Pilgrim’s Pride Corp. released its financial results for the first quarter of 2023 ahead of an earnings call this week.
The company reported net sales of $4.2 billion, with net income of $5.6 million and earnings per share of $0.02.
The company stated that its U.S. business improved during the quarter, despite elevated grain pricing, depressed commodity values and continued inflation.
Pilgrim’s Pride’s prepared foods business continued its momentum in branded fully cooked products, while the U.K. and Europe business recovered due to back-office integration, manufacturing network optimization, and growth with key customers. Additionally, the Mexico business rebounded, it said.
The company executed a $1 billion bond offering in unsecured investment-grade debt, and its expansion at its Athens, Georgia facility, automation improvements, and new protein conversion plant in South Georgia remain on track. Pilgrim’s Pride also unveiled an advanced poultry farm for its U.K. & Europe region that it said can eliminate nearly all greenhouse gas emissions, as part of the company’s sustainability targets.
