In defiance of last year’s tumultuous market landscape, Pilgrim’s Pride is poised to ramp up its growth trajectory in 2024, as revealed in its latest submission to U.S. regulatory authorities.
As the U.S.-based poultry arm of Brazil’s JBS S.A., Pilgrim’s underscored the resilience of its business model, citing a diverse range of bird sizes and value-added product lines that effectively countered the formidable headwinds of the U.S. commodity markets throughout 2023.
Highlighting strides in bolstering partnerships with key purchasers of its case-ready and smaller poultry offerings, Pilgrim’s pointed to enhanced distribution channels and promotional activities as pivotal drivers. Notably, the company reported a substantial 60% surge in sales of its prepared foods segment compared to the previous year.
In tandem with its strategic initiatives, Pilgrim’s reported significant progress in fostering digital engagement with consumers, with digitally influenced sales more than doubling over the course of 2023, as disclosed in a 14(a) amendment submitted to the Securities and Exchange Commission (SEC).
The fourth quarter of 2023 marked a notable uptick for Pilgrim’s, with gross profits soaring to $321.1 million, a stark contrast to the $95.8 million recorded during the same period in the preceding year. Fueling this momentum is the culmination of key projects, including the completion of a plant expansion initiative in Athens, Ga., and the establishment of a protein conversion facility in South Georgia, as detailed in the SEC filing.
Amidst this backdrop, industry analysts echo optimism regarding Pilgrim’s anticipated performance in 2024, underscoring a buoyant outlook for the company’s growth trajectory.
