Q1 2024 Pilgrims Pride Corp Earnings Call Transcript
Key Points
- Pilgrims Pride Corp reported a significant increase in net revenues to $4.4 billion, up 4.7% from the previous year.
- Adjusted EBITDA saw a substantial rise to $372 million, marking a 145% increase compared to Q1 of 2023.
- Operational excellence and strategic customer partnerships have strengthened, enhancing market presence and profitability in various segments including Case Ready and Big Bird.
- Diversification efforts in the product portfolio have shown positive results, with branded offerings growing double digits and expansion in prepared foods.
- Sustainability initiatives are progressing, with a reported 15.6% decline in emissions intensity from 2019 to 2022, alongside investments in infrastructure to further reduce emissions.
- The industry faces challenges with hatchability and livability in poultry production, which could limit growth potential.
- Volatility in commodity markets and input costs, such as feed prices, continues to pose risks to profitability.
- Operational challenges in managing new poultry breeds have led to increased costs and management complexity.
- Restructuring costs in Europe, related to network optimization and integration, are significant and ongoing, impacting short-term financials.
- Despite growth in certain segments, there is a noted decrease in production in categories like Small Bird and Case Ready, potentially affecting overall market competitiveness.
Good morning, and welcome to the First Quarter of 2024 Pilgrim's Pride Earnings Conference Call and Webcast. (Operator Instructions) At the company's request, this call is being recorded.
Please note that the slides referenced during today's call are available for download from the Investors section of the company's website at www.pilgrims.com. After today's presentation, there will be an opportunity to ask your questions.
I would now like to turn the conference over to Mr. Andrew Rojeski, Head of Strategy, Investor Relations and Sustainability for Pilgrim's. You may proceed, sir.
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Good morning, and thank you for joining us today as we review our operating and financial results for the first quarter ended on March 31, 2024.
Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter,
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