing activities | (212,375) | 901,546 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (13,932) | (381) | ||||||||||||
Increase in cash, cash equivalents and restricted cash | 233,972 | 16,789 | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 450,121 | 548,406 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 684,093 | $ | 565,195 |
PILGRIM'S PRIDE CORPORATION | |||||||||||||||||||||||
Reconciliation of Adjusted EBITDA | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income (loss) | $ | 258,999 | $ | 60,835 | $ | 901,580 | $ | (5,200) | |||||||||||||||
Add: | |||||||||||||||||||||||
Interest expense, net(a) | 34,222 | 28,589 | 106,346 | 106,366 | |||||||||||||||||||
Income tax expense | 65,749 | 30,385 | 253,679 | 55,931 | |||||||||||||||||||
Depreciation and amortization | 98,966 | 92,076 | 300,962 | 274,336 | |||||||||||||||||||
EBITDA | 457,936 | 211,885 | 1,562,567 | 431,433 | |||||||||||||||||||
Add: | |||||||||||||||||||||||
Foreign currency transaction losses(b) | 54 | 2,359 | 14,348 | 9,018 | |||||||||||||||||||
Transaction costs related to acquisitions(c) | — | 6,773 | 972 | 9,318 | |||||||||||||||||||
DOJ agreement and litigation settlements(d) | 19,300 | 126,000 | 28,282 | 524,285 | |||||||||||||||||||
Minus: | |||||||||||||||||||||||
Property insurance recoveries for Mayfield tornado losses(e) | 16,182 | — | 19,997 | — | |||||||||||||||||||
Deconsolidation of subsidiary(f) | — | — | — | 1,131 | |||||||||||||||||||
Net income attributable to noncontrolling interest | 647 | 110 | 674 | 444 | |||||||||||||||||||
Adjusted EBITDA | $ | 460,461 | $ | 346,907 | $ | 1,585,498 | $ | 972,369 |
PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||||||||||||||||
Reconciliation of LTM Adjusted EBITDA | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | LTM Ended | |||||||||||||||||||||||||||||||
December 26, 2021 | March 27, 2022 | June 26, 2022 | September 25, 2022 | September 25, 2022 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Net income | $ | 36,468 | $ | 280,560 | $ | 362,021 | $ | 258,999 | $ | 938,048 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Interest expense, net | 33,370 | 35,022 | 37,102 | 34,222 | 139,716 | |||||||||||||||||||||||||||
Income tax expense | 5,191 | 75,219 | 112,711 | 65,749 | 258,870 | |||||||||||||||||||||||||||
Depreciation and amortization | 106,488 | 102,142 | 99,854 | 98,966 | 407,450 | |||||||||||||||||||||||||||
EBITDA | 181,517 | 492,943 | 611,688 | 457,936 | 1,744,084 | |||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Foreign currency transaction losses (gains) | (18,400) | 11,536 | 2,758 | 54 | (4,052) | |||||||||||||||||||||||||||
Transaction costs related to acquisitions | 9,540 | 717 | 255 | — | 10,512 | |||||||||||||||||||||||||||
DOJ agreement and litigation settlements | 131,940 | 500 | 8,482 | 19,300 | 160,222 | |||||||||||||||||||||||||||
Restructuring activities | 5,802 | — | — | — | 5,802 | |||||||||||||||||||||||||||
Hometown Strong commitment | 1,000 | — | — | — | 1,000 | |||||||||||||||||||||||||||
Charge for fair value markup of acquired inventory | 4,974 | — | — | — | 4,974 | |||||||||||||||||||||||||||
Minus: | ||||||||||||||||||||||||||||||||
Property insurance recoveries for Mayfield tornado losses | — | 3,815 | — | 16,182 | 19,997 | |||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | (286) | 122 | (95) | 647 | 388 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 316,659 | $ | 501,759 | $ | 623,278 | $ | 460,461 | $ | 1,902,157 |
PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of EBITDA Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 258,999 | $ | 60,835 | $ | 901,580 | $ | (5,200) | 5.80 | % | 1.59 | % | 6.76 | % | (0.05) | % | ||||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 34,222 | 28,589 | 106,346 | 106,366 | 0.77 | % | 0.75 | % | 0.80 | % | 0.99 | % | ||||||||||||||||||||||||||||||||||||||
Income tax expense | 65,749 | 30,385 | 253,679 | 55,931 | 1.47 | % | 0.79 | % | 1.90 | % | 0.52 | % | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 98,966 | 92,076 | 300,962 | 274,336 | 2.21 | % | 2.40 | % | 2.25 | % | 2.55 | % | ||||||||||||||||||||||||||||||||||||||
EBITDA | 457,936 | 211,885 | 1,562,567 | 431,433 | 10.25 | % | 5.53 | % | 11.71 | % | 4.01 | % | ||||||||||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency transaction losses | 54 | 2,359 | 14,348 | 9,018 | — | % | 0.06 | % | 0.10 | % | 0.08 | % | ||||||||||||||||||||||||||||||||||||||
Transaction costs related to business acquisitions | — | 6,773 | 972 | 9,318 | — | % | 0.18 | % | 0.01 | % | 0.09 | % | ||||||||||||||||||||||||||||||||||||||
DOJ agreement and litigation settlements | 19,300 | 126,000 | 28,282 | 524,285 | 0.43 | % | 3.29 | % | 0.21 | % | 4.88 | % | ||||||||||||||||||||||||||||||||||||||
Minus: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property insurance recoveries for Mayfield tornado losses | 16,182 | — | 19,997 | — | 0.36 | % | — | % | 0.15 | % | — | % | ||||||||||||||||||||||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | 1,131 | — | % | — | % | — | % | 0.01 | % | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 647 | 110 | 674 | 554 | 0.01 | % | — | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 460,461 | $ | 346,907 | $ | 1,585,498 | $ | 972,369 | 10.31 | % | 9.06 | % | 11.87 | % | 9.04 | % | ||||||||||||||||||||||||||||||||||
Net sales | $ | 4,468,969 | $ | 3,827,566 | $ | 13,341,012 | $ | 10,738,689 | $ | 4,468,969 | $ | 3,827,566 | $ | 13,341,012 | $ | 10,738,689 |
PILGRIM'S PRIDE CORPORATION | |||||||||||||||||||||||
Reconciliation of Adjusted Operating Income | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
GAAP operating income (loss), U.S. operations | $ | 338,548 | $ | 70,666 | $ | 1,146,821 | $ | (85,380) | |||||||||||||||
Transaction costs related to acquisitions | — | 6,773 | 972 | 9,318 | |||||||||||||||||||
DOJ agreement and litigation settlements | 19,300 | 126,000 | 28,282 | 524,285 | |||||||||||||||||||
Property insurance recoveries for Mayfield tornado losses | (16,182) | — | (19,997) | — | |||||||||||||||||||
Adjusted operating income, U.S. operations | $ | 341,666 | $ | 203,439 | $ | 1,156,078 | $ | 448,223 | |||||||||||||||
Adjusted operating income margin, U.S. operations | 12.0 | % | 8.2 | % | 13.9 | % | 6.7 | % |
PILGRIM'S PRIDE CORPORATION | |||||||||||||||||||||||
Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||
(In percent) | |||||||||||||||||||||||
GAAP operating income margin, U.S. operations | 11.9 | % | 2.9 | % | 13.8 | % | (1.3) | % | |||||||||||||||
Transaction costs related to acquisitions | — | % | 0.2 | % | — | % | 0.1 | % | |||||||||||||||
DOJ agreement and litigation settlements | 0.7 | % | 5.1 | % | 0.4 | % | 7.9 | % | |||||||||||||||
Property insurance recoveries for Mayfield tornado losses | (0.6) | % | — | % | (0.3) | % | — | % | |||||||||||||||
Adjusted operating income margin, U.S. operations | 12.0 | % | 8.2 | % | 13.9 | % | 6.7 | % |
PILGRIM'S PRIDE CORPORATION | |||||||||||||||||||||||
Reconciliation of Adjusted Net Income | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Net income (loss) attributable to Pilgrim's | $ | 258,352 | $ | 60,725 | $ | 900,906 | $ | (5,754) | |||||||||||||||
Add: | |||||||||||||||||||||||
Foreign currency transaction losses | 54 | 2,359 | 14,348 | 9,018 | |||||||||||||||||||
Transaction costs related to acquisitions | — | 6,773 | 972 | 9,318 | |||||||||||||||||||
DOJ agreement and litigation settlements | 19,300 | 126,000 | 28,282 | 524,285 | |||||||||||||||||||
Loss on early extinguishment of debt recognized as a component of interest expense | — | 400 | — | 24,654 | |||||||||||||||||||
Minus: | |||||||||||||||||||||||
Property insurance recoveries for Mayfield tornado losses | 16,182 | — | 19,997 | — | |||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | 1,131 | |||||||||||||||||||
Adjusted net income attributable to Pilgrim's before tax impact of adjustments | 261,524 | 196,257 | 924,511 | 560,390 | |||||||||||||||||||
Net tax impact of adjustments(a) | (790) | (33,761) | (5,880) | (141,026) | |||||||||||||||||||
Adjusted net income attributable to Pilgrim's | $ | 260,734 | $ | 162,496 | $ | 918,631 | $ | 419,364 | |||||||||||||||
Weighted average diluted shares of common stock outstanding | 239,208 | 244,195 | 241,494 | 243,643 | |||||||||||||||||||
Adjusted net income attributable to Pilgrim's per common diluted share | $ | 1.09 | $ | 0.67 | $ | 3.80 | $ | 1.72 |
PILGRIM'S PRIDE CORPORATION | |||||||||||||||||||||||
Reconciliation of GAAP EPS to Adjusted EPS | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
GAAP EPS | $ | 1.08 | $ | 0.25 | $ | 3.73 | $ | (0.02) | |||||||||||||||
Add: | |||||||||||||||||||||||
Foreign currency transaction losses | — | 0.01 | 0.06 | 0.04 | |||||||||||||||||||
Transaction costs related to acquisitions | — | 0.03 | — | 0.04 | |||||||||||||||||||
DOJ agreement and litigation settlements | 0.08 | 0.52 | 0.12 | 2.15 | |||||||||||||||||||
Loss on early extinguishment of debt recognized as a component of interest expense | — | — | — | 0.10 | |||||||||||||||||||
Minus: | |||||||||||||||||||||||
Property insurance recoveries for Mayfield tornado losses | 0.07 | — | 0.08 | — | |||||||||||||||||||
Adjusted EPS before tax impact of adjustments | 1.09 | 0.81 | 3.83 | 2.31 | |||||||||||||||||||
Net tax impact of adjustments(a) | — | (0.14) | (0.03) | (0.59) | |||||||||||||||||||
Adjusted EPS | $ | 1.09 | $ | 0.67 | $ | 3.80 | $ | 1.72 | |||||||||||||||
Weighted average diluted shares of common stock outstanding | 239,208 | 244,195 | 241,494 | 243,643 |
PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||||||||||
Supplementary Selected Segment and Geographic Data | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 25, 2022 | September 26, 2021 | September 25, 2022 | September 26, 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Sources of net sales by geographic region of origin: | ||||||||||||||||||||||||||
U.S. | $ | 2,836,920 | $ | 2,466,850 | $ | 8,318,007 | $ | 6,714,879 | ||||||||||||||||||
U.K. and Europe | 1,203,095 | 930,440 | 3,640,129 | 2,721,019 | ||||||||||||||||||||||
Mexico | 428,954 | 430,276 | 1,382,876 | 1,302,791 | ||||||||||||||||||||||
Total net sales | $ | 4,468,969 | $ | 3,827,566 | $ | 13,341,012 | $ | 10,738,689 | ||||||||||||||||||
Sources of cost of sales by geographic region of origin: | ||||||||||||||||||||||||||
U.S. | $ | 2,391,612 | $ | 2,188,822 | $ | 6,906,059 | $ | 6,063,644 | ||||||||||||||||||
U.K. and Europe | 1,150,626 | 898,116 | 3,479,626 | 2,600,842 | ||||||||||||||||||||||
Mexico | 429,475 | 368,799 | 1,239,348 | 1,060,918 | ||||||||||||||||||||||
Elimination | (14) | (14) | (42) | (42) | ||||||||||||||||||||||
Total cost of sales | $ | 3,971,699 | $ | 3,455,723 | $ | 11,624,991 | $ | 9,725,362 | ||||||||||||||||||
Sources of gross profit by geographic region of origin: | ||||||||||||||||||||||||||
U.S. | $ | 445,308 | $ | 278,028 | $ | 1,411,948 | $ | 651,235 | ||||||||||||||||||
U.K. and Europe | 52,469 | 32,324 | 160,503 | 120,177 | ||||||||||||||||||||||
Mexico | (521) | 61,477 | 143,528 | 241,873 | ||||||||||||||||||||||
Elimination | 14 | 14 | 42 | 42 | ||||||||||||||||||||||
Total gross profit | $ | 497,270 | $ | 371,843 | $ | 1,716,021 | $ | 1,013,327 | ||||||||||||||||||
Sources of operating income (loss) by geographic region of origin: | ||||||||||||||||||||||||||
U.S. | $ | 338,548 | $ | 70,666 | $ | 1,146,821 | $ | (85,380) | ||||||||||||||||||
U.K. and Europe | 14,198 | 445 | 406 | 32,771 | ||||||||||||||||||||||
Mexico | (13,558) | 49,652 | 106,850 | 208,677 | ||||||||||||||||||||||
Elimination | 14 | 14 | 42 | 42 | ||||||||||||||||||||||
Total operating income | $ | 339,202 | $ | 120,777 | $ | 1,254,119 | $ | 156,110 |
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Cover Page |
Oct. 26, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 26, 2022 |
Entity Registrant Name | PILGRIMS PRIDE CORP |
Entity Central Index Key | 0000802481 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-9273 |
Entity Tax Identification Number | 75-1285071 |
Entity Address, Address Line One | 1770 Promontory Circle |
Entity Address, City or Town | Greeley |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80634-9038 |
City Area Code | 970 |
Local Phone Number | 506-8000 |
Title of 12(b) Security | Common Stock, Par Value $0.01 |
Trading Symbol | PPC |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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