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Pilgrim’s Pride sales slip but beat estimates

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC), a Greeley-based poultry producer, saw its top and bottom lines decrease year over year in the second quarter of 2023, but the company’s results were ahead of Wall Street expectations.

The company posted net sales of $4.3 billion in the most recent quarter, down 7% from the same period in 2022.

Pilgrim’s reported adjusted earnings of 44 cents per share, surpassing the Zacks Consensus Estimate of 28 cents per share. Still, the bottom line result was well below the $1.54 per share reported in the second quarter of 2022. 

“Throughout the past 12 months, our consistent execution and focus on portfolio diversification, growth with key customers, and operational excellence has been instrumental in our ability to navigate extremely volatile market conditions,” Pilgrim’s Pride CEO Fabio Sandri said in a prepared statement. “Our business profitability increased quarter over quarter yet again despite challenges in overall protein availability and lingering inflation.”

Source: BizWest