Q1 2026 Pilgrims Pride Corp Earnings Call Transcript
Key Points
- Pilgrims Pride Corp (PPC) reported net revenues of $4.5 billion for Q1 2026, indicating stable revenue generation.
- The company made significant progress in growth investments, strengthening its portfolio of differentiated products to provide higher and more stable margins.
- Prepared Foods segment showed growth from expansions across retail and foodservice, with Just BARE retail sales increasing nearly 40% compared to last year.
- In Europe, the diversified portfolio maintained steady sales and margins, benefiting from consumer migration towards value and convenience offerings.
- Pilgrims Pride Corp (PPC) surpassed its 2025 reduction targets against Scope 1 and 2 emissions intensity, reflecting strong sustainability efforts.
- Adjusted EBITDA margin decreased to 6.8% from 12% last year, indicating a decline in profitability.
- Sales and profitability were negatively impacted by lower jumbo commodity cutout and deli small bird values compared to last year.
- Margins were compressed in Mexico due to excess production in the live commodity market and increased imports.
- The US fresh sales and profitability were reduced compared to last year due to weather-related events and weakened commodity market fundamentals.
- SG&A expenses were higher year-over-year, primarily due to an increase in legal settlements and associated legal defense costs.
Good morning, and welcome to the First Quarter of 2026 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 questions.
I would now like to turn the conference over to Andrew Rojeski, Head of Strategy, Investor Relations and Sustainability for Pilgrim's Pride.
Good morning, and thank you for joining us today as we review our operating and financial results for the first quarter ended on March 29, 2026. Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter, including a reconciliation of any non-GAAP measures we may discuss.
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