Pilgrims Pride Corp Files 10-Q for Q1 2024

TL;DR

<b>Pilgrims Pride Corp files its Q1 2024 10-Q report, detailing financial performance and position.</b>

AI Summary

PILGRIMS PRIDE CORP (PPC) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Pilgrims Pride Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is poultry slaughtering and processing. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 26, 2023. Key financial statement items such as Revenue, Property, Plant, and Equipment Net, and Accrued Liabilities Current are referenced.

Why It Matters

For investors and stakeholders tracking PILGRIMS PRIDE CORP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for Pilgrims Pride Corp. Understanding these filings is crucial for assessing the company's financial health, profitability trends, and potential risks in the poultry industry.

Risk Assessment

Risk Level: medium — PILGRIMS PRIDE CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information, but the specific financial performance details within the report will determine the overall risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Pilgrims Pride Corp's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filed As Of Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2024-03-31 — Quarter End Date (Q1 2024)

Key Players & Entities

• PILGRIMS PRIDE CORP (company) — FILER
• GREELEY (company) — BUSINESS ADDRESS CITY
• CO (company) — BUSINESS ADDRESS STATE
• DE (company) — STATE OF INCORPORATION

FAQ

Industry Context

Pilgrims Pride Corp operates in the poultry slaughtering and processing industry, a significant sector within the broader food production market.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the revenue trends and profitability margins reported in the Q1 2024 10-Q.
2. Examine the company's balance sheet for changes in assets, liabilities, and equity compared to previous periods.
3. Review any disclosures related to operational risks or significant events impacting the poultry industry.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and position during the quarter.)

RevenueFromContractWithCustomerExcludingAssessedTax

Revenue recognized from contracts with customers, excluding any assessed taxes. (Key metric for understanding the company's top-line performance and sales generation.)

PropertyPlantAndEquipmentNet

The net book value of a company's tangible assets used in operations. (Indicates the company's investment in its operational infrastructure.)

AccruedLiabilitiesCurrent

Obligations that have been incurred but not yet paid, due within one year. (Provides insight into the company's short-term financial obligations.)

Year-Over-Year Comparison

This filing represents the company's first quarterly report for fiscal year 2024, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — ich Registered Common Stock, Par Value $0.01 PPC The Nasdaq Stock Market LLC Indic

Filing Documents

• ppc-20240331.htm (10-Q) — 1707KB
• ppc-03312024exhibit311.htm (EX-31.1) — 11KB
• ppc-03312024exhibit312.htm (EX-31.2) — 11KB
• ppc-03312024exhibit321.htm (EX-32.1) — 5KB
• ppc-03312024exhibit322.htm (EX-32.2) — 5KB
• ppc-20240331_g1.jpg (GRAPHIC) — 557KB
• 0000802481-24-000036.txt (&nbsp;) — 11984KB
• ppc-20240331.xsd (EX-101.SCH) — 67KB
• ppc-20240331_cal.xml (EX-101.CAL) — 101KB
• ppc-20240331_def.xml (EX-101.DEF) — 400KB
• ppc-20240331_lab.xml (EX-101.LAB) — 804KB
• ppc-20240331_pre.xml (EX-101.PRE) — 617KB
• ppc-20240331_htm.xml (XML) — 2004KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income Three Months Ended March 31, 2024 and March 26, 2023 3 Condensed Consolidated Statements of Comprehensive Income Three Months Ended March 31, 2024 and March 26, 2023 4 Condensed Consolidated Statements of Stockholders' Equity Three Months Ended March 31, 2024 and March 26, 2023 5 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2024 and March 26, 2023 6 Notes to Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 45

SIGNATURES

SIGNATURES 46 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS PILGRIM'S PRIDE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (In thousands) Cash and cash equivalents $ 870,820 $ 697,748 Restricted cash and restricted cash equivalents 24,063 33,475 Trade accounts and other receivables, less allowance for credit losses 1,049,410 1,129,178 Accounts receivable from related parties 2,146 1,778 Inventories 1,861,989 1,985,399 Income taxes receivable 141,122 161,062 Prepaid expenses and other current assets 222,327 195,831 Total current assets 4,171,877 4,204,471 Deferred tax assets 7,151 4,890 Other long-lived assets 45,955 35,646 Operating lease assets, net 279,105 266,707 Intangible assets, net 837,747 853,983 Goodwill 1,274,721 1,286,261 Property, plant and equipment, net 3,151,784 3,158,403 Total assets $ 9,768,340 $ 9,810,361 Accounts payable $ 1,295,910 $ 1,410,576 Accounts payable to related parties 13,524 41,254 Revenue contract liabilities 45,422 84,958 Accrued expenses and other current liabilities 876,217 926,727 Income taxes payable 48,022 31,678 Current maturities of long-term debt 650 674 Total current liabilities 2,279,745 2,495,867 Noncurrent operating lease liabilities, less current maturities 217,660 203,348 Long-term debt, less current maturities 3,342,664 3,340,841 Deferred tax liabilities 401,003 385,548 Other long-term liabilities 32,890 40,180 Total liabilities 6,273,962 6,465,784 Common stock 2,621 2,620 Treasury stock ( 544,687 ) ( 544,687 ) Additional paid-in capital 1,983,592 1,978,849 Retained earnings 2,245,494 2,071,073 Accumulated other comprehensive loss ( 206,364 ) ( 176,483 ) Total Pilgrim's Pride Corporation stockholders' equity 3,480,656 3,331,372 Noncontrolling interest 13,722 13,205 Total stockholders' equity 3,494,378 3,344,577 Total liabilities and stockholders' equity $ 9,768,340 $ 9,810,361 The accompanying notes are an integral part of these Con

Business

Business Pilgrim's Pride Corporation (referred to herein as "Pilgrim's," "PPC," "the Company," "we," "us," "our," or similar terms) is one of the largest chicken producers in the world, with operations in the United States ("U.S."), the United Kingdom ("U.K."), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. Pilgrim's products are sold to foodservice, retail and frozen entre customers. The Company's primary distribution is through retailers, foodservice distributors and restaurants throughout the countries listed above. Additionally, the Company exports chicken and pork products to over 100 countries. Our fresh products consist of refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs. The Company's prepared products include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls. The Company's other products include plant-based protein offerings, ready-to-eat meals, multi-protein frozen foods, vegetarian foods and desserts. The Company also provides direct-to-consumer meals and hot food to-go solutions in the U.K. and the Republic of Ireland. We operate feed mills, hatcheries, processing plants and distribution centers in the U.S., the U.K., Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. As of March 31, 2024, Pilgrim's had approximately 61,600 employees and had the capacity to process approximately 41.3 million birds per 5-day work week. Approximately 4,450 contract growers supply chicken for the Company's operations. As of March 31, 2024, PPC had the capacity to process approximately 42,750 pigs per 5-day work week and 220 contract growers supply pigs for the Company's U.K. operations. As of March 31, 2024, JBS S.A., through its indirect wholly-owned subs

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View this 10-Q filing on SEC EDGAR