Pilgrims Pride Files Q2 2024 10-Q

Ticker: PPC · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 802481

Sentiment: neutral

Topics: 10-Q, poultry, financials

TL;DR

PPC 10-Q filed for Q2 2024. Financials and operations detailed.

AI Summary

Pilgrims Pride Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which is a major player in the poultry slaughtering and processing industry. Specific financial figures and operational metrics are provided within the report.

Why It Matters

This filing provides investors and analysts with a detailed look into the financial health and operational status of Pilgrims Pride Corp. during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a large food processing company, Pilgrims Pride is subject to various risks including commodity price fluctuations, disease outbreaks, and regulatory changes.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Pilgrims Pride Corp. as indicated in the filing?

The filing indicates that Pilgrims Pride Corp. is involved in 'POULTRY SLAUGHTERING AND PROCESSING'.

For which fiscal period is this 10-Q report filed?

This 10-Q report is filed for the period ending June 30, 2024.

What is the company's main address listed in the filing?

The company's business and mailing address is 1770 Promontory Circle, Greeley, CO 80634.

What is the SEC file number for Pilgrims Pride Corp.?

The SEC file number for Pilgrims Pride Corp. is 001-09273.

What is the fiscal year end for Pilgrims Pride Corp.?

The fiscal year end for Pilgrims Pride Corp. is December 29.

Filing Stats: 4,565 words · 18 min read · ~15 pages · Grade level 14.5 · Accepted 2024-07-31 18:23:01

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income Three and Six Months Ended June 30, 2024 and June 25, 2023 3 Condensed Consolidated Statements of Comprehensive Income Three and Six Months Ended June 30, 2024 and June 25, 2023 4 Condensed Consolidated Statements of Stockholders' Equity Three and Six Months Ended June 30, 2024 and June 25, 2023 5 Condensed Consolidated Statements of Cash Flows Three and Six Months Ended June 30, 2024 and June 25, 2023 7 Notes to Condensed Consolidated Financial Statements 8

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 34

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 50

OTHER INFORMATION

PART II. OTHER INFORMATION 51

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 51

SIGNATURES

SIGNATURES 52 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) June 30, 2024 December 31, 2023 (In thousands) Cash and cash equivalents $ 1,317,087 $ 697,748 Restricted cash and restricted cash equivalents 17,039 33,475 Trade accounts and other receivables, less allowance for credit losses 1,045,860 1,129,178 Accounts receivable from related parties 2,055 1,778 Inventories 1,806,244 1,985,399 Income taxes receivable 93,259 161,062 Prepaid expenses and other current assets 230,610 195,831 Total current assets 4,512,154 4,204,471 Deferred tax assets 31,980 4,890 Other long-lived assets 53,236 35,646 Operating lease assets, net 270,872 266,707 Intangible assets, net 828,902 853,983 Goodwill 1,258,285 1,286,261 Property, plant and equipment, net 3,123,028 3,158,403 Total assets $ 10,078,457 $ 9,810,361 Accounts payable $ 1,337,691 $ 1,410,576 Accounts payable to related parties 23,331 41,254 Revenue contract liabilities 67,176 84,958 Accrued expenses and other current liabilities 999,075 926,727 Income taxes payable 56,487 31,678 Current maturities of long-term debt 585 674 Total current liabilities 2,484,345 2,495,867 Noncurrent operating lease liabilities, less current maturities 212,219 203,348 Long-term debt, less current maturities 3,183,095 3,340,841 Deferred tax liabilities 419,366 385,548 Other long-term liabilities 33,951 40,180 Total liabilities 6,332,976 6,465,784 Common stock 2,621 2,620 Treasury stock ( 544,687 ) ( 544,687 ) Additional paid-in capital 1,986,198 1,978,849 Retained earnings 2,571,797 2,071,073 Accumulated other comprehensive loss ( 284,390 ) ( 176,483 ) Total Pilgrim's Pride Corporation stockholders' equity 3,731,539 3,331,372 Noncontrolling interest 13,942 13,205 Total stockholders' equity 3,745,481 3,344,577 Total liabilities and stockholders' equity $ 10,078,457 $ 9,810,361 The accompanying notes are an integral part of these

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 110 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 meatballs. 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 June 30, 2024, Pilgrim's had approximately 62,400 employees and had the capacity to process approximately 41.3 million birds per 5-day work week. Approximately 4,400 contract growers supply chicken for the Company's operations. As of June 30, 2024, PPC had the capacity to process approximately 42,750 pigs per 5-day work week and 215 contract growers supply pigs for the Company's U.K. operations. As of June 30, 2024, JBS S.A., through its indirect wholly-owned subsidia

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing