Q1 2025 Pilgrims Pride Corp Earnings Call Transcript
Key Points
- Pilgrims Pride Corp (PPC) reported a 2.3% increase in net revenues, reaching $4.5 billion for Q1 2025.
- Adjusted EBITDA rose by 62% compared to Q1 2024, with a margin increase from 8.5% to 12%.
- The company experienced strong demand in the US, particularly in retail and expanded key customer partnerships.
- Prepared foods grew over 20% compared to the prior year, driven by increased distribution across retail and food service.
- In Europe, profitability improved due to business integration, mix enhancements, and manufacturing optimizations.
- Mexico faced significant volatility throughout the quarter, with a negative FX impact approximating $8.5 million.
- The company experienced challenges in broiler production due to increased mortality and reduced hatchability.
- US gross profit was slightly behind expectations despite strong sales and pricing.
- There was a $10 million headwind from challenging weather conditions in the Southeast during the first half of the quarter.
- The company faced higher SG&A costs due to increased legal settlement and defense costs, as well as increased incentive compensation costs.
Good morning and welcome to the first quarter of 2025 Pilgrim's Pride earnings conference call and webcast. (Operator Instructions)At the company's request, this call is being recorded. Please note the slides referencing during today's call are available for download from the investor section of the company's website at www.pilgrims.com. After today's presentation there will be a question and answer session.
I would now like to turn the conference over to Andy 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 30, 2025. 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.
A copy of the release is available on our website at ir
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