GREELEY, Colo. - Pilgrim's Pride (NASDAQ:PPC) Corporation (NASDAQ: PPC), a global poultry producer, announced a beat on both earnings and revenue for the fourth quarter, surpassing analyst expectations. The company reported an adjusted EPS of $0.59, which was $0.16 higher than the analyst estimate of $0.43. Revenue for the quarter also exceeded forecasts, coming in at $4.5 billion against the consensus estimate of $4.47 billion.
The positive earnings report sent Pilgrim's Pride stock soaring premarket, indicating a robust investor response to the company's financial performance.
In comparison to the same quarter last year, Pilgrim's Pride showed a fair improvement. The reported net sales represent a 9.7% increase YoY, demonstrating the company's resilience and growth despite market challenges. The U.S. portfolio's continued momentum, particularly in Case Ready and Small Bird segments, as well as the expansion in Prepared Foods through branded offerings, contributed to the strong quarter.
Pilgrim's CEO, Fabio Sandri, highlighted the company's ability to drive profitable growth even under difficult circumstances, emphasizing the strategic partnerships and operational excellence that helped navigate the volatile market conditions.
"As a result, we demonstrated an ability to drive profitable growth even under the most difficult circumstances," said Fabio Sandri.
Investors and analysts are keeping a close eye on Pilgrim's Pride stock as it continues to navigate the global poultry market, focusing on key customer growth, operational excellence, and portfolio diversification.
The financial results and forward-looking strategies presented by Pilgrim's Pride suggest a company well-positioned for continued growth and market leadership. As the company prepares to initiate production at its expanded Athens, GA facility and launch a new protein conversion plant by the end of Q1 2024, stakeholders can anticipate further developments and potential impacts on the company's financial trajectory.
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