Poultry producer Pilgrim’s Pride, controlled by Brazilian JBS, reported net income of $60.7 million, or $0.25 per share, in the third quarter of this year, the company said. The result is an 81.6% increase over the same period last year, when the company earned $33.4 million, or $0.14 per share. In adjusted terms, earnings were $162.5 million, or $0.67 per share, from $161.7 million, or $0.66 per share, in the prior year.
Ebitda’s adjusted earnings (earnings before interest, tax, depreciation and amortization) increased 13.7% to $346.9 million. Ebitda’s adjusted margin decreased 0.8 percentage point from 9.9 to 9.1%. Net revenue grew 24.5% to $3.83 billion.
In the United States, net sales rose 30% to $2.47 billion. Al-Hajj said in a statement that demand in the country continued to recover. “Our foodservice business improved year-over-year, reaching levels above pre-pandemic levels, while retail volumes remained strong.” Pilgrim said profit margins in the country also continued to improve, despite rising input and operating costs and labor shortages.
Mexico’s net revenue rose 28.4% to $430.3 million. In Europe and the United Kingdom, net revenue grew 10% to $930.4 million. According to Pilgrim’s, the business has been significantly affected by inflationary pressures on inputs, utilities, freight, labor shortages and lower pig prices in the region. The company also said it has overcome significant supply chain challenges to continue to support key UK customers.
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