Welcome to our dedicated page for Pilgrims Pride Corporation news (Ticker: PPC), a resource for investors and traders seeking the latest updates and insights on Pilgrims Pride Corporation stock.
Pilgrim's Pride Corporation (NASDAQ: PPC) is one of the world's largest poultry producers, based in Tuscumbia, Alabama. The company operates numerous protein processing plants and prepared-foods facilities across 14 states in the U.S., as well as Puerto Rico, Mexico, the U.K., the Republic of Ireland, and continental Europe.
As the second-largest poultry producer in the U.S., the U.K., and Mexico, Pilgrim's Pride commands a significant market share. In 2023, U.S. operations accounted for 58% of sales, the U.K. and other European markets contributed 30%, and Mexico comprised 12%. The company's acquisition of Tulip in 2019 expanded its footprint to include pork operations in the U.K. and Europe.
Pilgrim's Pride's product portfolio includes fresh chicken, prepared chicken, and pork products, catering to chain restaurants, food processors, food distributors, and retail chains. In the U.S. and Mexico, fresh chicken dominates sales, while the U.K. and Europe see a higher sale of prepared chicken and pork products.
JBS owns over 80% of Pilgrim's Pride shares, although an attempt to acquire the remaining stake was deemed undervaluing by a special board committee in 2021.
Latest financial results indicate continued growth and operational excellence despite challenging market conditions. Under the leadership of CEO Fabio Sandri, the company has focused on portfolio diversification, key customer relationships, and operational efficiency. This has resulted in improved profitability across all regions, even amid volatile market conditions and consumer inflation. Significant investments are being made in automation, facility expansion, and sustainability efforts to reduce the company's GHG emissions footprint.
For more information, visit www.pilgrims.com.
Pilgrim’s Pride Corporation (PPC) has completed the acquisition of Kerry Consumer Foods’ Meats and Meals business for £680 million (approximately $932 million). This acquisition, which will operate under Pilgrim’s European division, was funded through a recent senior notes offering and a credit facility. The deal aims to expand Pilgrim’s market presence and product offerings in the meat sector, reinforcing its competitive position in the food industry.
The board of directors of Pilgrim's Pride Corporation (NASDAQ: PPC) has established a special committee of independent directors to assess JBS S.A.'s unsolicited acquisition proposal submitted on August 12, 2021, targeting all outstanding shares of PPC not already owned by JBS. The committee has appointed Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel and Goldman Sachs & Co. LLC as financial advisor for the evaluation process. Any potential transaction will need the committee's favorable recommendation and a majority vote from shareholders not affiliated with JBS.
Pilgrim’s Pride Corporation (NASDAQ: PPC) announced the successful closing of a $900 million offering of 3.500% Senior Notes due 2032. The net proceeds will finance the acquisition of Kerry Consumer Foods' Meats and Meals businesses in the UK and Ireland, along with paying related fees. Remaining funds will repay borrowings under its secured credit facility and support general corporate purposes. The offering was conducted privately, exempt from the Securities Act registration requirements, aimed at qualified institutional buyers.
Pilgrim's Pride Corporation (NASDAQ: PPC) has announced the pricing of senior unsecured notes totaling $900 million due in 2032, reflecting a yield of 3.50%. The offering was increased from an initial $750 million due to strong demand and is expected to close on September 2, 2021. Funds will be used for the acquisition of Kerry Consumer Foods' Meats and Meals businesses and to repay existing borrowings. Additionally, S&P Global has affirmed its 'BB+' credit rating for the company, with a positive outlook.
Pilgrim's Pride Corporation (NASDAQ: PPC) announced the offering of up to $750 million in senior unsecured notes. The funds will finance the acquisition of Kerry Consumer Foods' Meats and Meals businesses in the UK and Ireland, alongside related expenses. The company also plans to use proceeds to repay outstanding borrowings and for general corporate purposes. The offering is exempt from registration requirements, targeting qualified institutional buyers. The release contains forward-looking statements, indicating potential risks affecting future performance.
Pilgrim’s Pride Corporation (NASDAQ: PPC) reported a net sales increase of 29% to $3.64 billion for Q2 2021. However, the company faced a GAAP net loss of $166.7 million. Adjusted net income reached $153.8 million, with adjusted EBITDA of $371.6 million, marking a 231.2% year-over-year growth. U.S. operating income margins improved to 7.8%, driven by strong foodservice and retail demand. The company announced an acquisition of Kerry Consumer Foods' Meats and Meals business. Despite strong liquidity, rising grain costs and labor shortages present ongoing challenges.
Pilgrim's Pride Corporation (NASDAQ: PPC) will host its Q2 2021 earnings conference call on July 29, 2021, at 7:00 a.m. MT (9:00 a.m. ET). The event will feature prepared remarks discussing financial and operational results, followed by a Q&A session with executive management. Investors can pre-register for the webcast via the company's investor website to receive a unique PIN for immediate access. The conference call can be joined by dialing designated numbers, and replays will be available post-call.
Pilgrim's Pride Corporation (Nasdaq: PPC) has announced a £680 million acquisition of Kerry Consumer Foods' Meats and Meals business in the UK and Ireland. This acquisition, unanimously approved by the Board, is valued at approximately $952 million and represents an 8.5x multiple on the expected standalone EBITDA for 2021. The transaction aims to enhance Pilgrim's portfolio, adding brands such as Denny and Richmond. Expected to close in Q4 2021, it is subject to customary conditions and regulatory approvals.
Pilgrim’s Pride Corporation (NASDAQ: PPC) reported first-quarter 2021 financial results with net sales of $3.27 billion, reflecting a 6.5% increase year-over-year. GAAP net income stood at $100.2 million, with an adjusted EPS of $0.42. Operating income margins varied: 3.4% in the U.S., 19.0% in Mexico, and 1.2% in Europe. Adjusted EBITDA was $253.8 million, representing a 53.4% increase. The company remains focused on safety, quality food provision, and achieving net-zero GHG emissions by 2040 while adapting operations amidst COVID-19 challenges.
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