Pilgrims Pride Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pilgrims Pride Corp. has submitted its 2023 10-K annual report detailing financial performance and business operations.</b>

AI Summary

PILGRIMS PRIDE CORP (PPC) filed a Annual Report (10-K) with the SEC on February 27, 2024. Pilgrims Pride Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations. Key financial data and disclosures are included in the report. The company's principal executive offices are located in Greeley, Colorado. The filing was made on February 27, 2024.

Why It Matters

For investors and stakeholders tracking PILGRIMS PRIDE CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pilgrims Pride Corp.'s financial health and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, risks, and future outlook in the poultry processing industry.

Risk Assessment

Risk Level: medium — PILGRIMS PRIDE CORP shows moderate risk based on this filing. The company operates in the highly competitive and cyclical poultry processing industry, which is subject to significant price volatility and regulatory changes, impacting its financial results.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Pilgrims Pride Corp.'s performance and outlook in the current market conditions.

Key Players & Entities

• PILGRIMS PRIDE CORP (company) — FILER
• GREELEY (company) — CITY
• DE (company) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240227 (date) — FILED AS OF DATE

FAQ

Industry Context

Pilgrims Pride Corp. operates within the poultry slaughtering and processing industry, a sector characterized by its supply chain complexities and consumer demand sensitivity.

Regulatory Implications

The company is subject to various federal and state regulations governing food safety, environmental protection, and labor practices within the agricultural and food processing sectors.

What Investors Should Do

1. Analyze the revenue and net income trends for fiscal year 2023.
2. Examine the company's debt levels and liquidity position.
3. Review the risk factors section for potential challenges in the poultry industry.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparison to prior filings will require access to those documents.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share PPC The Nasdaq Stock Market L
• $20 million — mmitted to Hometown Strong donations of $20 million. Tomorrow Fund. The Tomorrow Fund, whi

Filing Documents

• ppc-20231231.htm (10-K) — 3247KB
• ppc-2023x12x31xexh21.htm (EX-21) — 33KB
• ppc-2023x12x31xexh221.htm (EX-22.1) — 4KB
• ppc-2023x12x31xexh231conse.htm (EX-23.1) — 2KB
• ppc-2023x12x31xexh311.htm (EX-31.1) — 10KB
• ppc-2023x12x31xexh312.htm (EX-31.2) — 10KB
• ppc-2023x12x31xexh321.htm (EX-32.1) — 3KB
• ppc-2023x12x31xexh322.htm (EX-32.2) — 3KB
• ppc-2023x12x31xexh97.htm (EX-97) — 13KB
• ppc-20231231_g1.jpg (GRAPHIC) — 557KB
• ppc-20231231_g2.jpg (GRAPHIC) — 337KB
• ppc-2023x12x31xexh97001.jpg (GRAPHIC) — 248KB
• ppc-2023x12x31xexh97002.jpg (GRAPHIC) — 228KB
• ppc-2023x12x31xexh97003.jpg (GRAPHIC) — 256KB
• ppc-2023x12x31xexh97004.jpg (GRAPHIC) — 112KB
• 0000802481-24-000015.txt (&nbsp;) — 21567KB
• ppc-20231231.xsd (EX-101.SCH) — 101KB
• ppc-20231231_cal.xml (EX-101.CAL) — 155KB
• ppc-20231231_def.xml (EX-101.DEF) — 602KB
• ppc-20231231_lab.xml (EX-101.LAB) — 1334KB
• ppc-20231231_pre.xml (EX-101.PRE) — 931KB
• ppc-20231231_htm.xml (XML) — 3765KB

Risk Factors

Item 1A. Risk Factors 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 16

Cybersecurity

Item 1C. Cybersecurity 17

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20

Selected Financial Data

Item 6. Selected Financial Data 21

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 37

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89

Controls and Procedures

Item 9A. Controls and Procedures 89

Other Information

Item 9B. Other Information 91

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 91

Executive Compensation

Item 11. Executive Compensation 91

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 91

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 91 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 93

Form 10-K Summary

Item 16. Form 10-K Summary 96

Signatures

Signatures 96 i Table of Contents PART I

Forward Looking Statements and Explanatory Note

Forward Looking Statements and Explanatory Note This annual report contains, and management may make, certain "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Statements of our intentions, beliefs, expectations or predictions for the future, denoted by the words "anticipate," "believe," "estimate," "expect," "plan," "project," "imply," "intend," "should," "foresee" and similar expressions, are forward-looking statements that reflect our current views about future events and are subject to risks and uncertainties. Such risks and uncertainties include those described under "Risk Factors" below and elsewhere in this annual report. Actual results could differ materially from those expressed in, or implied or projected by these forward-looking statements as a result of these risks and uncertainties, many of which are difficult to predict and beyond our control. The Company's forward-looking statements speak only as of the date of this report or as of the date they are made, and the Company undertakes no obligation to update its forward-looking statements. The risks described in this annual report are not the only risks we face, and additional risks and uncertainties may impair our business operations. The occurrence of any one or more of the factors described herein or other currently unknown factors could materially adversely affect our business and operating results.

Business

Item 1. Business Company Overview Pilgrim's Pride Corporation (referred to herein as "Pilgrim's," "PPC," "the Company," "we," "us," "our," or similar terms) is primarily engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors and foodservice operators. JBS S.A., through its indirect wholly-owned subsidiaries (together, "JBS"), beneficially owns 82.54% of our outstanding common stock. We market our balanced portfolio of fresh, prepared and value-added meat products to a diverse set of customers across the U.S., the U.K. and Europe, Mexico and in over 115 other countries. Our sales efforts are largely targeted towards the foodservice industry, principally chain restaurants and food processors, such as Chick-fil-A and retail customers, including grocery store chains and wholesale clubs, such as Kroger, Costco, Publix and H-E-B in the U.S., chain restaurants such as McDonald's and grocery store chains such as Sainsbury's, Tesco and Waitrose in the U.K. and Europe, and grocery store chains such as Wal-Mart in Mexico. As a vertically integrated company, we are able to control every phase of the production process, which helps us manage food safety and quality, control margins and improve customer service. Our plants are strategically located to ensure that customers timely receive fresh products. With our global network of approximately 4,800 growers, 34 feed mills, 47 hatcheries, 39 processing plants, 30 prepared foods cook plants, 27 distribution centers, ten protein conversion facilities and five pet food plants, we believe we are well-positioned to supply the growing demand for our products. We operate on the basis of a 52/53-week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example 2023) in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar year. Fis

Risk Factors

Item 1A. Risk Factors The following risk factors should be read carefully in connection with evaluating our business and the forward-looking information contained in this annual report on Form 10-K. Any of the following risks could materially adversely affect our business, operations, industry or financial posi

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View this 10-K filing on SEC EDGAR