Pilgrim’s Pride, the leading chicken producer based in Greeley, Colo., has announced impressive financial results for the third quarter, with both profit and revenue outperforming expectations. Despite facing volatile market conditions and persistent inflation, the company’s profitability improved due to operational enhancements and strong performance in its Big Bird unit.
Profit Exceeds Expectations
Pilgrim’s Pride recorded a profit of $121.3 million, or 51 cents per share, in the third quarter, compared to $258.4 million, or $1.08 per share, in the same period last year. The adjusted per-share earnings reached 58 cents, surpassing the forecasted 42 cents by analysts.
Revenue Shows Resilience
Despite a challenging economic landscape, Pilgrim’s Pride saw a marginal 2.4% decline in revenue, reaching $4.36 billion. However, this still exceeded the estimated revenue of $4.296 billion, demonstrating the company’s ability to navigate through market challenges successfully.
Improved Margins Drive Success
Key to Pilgrim’s Pride’s strong performance is the improvement in margins within its U.S. business segment. Operational enhancements and favorable market fundamentals in its Big Bird unit have contributed to this positive development. As a result, the company has achieved sequential profitability growth.
Pilgrim’s Pride’s Chief Executive, Fabio Sandri, commended the company’s ability to deliver solid results despite ongoing market uncertainty and rising costs. The team remains focused on driving operational excellence and continuing to deliver value to their stakeholders.