Pilgrim’s Pride posts quarterly loss, annual profit
GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC), a Greeley-based poultry processor, lost $155 million in the fourth quarter on sales of $4.1 billion.
The loss amounted to 66 cents per share and compared with net income of $36.7 million in the same period the prior year. Year-ago quarterly revenue totaled just more than $4 billion.
But the company reported an annual profit of $745.9 million for 2022, compared with $31 million in 2021. Net sales in 2022 totaled $17.5 billion, up from $14.78 billion the prior year.
Pilgrim’s Pride said in an earnings release that commodity cutout values — the total value derived from a carcass based on prices for individual portions — experienced “record volatility” in 2022, with all-time highs in the first half of the year and an “unprecedented decline” in the second half. Inflation also affected the company’s earnings.