Pilgrim's Pride Files 2024 Annual Report

Ticker: PPC · Form: 10-K · Filed: Feb 13, 2025 · CIK: 802481

Sentiment: neutral

Topics: annual-report, sec-filing, financials

Related Tickers: Tyson Foods (TSN), Hormel Foods (HRL), Sanderson Farms (SAFM)

TL;DR

PPC filed its 2024 10-K, all good on reporting requirements.

AI Summary

Pilgrim's Pride Corporation filed its annual report for the fiscal year ended December 29, 2024. The company is incorporated in Delaware and its common stock trades on the Nasdaq under the ticker PPC. This filing indicates that Pilgrim's Pride has met all reporting requirements for the past 12 months and 90 days, and has submitted all required Interactive Data Files electronically.

Why It Matters

This 10-K filing provides a comprehensive overview of Pilgrim's Pride's financial performance and operational status for the fiscal year 2024, crucial for investors assessing the company's health.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-K filing?

The primary purpose is to provide an annual report on the financial condition and operations of Pilgrim's Pride Corporation for the fiscal year ended December 29, 2024.

On which stock exchange are Pilgrim's Pride Corporation's securities registered?

Pilgrim's Pride Corporation's common stock is registered on The Nasdaq Stock Market LLC.

What is the trading symbol for Pilgrim's Pride Corporation's common stock?

The trading symbol for Pilgrim's Pride Corporation's common stock is PPC.

Has Pilgrim's Pride Corporation filed all required reports for the preceding 12 months?

Yes, the filing indicates that Pilgrim's Pride Corporation has filed all reports required by Section 13 or 15(d) of the Exchange Act during the preceding 12 months.

What is the fiscal year-end date for this report?

The fiscal year-end date for this report is December 29, 2024.

Filing Stats: 4,448 words · 18 min read · ~15 pages · Grade level 11.7 · Accepted 2025-02-13 15:54:38

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 17

Cybersecurity

Item 1C. Cybersecurity 17

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20 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 21

Reserved

Item 6. Reserved 22

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 23

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 91

Controls and Procedures

Item 9A. Controls and Procedures 91

Other Information

Item 9B. Other Information 93

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 93

Executive Compensation

Item 11. Executive Compensation 93

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 93

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 94

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 94 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 95

Form 10-K Summary

Item 16. Form 10-K Summary 98

Signatures

Signatures 98 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 82.42% 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 120 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 nearly 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 4,500 growers, 35 feed mills, 49 hatcheries, 39 processing plants, 30 prepared foods cook plants, 29 distribution centers, 12 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 2024) in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calendar yea

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 position or our future financial performance. While we believe we have identified and discussed below all risk factors affecting our business that we believe are material, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our business, operations, industry, financial position and financial performance in the future. Business and Operational Risk Factors Industry cyclicality can affect our earnings, especially due to fluctuations in commodity prices of feed ingredients, chicken and pork. Profitability in the chicken and pork industries is materially affected by the commodity prices of feed ingredients and t

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