Pilgrims Pride Files Q3 2024 10-Q
Ticker: PPC · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 802481
Sentiment: neutral
Topics: 10-Q, poultry, financials
TL;DR
Pilgrims Pride's Q3 2024 10-Q is in. Check financials for poultry giant.
AI Summary
Pilgrims Pride Corp. filed its 10-Q for the period ending September 29, 2024. The filing covers the third quarter of fiscal year 2024. Key financial data and operational details are presented for the company, which is involved in poultry slaughtering and processing.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational status of Pilgrims Pride Corp., a significant player in the poultry industry.
Risk Assessment
Risk Level: medium — As a publicly traded company in the food processing sector, Pilgrims Pride faces inherent risks related to commodity prices, disease outbreaks, and consumer demand.
Key Numbers
- 20240929 — Reporting Period End Date (The end date for the financial reporting period covered by the 10-Q.)
- 20241031 — Filing Date (The date the 10-Q was officially filed with the SEC.)
Key Players & Entities
- PILGRIMS PRIDE CORP (company) — Filer
- 20240929 (date) — Conformed Period of Report
- 20241031 (date) — Filed as of Date
- GREELEY (location) — Business Address City
- 9705068000 (phone_number) — Business Phone
FAQ
What is the primary business of Pilgrims Pride Corp. according to the filing?
Pilgrims Pride Corp. is primarily involved in Poultry Slaughtering and Processing, as indicated by its Standard Industrial Classification code.
What is the fiscal year end for Pilgrims Pride Corp.?
The fiscal year end for Pilgrims Pride Corp. is December 29 (1229).
Where is the principal business address of Pilgrims Pride Corp. located?
The principal business address is located in Greeley, Colorado (CO), with a ZIP code of 80634.
What is the SEC file number for Pilgrims Pride Corp.?
The SEC file number for Pilgrims Pride Corp. is 001-09273.
What period does this 10-Q filing specifically cover?
This 10-Q filing covers the conformed period of report ending September 29, 2024.
Filing Stats: 4,522 words · 18 min read · ~15 pages · Grade level 15.1 · Accepted 2024-10-30 19:23:46
Key Financial Figures
- $0.01 — ich registered Common Stock, Par Value $0.01 PPC The Nasdaq Stock Market LLC Indic
Filing Documents
- ppc-20240929.htm (10-Q) — 2369KB
- ppc-09292024exhibit311.htm (EX-31.1) — 11KB
- ppc-09292024exhibit312.htm (EX-31.2) — 11KB
- ppc-09292024exhibit321.htm (EX-32.1) — 5KB
- ppc-09292024exhibit322.htm (EX-32.2) — 5KB
- ppc-20240929_g1.jpg (GRAPHIC) — 557KB
- 0000802481-24-000094.txt ( ) — 14264KB
- ppc-20240929.xsd (EX-101.SCH) — 69KB
- ppc-20240929_cal.xml (EX-101.CAL) — 102KB
- ppc-20240929_def.xml (EX-101.DEF) — 410KB
- ppc-20240929_lab.xml (EX-101.LAB) — 856KB
- ppc-20240929_pre.xml (EX-101.PRE) — 631KB
- ppc-20240929_htm.xml (XML) — 2736KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets September 29, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Income Three and Nine Months Ended September 29, 2024 and September 24, 2023 3 Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended September 29, 2024 and September 24, 2023 4 Condensed Consolidated Statements of Stockholders' Equity Three and Nine Months Ended September 29, 2024 and September 24, 2023 5 Condensed Consolidated Statements of Cash Flows Three and Nine Months Ended September 29, 2024 and September 24, 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 36
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 48
Controls and Procedures
Item 4. Controls and Procedures 51
OTHER INFORMATION
PART II. OTHER INFORMATION 52
Legal Proceedings
Item 1. Legal Proceedings 52
Risk Factors
Item 1A. Risk Factors 52
Other Information
Item 5. Other Information 52
Exhibits
Item 6. Exhibits 52
SIGNATURES
SIGNATURES 53 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) September 29, 2024 December 31, 2023 (In thousands) Cash and cash equivalents $ 1,877,981 $ 697,748 Restricted cash and restricted cash equivalents 6,431 33,475 Investment in available-for-sale securities 10,099 — Trade accounts and other receivables, less allowance for credit losses 1,067,650 1,129,178 Accounts receivable from related parties 1,964 1,778 Inventories 1,780,925 1,985,399 Income taxes receivable 63,418 161,062 Assets held for sale 5,640 — Prepaid expenses and other current assets 241,365 195,831 Total current assets 5,055,473 4,204,471 Deferred tax assets 30,317 4,890 Other long-lived assets 59,110 35,646 Operating lease assets, net 267,812 266,707 Intangible assets, net 862,400 853,983 Goodwill 1,312,806 1,286,261 Property, plant and equipment, net 3,112,616 3,158,403 Total assets $ 10,700,534 $ 9,810,361 Accounts payable $ 1,391,270 $ 1,410,576 Accounts payable to related parties 19,404 41,254 Revenue contract liabilities 85,129 84,958 Accrued expenses and other current liabilities 1,001,263 926,727 Income taxes payable 89,815 31,678 Current maturities of long-term debt 546 674 Total current liabilities 2,587,427 2,495,867 Noncurrent operating lease liabilities, less current maturities 206,796 203,348 Long-term debt, less current maturities 3,184,080 3,340,841 Deferred tax liabilities 472,183 385,548 Other long-term liabilities 31,382 40,180 Total liabilities 6,481,868 6,465,784 Common stock 2,623 2,620 Treasury stock ( 544,687 ) ( 544,687 ) Additional paid-in capital 1,988,591 1,978,849 Retained earnings 2,921,657 2,071,073 Accumulated other comprehensive loss ( 163,590 ) ( 176,483 ) Total Pilgrim's Pride Corporation stockholders' equity 4,204,594 3,331,372 Noncontrolling interest 14,072 13,205 Total stockholders' equity 4,218,666 3,344,577 Total liabilities and stockholders
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 September 29, 2024, Pilgrim's had approximately 62,000 employees and had the capacity to process approximately 41.8 million birds per 5-day work week. Approximately 4,400 contract growers supply chicken for the Company's operations. As of September 29, 2024, PPC had the capacity to process approximately 42,750 pigs per 5-day work week and 206 contract growers supply pigs for the Company's U.K. operations. As of September 29, 2024, JBS S.A., through its indirect wholly