Pilgrim’s Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products to retailers, distributors, and foodservice operators in the United States, Mexico, and Puerto Rico. It offers fresh chicken products comprising pre-marinated or non-marinated refrigerated (non-frozen) whole chickens, prepackaged case-ready chicken, whole cut-up chickens, and selected chicken parts. The company also provides prepared chicken products, including portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties, and bone-in chicken parts. The company sells its products to foodservice...
1770 Promontory Circle
Greeley, CO 80634
Founded in 1946
Pilgrim's Pride Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 25, 2016; Provides Cash Flow Guidance for the Year 2017
Feb 8 17
Pilgrim's Pride Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 25, 2016. Pilgrim's Pride Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 25, 2016. For the quarter, the company reported net sales of $1,908,150,000 compared to $1,960,780,000 a year ago. Operating income was $124,303,000 against $107,773,000 a year ago. Income before income taxes was $110,993,000 against $96,095,000 a year ago. Net income attributable to the company was $70,618,000 against $63,148,000 a year ago. Earnings per basic and diluted share were $0.28 compared to $0.25 a year ago. EBITDA was $166,238,000 against $147,746,000 a year ago. Adjusted EBITDA was $172,231,000 against $149,978,000 a year ago. Income before loss on early extinguishment of debt and foreign currency transaction losses was $75,352,000 or $0.30 per diluted share against $65,282,000 or $0.26 per diluted share a year ago. Adjusted EPS was $0.30 compared to $0.26 a year ago. During the quarter, the company generated operating cash flow of $224 million.
For the year, the company reported net sales of $7,931,123,000 compared to $8,180,104,000 a year ago. Operating income was $713,510,000 against $1,044,891,000 a year ago. Income before income taxes was $672,635,000 against $992,758,000 a year ago. Net income attributable to the company was $63,148,000 against $440,532,000 a year ago. Diluted earnings per share were $1.73 compared to basic and diluted earnings per share of $2.50 a year ago. Cash provided by operating activities was $755,483,000 against $976,828,000 a year ago. Acquisitions of property, plant and equipment was $272,467,000 against $175,764,000 a year ago. EBITDA was $893,515,000 against $1,181,970,000 a year ago. Adjusted EBITDA was $899,284,000 against $1,213,467,000 a year ago. Income before loss on early extinguishment of debt and foreign currency transaction losses was $444,429,000 or $1.75 per diluted share against $673,324,000 or $2.60 per diluted share a year ago. Adjusted EPS was $1.75 compared to $2.60 a year ago. Net debt was $891,624,000 compared to $574,683,000 a year ago.
For 2017, the company expects the company's strategic capital projects will continue to move at a fast pace with a CapEx target of $220 million, which is also above the company's depreciation. The outlook for interest expense for 2017 should remain in the range of $30 million to $40 million. The company expects cash flow generation to continue to be strong.