AG˹ٷ

STOCK TITAN

Pilgrim’s Pride Reports First Quarter 2025 Results with $4.5 Billion in Net Sales and Operating Income of $404.5 Million

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Pilgrim's Pride reports strong Q1 2025 results with net sales of $4.5 billion and operating income of $404.5 million. The company achieved a GAAP EPS of $1.24 and adjusted EPS of $1.31, with adjusted EBITDA reaching $533.2 million (12.0% margin).

Key highlights include:

  • U.S. Fresh portfolio saw robust demand across retail and foodservice
  • Prepared Foods division grew net sales by over 20% year-over-year
  • Digital sales increased by 35% through strategic partnerships
  • Europe achieved 8.1% adjusted EBITDA margin
  • Mexico experienced double-digit sales volume growth

The company maintains strong financial health with a net leverage ratio of 1.1x after paying a $1.5 billion special dividend. Sustainability efforts show progress with decreased GHG emissions intensity levels. The company's focus on key customer partnerships and operational efficiencies continues to drive growth across all regions.

Pilgrim's Pride ha riportato risultati solidi nel primo trimestre del 2025 con ricavi netti di 4,5 miliardi di dollari e un reddito operativo di 404,5 milioni di dollari. L'azienda ha registrato un utile per azione GAAP di 1,24 dollari e un utile per azione rettificato di 1,31 dollari, con un EBITDA rettificato che ha raggiunto i 533,2 milioni di dollari (margine del 12,0%).

I punti salienti includono:

  • Il portafoglio Fresh USA ha registrato una domanda robusta sia nel retail che nel settore foodservice
  • La divisione Prepared Foods ha visto una crescita delle vendite nette superiore al 20% rispetto all'anno precedente
  • Le vendite digitali sono aumentate del 35% grazie a partnership strategiche
  • L'Europa ha raggiunto un margine EBITDA rettificato dell'8,1%
  • Il Messico ha registrato una crescita a doppia cifra nei volumi di vendita

L'azienda mantiene una solida salute finanziaria con un rapporto di leva finanziaria netta di 1,1x dopo aver distribuito un dividendo speciale di 1,5 miliardi di dollari. Gli sforzi per la sostenibilità mostrano progressi con una riduzione dell'intensità delle emissioni di gas serra. Il focus dell'azienda sulle partnership chiave con i clienti e sull'efficienza operativa continua a guidare la crescita in tutte le regioni.

Pilgrim's Pride reporta sólidos resultados en el primer trimestre de 2025 con ventas netas de 4.5 mil millones de dólares e ingresos operativos de 404.5 millones de dólares. La compañía logró un EPS GAAP de 1.24 dólares y un EPS ajustado de 1.31 dólares, con un EBITDA ajustado que alcanzó los 533.2 millones de dólares (margen del 12.0%).

Los aspectos destacados incluyen:

  • El portafolio Fresh en EE.UU. mostró una demanda sólida tanto en retail como en foodservice
  • La división de Prepared Foods creció sus ventas netas más del 20% interanual
  • Las ventas digitales aumentaron un 35% gracias a asociaciones estratégicas
  • Europa alcanzó un margen EBITDA ajustado del 8.1%
  • México experimentó un crecimiento de volumen de ventas de dos dígitos

La empresa mantiene una salud financiera sólida con una relación de apalancamiento neto de 1.1x tras pagar un dividendo especial de 1.5 mil millones de dólares. Los esfuerzos de sostenibilidad muestran avances con una disminución en la intensidad de emisiones de gases de efecto invernadero. El enfoque de la compañía en asociaciones clave con clientes y eficiencias operativas sigue impulsando el crecimiento en todas las regiones.

Pilgrim's Pride� 2025� 1분기� 45� 달러� 순매�� 4� 450� 달러� 영업이익� 기록하며 강력� 실적� 보고했습니다. 회사� GAAP 주당순이�(EPS) 1.24달러와 조정 EPS 1.31달러� 달성했으�, 조정 EBITDA� 5� 3,320� 달러(마진 12.0%)� 이르렀습니�.

주요 내용은 다음� 같습니다:

  • 미국 프레� 포트폴리오가 소매 � 외식 부문에� 견고� 수요� 보임
  • Prepared Foods 부문은 전년 대� 순매출이 20% 이상 성장
  • 전략� 파트너십� 통해 디지� 매출� 35% 증가
  • 유럽은 8.1%� 조정 EBITDA 마진 달성
  • 멕시코는 � 자릿� 매출� 성장 경험

회사� 15� 달러 특별 배당금을 지급한 후에� 순부채비� 1.1�� 강한 재무 건전성을 유지하고 있습니다. 지� 가능성 노력� 온실가� 배출 강도 감소� 진전� 보이� 있습니다. 회사� 주요 고객 파트너십� 운영 효율성에 집중하며 모든 지역에� 성장� 지속적으로 견인하고 있습니다.

Pilgrim's Pride annonce de solides résultats pour le premier trimestre 2025 avec un chiffre d'affaires net de 4,5 milliards de dollars et un résultat opérationnel de 404,5 millions de dollars. La société a réalisé un bénéfice par action GAAP de 1,24 dollar et un bénéfice par action ajusté de 1,31 dollar, avec un EBITDA ajusté atteignant 533,2 millions de dollars (marge de 12,0%).

Les points clés incluent :

  • Le portefeuille Fresh aux États-Unis a connu une forte demande tant dans la distribution que dans la restauration
  • La division Prepared Foods a vu ses ventes nettes croître de plus de 20 % d’une année sur l’autre
  • Les ventes digitales ont augmenté de 35 % grâce à des partenariats stratégiques
  • L’Europe a atteint une marge EBITDA ajustée de 8,1 %
  • Le Mexique a enregistré une croissance à deux chiffres du volume des ventes

L’entreprise maintient une solide santé financière avec un ratio d’endettement net de 1,1x après avoir versé un dividende spécial de 1,5 milliard de dollars. Les efforts en matière de durabilité progressent avec une réduction de l’intensité des émissions de gaz à effet de serre. L’accent mis par la société sur les partenariats clés avec ses clients et l’efficacité opérationnelle continue de stimuler la croissance dans toutes les régions.

Pilgrim's Pride meldet starke Ergebnisse für das erste Quartal 2025 mit Nettoerlösen von 4,5 Milliarden US-Dollar und einem Betriebsergebnis von 404,5 Millionen US-Dollar. Das Unternehmen erreichte ein GAAP-Gewinn je Aktie (EPS) von 1,24 US-Dollar sowie ein bereinigtes EPS von 1,31 US-Dollar, wobei das bereinigte EBITDA 533,2 Millionen US-Dollar (12,0% Marge) erreichte.

Wichtige Highlights sind:

  • Das US-amerikanische Fresh-Portfolio verzeichnete eine starke Nachfrage im Einzelhandel und Foodservice
  • Die Sparte Prepared Foods steigerte den Nettoumsatz im Jahresvergleich um über 20%
  • Der digitale Umsatz stieg durch strategische Partnerschaften um 35%
  • Europa erreichte eine bereinigte EBITDA-Marge von 8,1%
  • Mexiko verzeichnete ein zweistelliges Wachstum im Verkaufsvolumen

Das Unternehmen bewahrt eine starke finanzielle Gesundheit mit einem Netto-Verschuldungsgrad von 1,1x nach Zahlung einer Sonderdividende von 1,5 Milliarden US-Dollar. Die Nachhaltigkeitsbemühungen zeigen Fortschritte durch verringerte Treibhausgas-Emissionsintensität. Der Fokus des Unternehmens auf wichtige Kundenpartnerschaften und operative Effizienz treibt das Wachstum in allen Regionen weiter voran.

Positive
  • Net sales increased 2.3% YoY to $4.5B in Q1 2025
  • Operating income surged 61.6% to $404.5M
  • GAAP EPS grew 69.9% to $1.24
  • Adjusted EBITDA margin improved to 12.0% (+3.5pts YoY)
  • U.S. Prepared Foods sales grew over 20% YoY
  • Digital sales increased 35% YoY
  • Europe achieved record 8.1% adjusted EBITDA margin
  • Mexico showed double-digit sales volume growth
  • Strong liquidity with net leverage ratio of 1.1x
  • GHG emissions intensity decreased below target thresholds
Negative
  • Special dividend payment of $1.5B impacted cash position
  • Market volatility affected operations during Q1
  • Revenue growth of 2.3% YoY shows relatively modest top-line expansion

Insights

Pilgrim's Pride delivered stellar Q1 performance with substantial margin expansion and 70% EPS growth while maintaining strong balance sheet flexibility.

Pilgrim's Pride reported impressive financial results for Q1 2025, with substantial improvements across key metrics. Net sales reached $4.5 billion, a modest 2.3% year-over-year increase, but the real story lies in the company's profitability metrics. Operating income surged 61.6% to $404.5 million, yielding a robust operating margin of 9.1%.

The company's bottom line saw remarkable growth with GAAP EPS of $1.24, up 69.9% from the previous year. Adjusted EBITDA reached $533.2 million, representing a 43.4% increase and achieving a strong 12.0% margin—up 3.5 percentage points year-over-year.

Despite distributing a special dividend of $1.5 billion, Pilgrim's maintained exceptional balance sheet discipline with a net leverage ratio of 1.1x adjusted EBITDA, well below their target range of 2x to 3x. This financial flexibility positions the company to continue investing in growth projects while maintaining the operational capacity to weather market volatility.

The significant outperformance of profitability metrics relative to revenue growth demonstrates effective cost management and operational leverage across the business, creating substantial value from modest top-line expansion during a quarter that management acknowledged contained volatility.

Pilgrim's executed a winning multi-segment strategy with 20%+ prepared foods growth, strong digital acceleration, and international profitability improvements.

Pilgrim's Pride has successfully leveraged its diversified protein portfolio to deliver growth across all business segments in Q1 2025. The U.S. Fresh business capitalized on stronger-than-seasonal chicken commodity prices in Big Bird operations while Case Ready and Small Bird gained distribution with key customers at rates exceeding industry averages.

The company's strategic shift toward value-added products shows significant momentum, with U.S. Prepared Foods delivering over 20% sales growth year-over-year. The Just Bare® brand stands out as a category leader with the highest velocity and strongest growth in retail fully cooked chicken, driving portfolio diversification.

Digital transformation is accelerating with digitally-enabled sales growing over 35% through strategic partnerships with retailers, foodservice providers, and online suppliers—reflecting successful adaptation to evolving consumer purchasing patterns.

International operations show robust execution with Europe achieving a milestone 8.1% adjusted EBITDA margin (150 basis points higher than previous year) through mix enhancement and brand growth. Meanwhile, Mexico delivered double-digit volume growth and a 9% increase in value-added offerings.

The company's performance demonstrates successful execution of its strategy to diversify across protein segments, distribution channels, and geographies, providing resilience against market volatility while driving profitable growth.

GREELEY, Colo., April 30, 2025 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's leading food companies, reports its first quarter 2025 financial results.

First Quarter Highlights:

  • Net Sales of $4.5 billion.
  • Consolidated GAAP operating income margin of 9.1%.
  • GAAP Net Income of $296.3 million and GAAP EPS of $1.24. Adjusted Net Income of $312.6 million and Adjusted EPS of $1.31.
  • Adjusted EBITDA of $533.2 million, or a 12.0% margin.
  • The U.S. Fresh portfolio experienced strong demand across both retail and foodservice and continued improvements in operational efficiencies. Chicken commodity prices rose higher than historical seasonal averages benefiting Big Bird. Case Ready and Small Bird strengthened relationships with Key Customers as volumes increased higher than industry averages.
  • U.S. Prepared Foods continued to expand its portfolio across retail and foodservice as net sales grew over 20% compared to prior year, further diversifying our portfolio. Brands remained a key driver as Just Bare® continues to have the highest velocity and most growth in the retail fully cooked chicken category.
  • Digitally-enabled sales grew over 35% from prior year through partnerships with leading retailers, foodservice providers, and online suppliers.
  • Pilgrim’s Europe continued to scale profitable growth through Key Customer partnerships, enhanced mix, and further business integration. Momentum for branded offerings grew as volumes for Richmond® and Fridge Raiders® increased faster than the category.
  • Mexico continued to grow with Key Customers in retail and foodservice as sales volume increased by double digits compared to prior year. Diversification efforts accelerated as sales volume of value-added product offerings increased 9%.
  • Continued strong liquidity position and balance sheet flexibility after payment of the special dividend of $1.5 billion with a net leverage ratio of 1.1x of Adjusted EBITDA.
  • Investment projects remain on track to support the growth of Pilgrim’s branded portfolio, to meet increased Key Customer demand in Fresh and to reduce operational risk in protein conversion. Through these investments, Pilgrim’s will continue to support and strengthen local communities in rural America.
  • The company continues to drive sustainability through both operational efficiencies and supply chain engagement. Third-party reports demonstrate Pilgrim’s Scope 1 and 2 GHG emissions intensity levels have decreased below target thresholds, while efforts to expand climate resiliency in broader businesses and value chains increase.
(Unaudited)Three Months Ended
March 30,
2025
March 31,
2024
Y/Y Change
(In millions, except per share and percentages)
Net sales$4,463.0$4,361.9+2.3%
U.S. GAAP EPS$1.24$0.73+69.9%
Operating income$404.5$250.3+61.6%
Adjusted EBITDA(1)$533.2$371.9+43.4%
Adjusted EBITDA margin(1)12.0%8.5%+3.5pts

(1) Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.

“While facing volatility during the quarter, we maintained our focus on controlling the controllables and consistent execution of our strategies,� said Fabio Sandri, Pilgrim’s President and CEO. “We continued to cultivate Key Customer partnerships through differentiated offerings and a diversified portfolio in each of our geographies, reinforcing our foundation for profitable growth.�

In the first quarter, the U.S. business increased sales and profitability compared to the prior year. U.S. Fresh experienced continued seasonal strength in commodity values and improved production efficiencies in Big Bird, whereas Case Ready and Small Bird benefited from increased distribution with Key Customers in retail, deli, and QSRs. Prepared Foods accelerated the expansion of its value-added portfolio across retail and foodservice.

“We continue to realize strong demand as the consumer maintains an appreciation for the relative affordability and convenience of chicken compared to other proteins,� added Sandri. “Given our diversified portfolio across segments, we captured commodity market upsides. Equally important, we have strengthened relationships with Key Customers through quality and service, and further diversified our portfolio through value-added offerings.�

Europe continues to benefit from ongoing optimization, new product development efforts, and branded growth. The business achieved a new adjusted EBITDA margin milestone at 8.1% for the first quarter, over 150 basis points higher than the previous year. Overall demand remained stable as the portfolio continues to transition to an enhanced mix.

“In Europe, our efforts to scale profitable growth continues to accelerate,� said Sandri. “We have increased traction among consumers for core branded offerings, grown our partnerships with Key Customers, and further cultivated our innovation pipeline.�

Mexico drove profitability from growth in Key Customer partnerships throughout Fresh, relatively attractive commodity fundamentals, and expansion of value-added offerings across retail and foodservice. Expansion efforts in live operations and Prepared Foods remained on track as all projects are proceeding as planned.

“Given our overall market presence and long-term potential, Mexico remains a promising growth opportunity,� remarked Sandri. “As such, we will continue to evaluate investments to further diversify our portfolio, improve our operational efficiencies, and strengthen Key Customer partnerships.�

Pilgrim’s achieved a net leverage ratio of 1.1x after payment of a special dividend, well below its target of 2x to 3x.

“We will maintain our financial flexibility and capital discipline as we continue to invest in projects to drive profitable growth with Key Customers and explore strategic opportunities to diversify our portfolio,� concluded Sandri.

Conference Call Information

A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, May 1, at 7 a.m. MT (9a.m.ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

To pre-register, go to: .

You may also reach the pre-registration link by logging in through the investor section of our website at
in the “Events & Presentations� section.

For those who would like to join the call but have not pre-registered, access is available by dialing +1(844)883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.�

Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor� section of .

About Pilgrim’s Pride

Pilgrim’s employs approximately 62,600 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit .

Forward-Looking Statements

Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,� “believes,� “estimates,� “expects,� “intends,� “may,� “plans,� “projects,� “should,� “targets,� “will� and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels, including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access, telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors� in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Contact:Andrew Rojeski
Head of Strategy, Investor Relations, & Sustainability
[email protected]
www.pilgrims.com


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 30, 2025December 29, 2024
(In thousands)
Cash and cash equivalents$2,066,782$2,040,834
Restricted cash and restricted cash equivalents10,6852,324
Investment in available-for-sale securities10,220
Trade accounts and other receivables, less allowance for credit losses1,105,9911,004,334
Accounts receivable from related parties10,6122,608
Inventories1,856,3051,783,488
Income taxes receivable55,59772,414
Assets held for sale3,1513,062
Prepaid expenses and other current assets257,915200,879
Total current assets5,367,0385,120,163
Deferred tax assets28,51929,483
Operating lease assets, net248,178255,713
Other long-lived assets66,74562,019
Intangible assets, net820,275806,234
Goodwill1,271,6901,239,073
Property, plant and equipment, net3,161,3143,137,891
Total assets$10,963,759$10,650,576
Accounts payable$1,410,879$1,411,519
Accounts payable to related parties27,28015,257
Revenue contract liabilities42,41248,898
Dividends payable1,495,382
Accrued expenses and other current liabilities919,6061,015,504
Income taxes payable93,32860,097
Current maturities of long-term debt862858
Total current liabilities3,989,7492,552,133
Noncurrent operating lease liabilities, less current maturities189,258195,944
Long-term debt, less current maturities3,199,7463,206,113
Deferred tax liabilities418,704422,952
Other long-term liabilities18,85520,038
Total liabilities7,816,3126,397,180
Common stock2,6252,623
Treasury stock(544,687)(544,687)
Additional paid-in capital2,001,2801,994,259
Retained earnings1,958,1623,157,511
Accumulated other comprehensive loss(284,233)(370,300)
Total Pilgrim’s Pride Corporation stockholders� equity3,133,1474,239,406
Noncontrolling interest14,30013,990
Total stockholders� equity3,147,4474,253,396
Total liabilities and stockholders� equity$10,963,759$10,650,576


PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands, except per share data)
Net sales$4,463,009$4,361,934
Cost of sales3,908,1363,978,025
Gross profit554,873383,909
Selling, general and administrative expense133,779119,076
Restructuring activities16,61214,559
Operating income404,482250,274
Interest expense, net of capitalized interest41,73841,243
Interest income(24,953)(10,346)
Foreign currency transaction gains(2,053)(4,337)
Miscellaneous, net(692)(3,286)
Income before income taxes390,442227,000
Income tax expense94,09952,062
Net income296,343174,938
Less: Net income attributable to noncontrolling interests310517
Net income attributable to Pilgrim’s Pride Corporation$296,033$174,421
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
Basic237,235236,844
Effect of dilutive common stock equivalents1,045647
Diluted238,280237,491
Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding:
Basic$1.25$0.74
Diluted$1.24$0.73


PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Cash flows from operating activities:
Net income$296,343$174,938
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization104,518103,350
Deferred income tax expense(10,958)15,519
Stock-based compensation7,0234,744
Loan cost amortization1,2391,311
Loss on property disposals9001,842
Accretion of discount related to Senior Notes608649
Asset impairment589
Gain on early extinguishment of debt recognized as a component of interest expense(107)
Gain on equity-method investments(1)(2)
Changes in operating assets and liabilities:
Trade accounts and other receivables(91,504)72,350
Inventories(64,233)114,471
Prepaid expenses and other current assets(44,021)(27,628)
Accounts payable, accrued expenses and other current liabilities(118,667)(212,807)
Income taxes51,88735,797
Long-term pension and other postretirement obligations(1,414)(1,315)
Other operating assets and liabilities(5,311)(12,192)
Cash provided by operating activities126,891271,027
Cash flows from investing activities:
Acquisitions of property, plant and equipment(98,274)(108,429)
Proceeds from property disposals1,1852,217
Cash used in investing activities(97,089)(106,212)
Cash flows from financing activities:
Payments on revolving line of credit, long-term borrowings and finance lease obligations(3,553)(153)
Proceeds from contribution (distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation1,425
Payments of capitalized loan costs(16)
Cash provided by (used in) financing activities(3,553)1,256
Effect of exchange rate changes on cash and cash equivalents8,060(2,411)
Increase in cash, cash equivalents and restricted cash34,309163,660
Cash, cash equivalents and restricted cash, beginning of period2,043,158731,223
Cash, cash equivalents and restricted cash, end of period$2,077,467$894,883


PILGRIM’S PRIDE CORPORATION
Non-GAAP Financial Measures Reconciliation
(Unaudited)

“EBITDA� is defined as the sum of net income plus interest, taxes, depreciation and amortization. “Adjusted EBITDA� is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction gains, (2) costs related to litigation settlements, (3) restructuring activities losses, and (4) net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP�), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted EBITDA only on a supplemental basis.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Net income$296,343$174,938
Add:
Interest expense, net(a)16,78530,897
Income tax expense94,09952,062
Depreciation and amortization104,518103,350
EBITDA511,745361,247
Add:
Litigation settlements(b)7,250940
Restructuring activities losses(c)16,61214,559
Minus:
Foreign currency transaction gains(d)2,0534,337
Net income attributable to noncontrolling interest310517
Adjusted EBITDA$533,244$371,892


(a)Interest expense, net, consists of interest expense less interest income.
(b)This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(c)Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.
(d)Prior to April 1, 2024, the Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.


The summary unaudited consolidated income statement data for the twelve months ended March 30, 2025 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 31, 2024 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 29, 2024 and (2) the applicable unaudited consolidated income statement data for the three months ended March 30, 2025.

PILGRIM'S PRIDE CORPORATION
Reconciliation of LTM Adjusted EBITDA
(Unaudited)
Three Months EndedLTM Ended
June 30,
2024
September 29,
2024
December 29,
2024
March 30,
2025
March 30,
2025
(In thousands)
Net income$326,523$349,990$235,772$296,343$1,208,628
Add:
Interest expense, net15,33819,49822,77616,78574,397
Income tax expense100,650131,60940,72594,099367,083
Depreciation and amortization107,948110,470111,854104,518434,790
EBITDA550,459611,567411,127511,7452,084,898
Add:
Litigation settlements71,25095,0387,250173,538
Restructuring activities losses36,67530,83611,31816,61295,441
Loss on settlement of pension from plan termination10,70910,94021,649
Inventory write-down as a result of hurricane8,0758,075
Minus:
Foreign currency transaction gains2,2256782,7852,0537,741
Net income (loss) attributable to noncontrolling interest220130(82)310578
Adjusted EBITDA$655,939$660,379$525,720$533,244$2,375,282


EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe it is frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

PILGRIM'S PRIDE CORPORATION
Reconciliation of EBITDA Margin
(Unaudited)
Three Months EndedThree Months Ended
March 30,
2025
March 31,
2024
March 30,
2025
March 31,
2024
(In thousands)
Net income$296,343$174,9386.64%4.01%
Add:
Interest expense, net16,78530,8970.38%0.71%
Income tax expense94,09952,0622.11%1.19%
Depreciation and amortization104,518103,3502.34%2.36%
EBITDA511,745361,24711.47%8.27%
Add:
Litigation settlements7,2509400.16%0.02%
Restructuring activities losses16,61214,5590.37%0.33%
Minus:
Foreign currency transaction gains2,0534,3370.05%0.09%
Net income attributable to noncontrolling interest3105170.01%0.01%
Adjusted EBITDA$533,244$371,89211.94%8.52%
Net sales$4,463,009$4,361,934


Adjusted EBITDA by segment figures are presented because they are used by management and we believe they are frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
Three Months EndedThree Months Ended
March 30, 2025March 31, 2024
U.S.EuropeMexicoTotalU.S.EuropeMexicoTotal
(In thousands)(In thousands)
Net income$222,296$42,150$31,897$296,343$102,631$24,512$47,795$174,938
Add:
Interest expense, net(a)25,567(1,904)(6,878)16,78544,586(1,983)(11,706)30,897
Income tax expense71,0129,92213,16594,09932,0609,55710,44552,062
Depreciation and amortization66,38633,1374,995104,51862,68535,0285,637103,350
EBITDA385,26183,30543,179511,745241,96267,11452,171361,247
Add:
Foreign currency transaction losses (gains)(b)(1)(372)(1,680)(2,053)2(216)(4,123)(4,337)
Litigation settlements(c)7,2507,250940940
Restructuring activities losses(d)16,61216,61214,55914,559
Minus:
Net income attributable to noncontrolling interest310310517517
Adjusted EBITDA$392,510$99,545$41,189$533,244$242,904$81,457$47,531$371,892


(a)Interest expense, net, consists of interest expense less interest income.
(b)Prior to April 1, 2024, the Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
(c)This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(d)Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.


Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of Adjusted Operating Income provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income to adjusted operating income as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Operating Income
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
GAAP operating income, U.S. operations$318,806$179,417
Litigation settlements7,250940
Adjusted operating income, U.S. operations$326,056$180,357
Adjusted operating income margin, U.S. operations11.9%7.0%
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
GAAP operating income, Europe operations$49,071$31,116
Restructuring activities losses16,61214,559
Adjusted operating income, Europe operations$65,683$45,675
Adjusted operating income margin, Europe operations5.3%3.6%
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
GAAP operating income, Mexico operations$36,605$39,741
No adjustments
Adjusted operating income, Mexico operations$36,605$39,741
Adjusted operating income margin, Mexico operations7.5%7.7%


Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating Income Margin provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income margin for each of our reportable segments to adjusted operating income margin for each of our reportable segments is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In percent)
GAAP operating income margin, U.S. operations11.6%7.0%
Litigation settlements0.3%%
Adjusted operating income margin, U.S. operations11.9%7.0%
Three Months Ended
March 30, 2025March 31, 2024
(In percent)
GAAP operating income margin, Europe operations4.0%2.5%
Restructuring activities losses1.3%1.1%
Adjusted operating income margin, Europe operations5.3%3.6%
Three Months Ended
March 30, 2025March 31, 2024
(In percent)
GAAP operating income margin, Mexico operations7.5%7.7%
No adjustments%%
Adjusted operating income margin, Mexico operations7.5%7.7%


Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's�) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of net income (loss) attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Net Income
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands, except per share data)
Net income attributable to Pilgrim's$296,033$174,421
Add:
Litigation settlements7,250940
Restructuring activities losses16,61214,559
Minus:
Foreign currency transaction gains2,0534,337
Adjusted net income attributable to Pilgrim's before tax impact of adjustments317,842185,583
Net tax impact of adjustments(a)(5,278)(2,701)
Adjusted net income attributable to Pilgrim's$312,564$182,882
Weighted average diluted shares of common stock outstanding238,280237,491
Adjusted net income attributable to Pilgrim's per common diluted share$1.31$0.77


(a) Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above.


Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP EPS to Adjusted EPS
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands, except per share data)
GAAP EPS$1.24$0.73
Add:
Litigation settlements0.03
Restructuring activities losses0.070.07
Minus:
Foreign currency transaction gains0.010.02
Adjusted EPS before tax impact of adjustments1.330.78
Net tax impact of adjustments(a)(0.02)(0.01)
Adjusted EPS$1.31$0.77
Weighted average diluted shares of common stock outstanding238,280237,491


(a) Net tax impact of adjustments represents the tax impact of all adjustments shown above.


PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data
(Unaudited)
Three Months Ended
March 30, 2025March 31, 2024
(In thousands)
Sources of net sales by geographic region of origin:
U.S.$2,743,189$2,579,332
Europe1,231,5291,267,903
Mexico488,291514,699
Total net sales$4,463,009$4,361,934
Sources of cost of sales by geographic region of origin:
U.S.$2,355,567$2,342,040
Europe1,115,2251,175,738
Mexico437,344460,247
Total cost of sales$3,908,136$3,978,025
Sources of gross profit by geographic region of origin:
U.S.$387,622$237,292
Europe116,30492,165
Mexico50,94754,452
Total gross profit$554,873$383,909
Sources of operating income by geographic region of origin:
U.S.$318,806$179,417
Europe49,07131,116
Mexico36,60539,741
Total operating income$404,482$250,274

FAQ

What are Pilgrim's Pride (PPC) Q1 2025 earnings per share?

Pilgrim's Pride reported Q1 2025 GAAP EPS of $1.24 and Adjusted EPS of $1.31, showing a 69.9% increase from Q1 2024's EPS of $0.73.

How much revenue did Pilgrim's Pride (PPC) generate in Q1 2025?

Pilgrim's Pride generated net sales of $4.5 billion in Q1 2025, representing a 2.3% increase from $4.36 billion in Q1 2024.

What is Pilgrim's Pride (PPC) net leverage ratio after paying special dividend?

After paying a special dividend of $1.5 billion, Pilgrim's Pride maintains a net leverage ratio of 1.1x of Adjusted EBITDA, well below their target range of 2x to 3x.

How did Pilgrim's Pride (PPC) US Prepared Foods perform in Q1 2025?

Pilgrim's Pride US Prepared Foods grew net sales by over 20% compared to prior year, with Just Bare® brand showing highest velocity and growth in retail fully cooked chicken category.

What was Pilgrim's Pride (PPC) operating income for Q1 2025?

Pilgrim's Pride reported operating income of $404.5 million in Q1 2025, a 61.6% increase from $250.3 million in Q1 2024, with an operating margin of 9.1%.

How much did Pilgrim's Pride (PPC) digital sales grow in Q1 2025?

Pilgrim's Pride's digitally-enabled sales grew over 35% compared to the previous year through partnerships with leading retailers, foodservice providers, and online suppliers.
Pilgrims Pride

NASDAQ:PPC

PPC Rankings

PPC Latest News

PPC Latest SEC Filings

PPC Stock Data

10.79B
41.22M
82.6%
21.29%
3.25%
Packaged Foods
Poultry Slaughtering and Processing
United States
GREELEY