– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
GREELEY, Colo., April 27, 2022 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's largest poultry producers, reports its first quarter 2022 financial results.
First Quarter Highlights
| (Unaudited) | Three Months Ended | ||||||||||
| March 27, 2022 | March 28, 2021 | Y/Y Change | |||||||||
| (In millions, except per share and percentages) | |||||||||||
| Net sales | $ | 4,240.4 | $ | 3,273.4 | +29.5 | % | |||||
| U.S. GAAP EPS | $ | 1.15 | $ | 0.41 | +180.5 | % | |||||
| Operating income | $ | 402.0 | $ | 158.5 | +153.6 | % | |||||
| Adjusted EBITDA(1) | $ | 501.8 | $ | 253.8 | +97.7 | % | |||||
| Adjusted EBITDA margin(1) | 11.8 | % | 7.8 | % | +4.0pts | ||||||
(1) Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.
“Throughout the first quarter, we focused on consistent execution of our strategy. As a result, first quarter net sales increased by almost 30% and Adjusted EBITDA nearly doubled from a year ago. Overall, I am very pleased with our team and their ability to navigate through volatile market conditions and grow our business both top and bottom line,” said Fabio Sandri, Chief Executive Officer of Pilgrim’s.
“Our US business led the way in performance as our retail demand remained stable and foodservice recovered to pre-COVID levels. Equally important, our momentum in the retail branded business continued as consumer demand remained resilient despite inflationary headwinds. We have continued to improve our operational staffing levels and to provide a better future for our team members through unprecedented wage increases the last two years and significant investments in our communities. Our team successfully managed through difficult circumstances by driving superior service levels to our Key Customers, improving overall mix, and combating inflation throughout our supply chain.
“Although our UK and European business has undertaken a variety of steps to improve profitability, we faced weak market conditions and rapid escalation of costs that have diluted efforts to improve margins. The teams are confident in their plans and are working in conjunction with Key Customers, while leveraging global supply chain partnerships to resume profitable growth.
“Mexico rebounded from the previous quarter as it experienced better than expected demand while managing through less than ideal grow out conditions and increasing grain costs. We continue to grow our branded business and invest in capacity expansion.
“Moving forward, we will need to remain vigilant given significant inflationary headwinds challenging our entire business. Costs have dramatically increased in commodities, labor, logistics, and other operational inputs. To ensure our business continues to grow and creates value for all stakeholders, we must mitigate these impacts through operational efficiencies and growing with our Key Customers. We will continue to monitor and adjust our business accordingly.
“I am very excited about our growth prospects with our synergies and scale in the U.S., Mexico and the United Kingdom. We are committed to being the best and most respected company in our industry, and I am confident that our team will perform to the best of their ability to manage this extremely volatile environment.”
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, April 28, at 7:00 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.To pre-register, go to: https://services.choruscall.com/links/ppc220428.html
You may also reach the pre-registration link by logging in through the investor section of our website at https://ir.pilgrims.com in the “Events & Presentations” section.
For those who would like to join the call but have not pre-registered, access is available by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.”
Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com.
About Pilgrim’s Pride
Pilgrim’s employs over 59,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K., the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.
Forward-Looking Statements
Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the impact of the COVID-19 pandemic, efforts to contain the pandemic and resulting economic downturn on our operations and financial condition, including the risk that our health and safety measures at Pilgrim’s Pride production facilities will not be effective, the risk that we may be unable to prevent the infection of our employees at these facilities, and the risk that we may need to temporarily close one or more of our production facilities; the risk that we may experience decreased production and sales due to the changing demand for food products; the risk that we may face a significant increase in delayed payments from our customers; and additional risks related to COVID-19 set forth in our most recent Form 10-K and Form 10-Q filed with the SEC; matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels, including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access, telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
| Contact: | Andy Rojeski |
| Investor Relations | |
| IRPPC@pilgrims.com | |
| www.pilgrims.com |
| PILGRIM’S PRIDE CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| March 27, 2022 | December 26, 2021 | |||||||
| (In thousands) | ||||||||
| Cash and cash equivalents | $ | 725,540 | $ | 427,661 | ||||
| Restricted cash and cash equivalents | 30,258 | 22,460 | ||||||
| Trade accounts and other receivables, less allowance for credit losses | 1,071,102 | 1,013,437 | ||||||
| Accounts receivable from related parties | 1,079 | 1,345 | ||||||
| Inventories | 1,708,995 | 1,575,658 | ||||||
| Income taxes receivable | 14,407 | 27,828 | ||||||
| Prepaid expenses and other current assets | 241,444 | 237,565 | ||||||
| Total current assets | 3,792,825 | 3,305,954 | ||||||
| Deferred tax assets | 5,191 | 5,314 | ||||||
| Other long-lived assets | 32,069 | 32,410 | ||||||
| Operating lease assets, net | 339,102 | 351,226 | ||||||
| Intangible assets, net | 938,564 | 963,243 | ||||||
| Goodwill | 1,320,100 | 1,337,252 | ||||||
| Property, plant and equipment, net | 2,890,016 | 2,917,806 | ||||||
| Total assets | $ | 9,317,867 | $ | 8,913,205 | ||||
| Accounts payable | $ | 1,440,802 | $ | 1,378,077 | ||||
| Accounts payable to related parties | 8,044 | 22,317 | ||||||
| Revenue contract liabilities | 21,522 | 22,321 | ||||||
| Accrued expenses and other current liabilities | 815,259 | 859,885 | ||||||
| Income taxes payable | 153,986 | 81,977 | ||||||
| Current maturities of long-term debt | 36,162 | 26,246 | ||||||
| Total current liabilities | 2,475,775 | 2,390,823 | ||||||
| Noncurrent operating lease liabilities, less current maturities | 262,830 | 271,366 | ||||||
| Long-term debt, less current maturities | 3,377,893 | 3,191,161 | ||||||
| Deferred tax liabilities | 344,492 | 369,185 | ||||||
| Other long-term liabilities | 63,271 | 101,736 | ||||||
| Total liabilities | 6,524,261 | 6,324,271 | ||||||
| Common stock | 2,616 | 2,614 | ||||||
| Treasury stock | (372,157 | ) | (345,134 | ) | ||||
| Additional paid-in capital | 1,966,066 | 1,964,028 | ||||||
| Retained earnings | 1,284,007 | 1,003,569 | ||||||
| Accumulated other comprehensive loss | (98,902 | ) | (47,997 | ) | ||||
| Total Pilgrim’s Pride Corporation stockholders’ equity | 2,781,630 | 2,577,080 | ||||||
| Noncontrolling interest | 11,976 | 11,854 | ||||||
| Total stockholders’ equity | 2,793,606 | 2,588,934 | ||||||
| Total liabilities and stockholders’ equity | $ | 9,317,867 | $ | 8,913,205 | ||||
| PILGRIM’S PRIDE CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 27, 2022 | March 28, 2021 | |||||||
| (In thousands, except per share data) | ||||||||
| Net sales | $ | 4,240,395 | $ | 3,273,425 | ||||
| Cost of sales | 3,698,415 | 3,012,182 | ||||||
| Gross profit | 541,980 | 261,243 | ||||||
| Selling, general and administrative expense | 139,967 | 102,779 | ||||||
| Operating income | 402,013 | 158,464 | ||||||
| Interest expense, net of capitalized interest | 36,296 | 30,334 | ||||||
| Interest income | (1,274 | ) | (2,366 | ) | ||||
| Foreign currency transaction losses | 11,536 | 2,514 | ||||||
| Miscellaneous, net | (324 | ) | (7,844 | ) | ||||
| Income before income taxes | 355,779 | 135,826 | ||||||
| Income tax expense | 75,219 | 35,358 | ||||||
| Net income | 280,560 | 100,468 | ||||||
| Less: Net income attributable to noncontrolling interests | 122 | 260 | ||||||
| Net income attributable to Pilgrim’s Pride Corporation | $ | 280,438 | $ | 100,208 | ||||
| Weighted average shares of Pilgrim's Pride Corporation common stock outstanding: | ||||||||
| Basic | 243,670 | 243,580 | ||||||
| Effect of dilutive common stock equivalents | 630 | 278 | ||||||
| Diluted | 244,300 | 243,858 | ||||||
| Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding: | ||||||||
| Basic | $ | 1.15 | $ | 0.41 | ||||
| Diluted | $ | 1.15 | $ | 0.41 | ||||
| PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 27, 2022 | March 28, 2021 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 280,560 | $ | 100,468 | ||||
| Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
| Depreciation and amortization | 102,142 | 86,532 | ||||||
| Deferred income tax expense (benefit) | (21,917 | ) | 12,483 | |||||
| Stock-based compensation | 1,963 | 2,042 | ||||||
| Loss (gain) on property disposals | 1,855 | (2,396 | ) | |||||
| Loan cost amortization | 1,280 | 1,215 | ||||||
| Accretion of discount related to Senior Notes | 429 | 246 | ||||||
| Loss (gain) on equity-method investments | 8 | (4 | ) | |||||
| Amortization of premium related to Senior Notes | — | (167 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Trade accounts and other receivables | (66,669 | ) | (54,892 | ) | ||||
| Inventories | (146,035 | ) | (82,550 | ) | ||||
| Prepaid expenses and other current assets | (5,889 | ) | 20,228 | |||||
| Accounts payable, accrued expenses and other current liabilities | (2,454 | ) | (240,183 | ) | ||||
| Income taxes | 84,780 | 25,440 | ||||||
| Long-term pension and other postretirement obligations | (1,101 | ) | (10,841 | ) | ||||
| Other operating assets and liabilities | (1,956 | ) | (1,172 | ) | ||||
| Cash provided by (used in) operating activities | 226,996 | (143,551 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Acquisitions of property, plant and equipment | (81,578 | ) | (102,167 | ) | ||||
| Purchase of acquired business, net of cash acquired | (4,847 | ) | — | |||||
| Proceeds from property disposals | 849 | 13,074 | ||||||
| Cash used in investing activities | (85,576 | ) | (89,093 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from revolving line of credit and long-term borrowings | 228,505 | 328,932 | ||||||
| Payments on revolving line of credit, long-term borrowings and finance lease obligations | (32,093 | ) | (235,292 | ) | ||||
| Purchase of common stock under share repurchase program | (27,023 | ) | — | |||||
| Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation | (1,961 | ) | (650 | ) | ||||
| Payments of capitalized loan costs | (1,098 | ) | — | |||||
| Cash provided by financing activities | 166,330 | 92,990 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (2,073 | ) | 1,488 | |||||
| Increase in cash, cash equivalents and restricted cash | 305,677 | (138,166 | ) | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 450,121 | 548,406 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 755,798 | $ | 410,240 | ||||
PILGRIM’S PRIDE CORPORATION
Non-GAAP Financial Measures Reconciliation
“EBITDA” is defined as the sum of net income plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction losses, (2) transaction costs related to business acquisitions, (3) costs related to the DOJ agreement and litigation settlements, (4) initial insurance recoveries for Mayfield, Kentucky tornado property damage losses, (5) deconsolidation of subsidiary and (6) net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted EBITDA only on a supplemental basis.
| PILGRIM'S PRIDE CORPORATION | |||||
| Reconciliation of Adjusted EBITDA | |||||
| (Unaudited) | |||||
| Three Months Ended | |||||
| March 27, 2022 | March 28, 2021 | ||||
| (In thousands) | |||||
| Net income | $ | 280,560 | $ | 100,468 | |
| Add: | |||||
| Interest expense, net(a) | 35,022 | 27,968 | |||
| Income tax expense | 75,219 | 35,358 | |||
| Depreciation and amortization | 102,142 | 86,532 | |||
| EBITDA | 492,943 | 250,326 | |||
| Add: | |||||
| Foreign currency transaction losses(b) | 11,536 | 2,514 | |||
| Transaction costs related to acquisitions(c) | 717 | — | |||
| DOJ agreement and litigation settlements(d) | 500 | 2,399 | |||
| Minus: | |||||
| Insurance recoveries for Mayfield tornado losses(e) | 3,815 | — | |||
| Deconsolidation of subsidiary(f) | — | 1,131 | |||
| Net income attributable to noncontrolling interest | 122 | 260 | |||
| Adjusted EBITDA | $ | 501,759 | $ | 253,848 | |
| (a) | Interest expense, net, consists of interest expense less interest income. |
| (b) | The Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements, as well as, from our U.K. and Europe reportable segment are included in the line item Foreign currency transaction losses in the Condensed Consolidated Statements of Income. |
| (c) | Transaction costs related to acquisitions includes those charges that are incurred in conjunction with business acquisitions. |
| (d) | On October 13, 2020, Pilgrims announced that we entered into a plea agreement (the “Plea Agreement”) with the DOJ. As a result of the Plea Agreement, we recognized a fine of $110.5 million. On February 23, 2021, the Colorado Court approved the Plea Agreement and assessed a fine of $107.9 million. The difference between the original accrual and the payment is recorded in DOJ agreement and litigation settlements in the three months ended March 28, 2021. |
| (e) | This represents initial insurance recoveries for the property damage losses incurred as a result of the tornado in Mayfield, KY in December 2021. |
| (f) | This represents a gain recognized as a result of deconsolidation of a subsidiary. |
The summary unaudited consolidated income statement data for the twelve months ended March 27, 2022 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 28, 2021 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 26, 2021 and (2) the applicable unaudited consolidated income statement data for the three months ended March 27, 2022.
| PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||
| Reconciliation of LTM Adjusted EBITDA | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | LTM Ended | |||||||||||||||||
| June 27, 2021 | September 26, 2021 | December 26, 2021 | March 27, 2022 | March 27, 2022 | ||||||||||||||
| (In thousands) | ||||||||||||||||||
| Net income (loss) | $ | (166,503 | ) | $ | 60,835 | $ | 36,468 | $ | 280,560 | $ | 211,360 | |||||||
| Add: | ||||||||||||||||||
| Interest expense, net | 49,809 | 28,589 | 33,370 | 35,022 | 146,790 | |||||||||||||
| Income tax expense (benefit) | (9,812 | ) | 30,385 | 5,191 | 75,219 | 100,983 | ||||||||||||
| Depreciation and amortization | 95,728 | 92,076 | 106,488 | 102,142 | 396,434 | |||||||||||||
| EBITDA | (30,778 | ) | 211,885 | 181,517 | 492,943 | 855,567 | ||||||||||||
| Add: | ||||||||||||||||||
| Foreign currency transaction losses (gains) | 4,145 | 2,359 | (18,400 | ) | 11,536 | (360 | ) | |||||||||||
| Transaction costs related to acquisitions | 2,545 | 6,773 | 9,540 | 717 | 19,575 | |||||||||||||
| DOJ agreement and litigation settlements | 395,886 | 126,000 | 131,940 | 500 | 654,326 | |||||||||||||
| Restructuring activities | — | — | 5,802 | — | 5,802 | |||||||||||||
| Hometown Strong commitment | — | — | 1,000 | — | 1,000 | |||||||||||||
| Charge for fair value markup of acquired inventory | — | — | 4,974 | — | 4,974 | |||||||||||||
| Minus: | ||||||||||||||||||
| Insurance recoveries for Mayfield tornado losses | — | — | — | 3,815 | 3,815 | |||||||||||||
| Net income (loss) attributable to noncontrolling interest | 184 | 110 | (286 | ) | 122 | 130 | ||||||||||||
| Adjusted EBITDA | $ | 371,614 | $ | 346,907 | $ | 316,659 | $ | 501,759 | $ | 1,536,939 | ||||||||
EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe it is frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.
| PILGRIM'S PRIDE CORPORATION | ||||||||||||||
| Reconciliation of EBITDA Margin | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||
| March 27, 2022 | March 28, 2021 | March 27, 2022 | March 28, 2021 | |||||||||||
| (In thousands) | ||||||||||||||
| Net income | $ | 280,560 | $ | 100,468 | 6.62 | % | 3.07 | % | ||||||
| Add: | ||||||||||||||
| Interest expense, net | 35,022 | 27,968 | 0.83 | % | 0.85 | % | ||||||||
| Income tax expense | 75,219 | 35,358 | 1.77 | % | 1.08 | % | ||||||||
| Depreciation and amortization | 102,142 | 86,532 | 2.40 | % | 2.64 | % | ||||||||
| EBITDA | 492,943 | 250,326 | 11.62 | % | 7.64 | % | ||||||||
| Add: | ||||||||||||||
| Foreign currency transaction losses | 11,536 | 2,514 | 0.27 | % | 0.07 | % | ||||||||
| Transaction costs related to business acquisitions | 717 | — | 0.02 | % | — | % | ||||||||
| DOJ agreement and litigation settlements | 500 | 2,399 | 0.01 | % | 0.07 | % | ||||||||
| Minus: | ||||||||||||||
| Insurance recoveries for Mayfield tornado losses | 3,815 | — | 0.09 | % | — | % | ||||||||
| Deconsolidation of subsidiary | — | 1,131 | — | % | 0.03 | % | ||||||||
| Net income attributable to noncontrolling interest | 122 | 260 | — | % | 0.01 | % | ||||||||
| Adjusted EBITDA | $ | 501,759 | $ | 253,848 | 11.83 | % | 7.74 | % | ||||||
| Net sales | $ | 4,240,395 | $ | 3,273,425 | $ | 4,240,395 | $ | 3,273,425 | ||||||
Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's”) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of net income attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows:
| PILGRIM'S PRIDE CORPORATION | |||||||
| Reconciliation of Adjusted Net Income | |||||||
| (Unaudited) | |||||||
| Three Months Ended | |||||||
| March 27, 2022 | March 28, 2021 | ||||||
| (In thousands, except per share data) | |||||||
| Net income attributable to Pilgrim's | $ | 280,438 | $ | 100,208 | |||
| Add: | |||||||
| Foreign currency transaction losses | 11,536 | 2,514 | |||||
| Transaction costs related to acquisitions | 717 | — | |||||
| DOJ agreement and litigation settlements | 500 | 2,399 | |||||
| Minus: | |||||||
| Insurance recoveries for Mayfield tornado losses | 3,815 | — | |||||
| Deconsolidation of subsidiary | — | 1,131 | |||||
| Adjusted net income attributable to Pilgrim's before tax impact of adjustments | 289,376 | 103,990 | |||||
| Net tax impact of adjustments(a) | (2,226 | ) | (942 | ) | |||
| Adjusted net income attributable to Pilgrim's | $ | 287,150 | $ | 103,048 | |||
| Weighted average diluted shares of common stock outstanding | 244,300 | 243,858 | |||||
| Adjusted net income attributable to Pilgrim's per common diluted share | $ | 1.18 | $ | 0.42 | |||
(a) Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above.
Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows:
| PILGRIM'S PRIDE CORPORATION | ||||||
| Reconciliation of GAAP EPS to Adjusted EPS | ||||||
| (Unaudited) | ||||||
| Three Months Ended | ||||||
| March 27, 2022 | March 28, 2021 | |||||
| (In thousands, except per share data) | ||||||
| GAAP EPS | $ | 1.15 | $ | 0.41 | ||
| Add: | ||||||
| Foreign currency transaction losses | 0.06 | 0.01 | ||||
| Transaction costs related to acquisitions | — | — | ||||
| DOJ agreement and litigation settlements | — | — | ||||
| Minus: | ||||||
| Insurance recoveries for Mayfield tornado losses | 0.02 | — | ||||
| Adjusted EPS before tax impact of adjustments | 1.19 | 0.42 | ||||
| Net tax impact of adjustments(a) | (0.01 | ) | — | |||
| Adjusted EPS | $ | 1.18 | $ | 0.42 | ||
| Weighted average diluted shares of common stock outstanding | 244,300 | 243,858 | ||||
(a) Net tax impact of adjustments represents the tax impact of all adjustments shown above.
| PILGRIM'S PRIDE CORPORATION | ||||||||
| Supplementary Selected Segment and Geographic Data | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 27, 2022 | March 28, 2021 | |||||||
| (In thousands) | ||||||||
| Sources of net sales by geographic region of origin: | ||||||||
| U.S. | $ | 2,581,208 | $ | 1,999,559 | ||||
| U.K. and Europe | 1,191,982 | 854,734 | ||||||
| Mexico | 467,205 | 419,132 | ||||||
| Total net sales | $ | 4,240,395 | $ | 3,273,425 | ||||
| Sources of cost of sales by geographic region of origin: | ||||||||
| U.S. | $ | 2,159,204 | $ | 1,866,700 | ||||
| U.K. and Europe | 1,152,903 | 816,926 | ||||||
| Mexico | 386,322 | 328,570 | ||||||
| Elimination | (14 | ) | (14 | ) | ||||
| Total cost of sales | $ | 3,698,415 | $ | 3,012,182 | ||||
| Sources of gross profit by geographic region of origin: | ||||||||
| U.S. | $ | 422,004 | $ | 132,859 | ||||
| U.K. and Europe | 39,079 | 37,808 | ||||||
| Mexico | 80,883 | 90,562 | ||||||
| Elimination | 14 | 14 | ||||||
| Total gross profit | $ | 541,980 | $ | 261,243 | ||||
| Sources of operating income (loss) by geographic region of origin: | ||||||||
| U.S. | $ | 355,075 | $ | 68,125 | ||||
| U.K. and Europe | (21,640 | ) | 10,495 | |||||
| Mexico | 68,564 | 79,830 | ||||||
| Elimination | 14 | 14 | ||||||
| Total operating income | $ | 402,013 | $ | 158,464 | ||||
ГРИЛИ, Колорадо, 27 апреля 2022 г. (GLOBE NEWSWIRE) -- Корпорация Pilgrim’s Pride (NASDAQ: PPC), один из крупнейших в мире производителей мяса птицы, сообщает о своих финансовых результатах за первый квартал 2022 года.
Основные моменты Первого квартала
| (Unaudited) | Three Months Ended | ||||||||||
| March 27, 2022 | March 28, 2021 | Y/Y Change | |||||||||
| (In millions, except per share and percentages) | |||||||||||
| Net sales | $ | 4,240.4 | $ | 3,273.4 | +29.5 | % | |||||
| U.S. GAAP EPS | $ | 1.15 | $ | 0.41 | +180.5 | % | |||||
| Operating income | $ | 402.0 | $ | 158.5 | +153.6 | % | |||||
| Adjusted EBITDA(1) | $ | 501.8 | $ | 253.8 | +97.7 | % | |||||
| Adjusted EBITDA margin(1) | 11.8 | % | 7.8 | % | +4.0pts | ||||||
(1) Выверки для показателей, не относящихся к ОПБУ США, представлены в последующих разделах настоящего выпуска.
“На протяжении всего первого квартала мы сосредоточились на последовательном выполнении нашей стратегии. В результате чистые продажи в первом квартале выросли почти на 30%, а скорректированная EBITDA почти удвоилась по сравнению с прошлым годом. В целом, я очень доволен нашей командой и их способностью ориентироваться в изменчивых рыночных условиях и развивать наш бизнес как в верхней, так и в нижней части”, - сказал Фабио Сандри, главный исполнительный директор Pilgrim's.
“Наш бизнес в США лидировал по показателям, поскольку наш розничный спрос оставался стабильным, а сфера общественного питания восстановилась до уровня, существовавшего до COVID. Не менее важно и то, что наш импульс в розничном брендовом бизнесе продолжался, поскольку потребительский спрос оставался устойчивым, несмотря на встречные инфляционные тенденции. Мы продолжали повышать уровень нашего оперативного персонала и обеспечивать лучшее будущее для членов нашей команды за счет беспрецедентного повышения заработной платы за последние два года и значительных инвестиций в наши сообщества. Наша команда успешно справилась с трудными обстоятельствами, обеспечив нашим Ключевым Клиентам превосходный уровень обслуживания, улучшив общий ассортимент и борясь с инфляцией по всей нашей цепочке поставок.
“Хотя наш бизнес в Великобритании и Европе предпринял ряд шагов для повышения прибыльности, мы столкнулись со слабыми рыночными условиями и быстрым ростом затрат, которые ослабили усилия по повышению рентабельности. Команды уверены в своих планах и работают совместно с ключевыми Клиентами, одновременно используя партнерские отношения в глобальных цепочках поставок для возобновления прибыльного роста.
“Мексика восстановилась по сравнению с предыдущим кварталом, поскольку спрос оказался лучше, чем ожидалось, в то же время справляясь с далеко не идеальными условиями выращивания и повышением цен на зерно. Мы продолжаем развивать наш фирменный бизнес и инвестируем в расширение производственных мощностей.
“Двигаясь вперед, нам нужно будет сохранять бдительность, учитывая значительные инфляционные препятствия, бросающие вызов всему нашему бизнесу. Резко возросли затраты на товары, рабочую силу, логистику и другие операционные затраты. Чтобы гарантировать, что наш бизнес продолжает расти и создает ценность для всех заинтересованных сторон, мы должны смягчить эти последствия за счет повышения операционной эффективности и расширения сотрудничества с нашими ключевыми Клиентами. Мы будем продолжать отслеживать и соответствующим образом корректировать наш бизнес.
“Я очень взволнован нашими перспективами роста благодаря нашей синергии и масштабам в США, Мексике и Соединенном Королевстве. Мы стремимся быть лучшей и наиболее уважаемой компанией в нашей отрасли, и я уверен, что наша команда сделает все возможное, чтобы справиться с этой чрезвычайно нестабильной средой”.
Информация о конференц-звонке
Телефонная конференция для обсуждения квартальных результатов Pilgrim состоится завтра, 28 апреля, в 7:00 утра по Восточному времени (9 утра по восточному времени). Участникам рекомендуется предварительно зарегистрироваться для участия в телефонной конференции по ссылке ниже. Абонентам, которые предварительно зарегистрируются, будет предоставлен уникальный PIN-код, чтобы получить немедленный доступ к вызову и обойти действующего оператора. Участники могут предварительно зарегистрироваться в любое время, в том числе до и после времени начала звонка.Чтобы пройти предварительную регистрацию, перейдите по ссылке: https://services.choruscall.com/links/ppc220428.html
Вы также можете перейти по ссылке предварительной регистрации, войдя в систему через раздел для инвесторов на нашем веб-сайте по адресу https://ir.pilgrims.com в разделе “Мероприятия и презентации”.
Для тех, кто хотел бы присоединиться к звонку, но не прошел предварительную регистрацию, доступ можно получить, набрав +1 (844) 883-3889 в США или +1 (412) 317-9245 на международном уровне и запросив “Конференцию Pilgrim’s Pride”.
Повторы телефонной конференции будут доступны на веб-сайте Pilgrim примерно через два часа после завершения телефонной конференции, и к ним можно получить доступ через раздел “Инвестор” на веб-сайте Pilgrim. www.pilgrims.com .
Об Pilgrim’s Pride
В Pilgrim's работает более 59 000 человек, и она управляет заводами по переработке белка и производством готовых продуктов в 14 штатах, Пуэрто-Рико, Мексике, Великобритании, Республике Ирландия и континентальной Европе. Основная дистрибуция компании осуществляется через розничных торговцев и дистрибьюторов общественного питания. Для получения дополнительной информации, пожалуйста, посетите www.pilgrims.com .
Прогнозные заявления
Заявления, содержащиеся в настоящем пресс-релизе, в которых излагаются намерения, планы, надежды, убеждения, ожидания, ожидания или прогнозы относительно будущего Pilgrim’s Pride Corporation и ее руководства, считаются заявлениями прогнозного характера. Без ограничения вышеизложенного, такие слова, как “ожидает”, “полагает”, “оценивает”, “ожидает”, “намеревается”, “может”, “планирует”, “проекты”, “должен”, “цели”, “будет” и их отрицательные значения, а также аналогичные слова и выражения предназначены для определения прогнозных заявлений. Важно отметить, что фактические результаты могут существенно отличаться от тех, которые прогнозируются в таких прогнозных заявлениях. Факторы, которые могут вызвать фактические результаты могут существенно отличаться от прогнозируемых в таких прогнозные заявления включают в себя: влияние COVID-19 пандемией, усилия по сдерживанию эпидемии и в результате экономического кризиса на деятельность и финансовое состояние, в том числе риск того, что наше здоровье и меры безопасности при Pilgrim’s Pride производственных мощностей не будет эффективным, риск того, что мы можем быть не в состоянии предотвратить заражение своих сотрудников на этих предприятиях, и риск, что может возникнуть необходимость временно закрыть одну или более производственных мощностей; риск, что мы можем испытать снижение объемов производства и продаж за счет изменения спроса на продукты питания; риск того, что мы можем столкнуться со значительным увеличением, задерживаются платежи со стороны клиентов, и дополнительные риски, связанные с COVID-19, изложенные в нашем последнем форме 10-K и форму 10-Q, поданных в комиссию по ценным бумагам; вопросы, затрагивающие мясом птицы, отрасль в целом; возможность выполнения бизнес-плана компании, чтобы достичь требуемой экономии затрат и прибыльности; будущие цены для кормовых ингредиентов и продуктов компании; вспышки птичьего гриппа или других заболеваний, либо в Pilgrim’s Pride в стаи или в другом месте, влияющие на его способность проводить операции и/или спроса на продукцию птицеводства; загрязнение Pilgrim’s Pride продуктов, которые никогда ранее, и это может в будущем привести к продукт претензии и возврат товара; риски, связанные с продуктом ответственности, отзыва продукции, повреждения имущества и травмы людей, для которых страхование стоит дорого, общества и потенциально неадекватным; управление денежными ресурсами; ограничения, и как результат, Pilgrim’s Pride рычаг; изменения в законодательстве или нормативных актов, затрагивающих Pilgrim’s Pride операций или их применение; новое иммиграционное законодательство или усилены меры в связи с существующим иммиграционным законодательством, что вызывает затраты на ведение бизнеса, чтобы увеличить, потому что Pilgrim’s Pride, чтобы изменить способ, в котором она ведет свой бизнес, или иным образом нарушают его деятельности; факторы конкуренции и ценового давления или потерей одного или нескольких Pilgrim’s Pride крупнейших клиентов; колебания валютных курсов, торговых барьеров, валютного регулирования, экспроприации и других рисков, связанных с зарубежными операциями; перебои в работе международных рынках и каналах сбыта, включая, но не ограничиваясь, последствия российско-украинского конфликта; риск кибер-атак, стихийных бедствий, потери, несанкционированного доступа, телекоммуникационные сбои и другие проблемы в наших информационных системах; влияние неопределенности судебного разбирательства и другие юридические вопросы, описанные в нашем последнем форме 10-K и форму 10-Q, в том числе в ре цыплят-бройлеров антимонопольного процесса, а также другие риски, описанные в разделе “Факторы риска” в годовом отчете компании по форме 10-K, квартальных отчетах по форме 10-Q и последующих заявок по ценным бумагам и биржам. Прогнозные заявления в этом релизе относятся только к дате настоящего соглашения, и Компания не берет на себя никаких обязательств по обновлению любого такого заявления после даты этого релиза, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, когда это может потребоваться в соответствии с применимым законодательством.
| Contact: | Andy Rojeski |
| Investor Relations | |
| IRPPC@pilgrims.com | |
| www.pilgrims.com |
| Pilgrim’s Pride CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| March 27, 2022 | December 26, 2021 | |||||||
| (In thousands) | ||||||||
| Cash and cash equivalents | $ | 725,540 | $ | 427,661 | ||||
| Restricted cash and cash equivalents | 30,258 | 22,460 | ||||||
| Trade accounts and other receivables, less allowance for credit losses | 1,071,102 | 1,013,437 | ||||||
| Accounts receivable from related parties | 1,079 | 1,345 | ||||||
| Inventories | 1,708,995 | 1,575,658 | ||||||
| Income taxes receivable | 14,407 | 27,828 | ||||||
| Prepaid expenses and other current assets | 241,444 | 237,565 | ||||||
| Total current assets | 3,792,825 | 3,305,954 | ||||||
| Deferred tax assets | 5,191 | 5,314 | ||||||
| Other long-lived assets | 32,069 | 32,410 | ||||||
| Operating lease assets, net | 339,102 | 351,226 | ||||||
| Intangible assets, net | 938,564 | 963,243 | ||||||
| Goodwill | 1,320,100 | 1,337,252 | ||||||
| Property, plant and equipment, net | 2,890,016 | 2,917,806 | ||||||
| Total assets | $ | 9,317,867 | $ | 8,913,205 | ||||
| Accounts payable | $ | 1,440,802 | $ | 1,378,077 | ||||
| Accounts payable to related parties | 8,044 | 22,317 | ||||||
| Revenue contract liabilities | 21,522 | 22,321 | ||||||
| Accrued expenses and other current liabilities | 815,259 | 859,885 | ||||||
| Income taxes payable | 153,986 | 81,977 | ||||||
| Current maturities of long-term debt | 36,162 | 26,246 | ||||||
| Total current liabilities | 2,475,775 | 2,390,823 | ||||||
| Noncurrent operating lease liabilities, less current maturities | 262,830 | 271,366 | ||||||
| Long-term debt, less current maturities | 3,377,893 | 3,191,161 | ||||||
| Deferred tax liabilities | 344,492 | 369,185 | ||||||
| Other long-term liabilities | 63,271 | 101,736 | ||||||
| Total liabilities | 6,524,261 | 6,324,271 | ||||||
| Common stock | 2,616 | 2,614 | ||||||
| Treasury stock | (372,157 | ) | (345,134 | ) | ||||
| Additional paid-in capital | 1,966,066 | 1,964,028 | ||||||
| Retained earnings | 1,284,007 | 1,003,569 | ||||||
| Accumulated other comprehensive loss | (98,902 | ) | (47,997 | ) | ||||
| Total Pilgrim’s Pride Corporation stockholders’ equity | 2,781,630 | 2,577,080 | ||||||
| Noncontrolling interest | 11,976 | 11,854 | ||||||
| Total stockholders’ equity | 2,793,606 | 2,588,934 | ||||||
| Total liabilities and stockholders’ equity | $ | 9,317,867 | $ | 8,913,205 | ||||
| Pilgrim’s Pride CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 27, 2022 | March 28, 2021 | |||||||
| (In thousands, except per share data) | ||||||||
| Net sales | $ | 4,240,395 | $ | 3,273,425 | ||||
| Cost of sales | 3,698,415 | 3,012,182 | ||||||
| Gross profit | 541,980 | 261,243 | ||||||
| Selling, general and administrative expense | 139,967 | 102,779 | ||||||
| Operating income | 402,013 | 158,464 | ||||||
| Interest expense, net of capitalized interest | 36,296 | 30,334 | ||||||
| Interest income | (1,274 | ) | (2,366 | ) | ||||
| Foreign currency transaction losses | 11,536 | 2,514 | ||||||
| Miscellaneous, net | (324 | ) | (7,844 | ) | ||||
| Income before income taxes | 355,779 | 135,826 | ||||||
| Income tax expense | 75,219 | 35,358 | ||||||
| Net income | 280,560 | 100,468 | ||||||
| Less: Net income attributable to noncontrolling interests | 122 | 260 | ||||||
| Net income attributable to Pilgrim’s Pride Corporation | $ | 280,438 | $ | 100,208 | ||||
| Weighted average shares of Pilgrim's Pride Corporation common stock outstanding: | ||||||||
| Basic | 243,670 | 243,580 | ||||||
| Effect of dilutive common stock equivalents | 630 | 278 | ||||||
| Diluted | 244,300 | 243,858 | ||||||
| Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding: | ||||||||
| Basic | $ | 1.15 | $ | 0.41 | ||||
| Diluted | $ | 1.15 | $ | 0.41 | ||||
| Pilgrim’s Pride CORPORATION AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 27, 2022 | March 28, 2021 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 280,560 | $ | 100,468 | ||||
| Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
| Depreciation and amortization | 102,142 | 86,532 | ||||||
| Deferred income tax expense (benefit) | (21,917 | ) | 12,483 | |||||
| Stock-based compensation | 1,963 | 2,042 | ||||||
| Loss (gain) on property disposals | 1,855 | (2,396 | ) | |||||
| Loan cost amortization | 1,280 | 1,215 | ||||||
| Accretion of discount related to Senior Notes | 429 | 246 | ||||||
| Loss (gain) on equity-method investments | 8 | (4 | ) | |||||
| Amortization of premium related to Senior Notes | — | (167 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Trade accounts and other receivables | (66,669 | ) | (54,892 | ) | ||||
| Inventories | (146,035 | ) | (82,550 | ) | ||||
| Prepaid expenses and other current assets | (5,889 | ) | 20,228 | |||||
| Accounts payable, accrued expenses and other current liabilities | (2,454 | ) | (240,183 | ) | ||||
| Income taxes | 84,780 | 25,440 | ||||||
| Long-term pension and other postretirement obligations | (1,101 | ) | (10,841 | ) | ||||
| Other operating assets and liabilities | (1,956 | ) | (1,172 | ) | ||||
| Cash provided by (used in) operating activities | 226,996 | (143,551 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Acquisitions of property, plant and equipment | (81,578 | ) | (102,167 | ) | ||||
| Purchase of acquired business, net of cash acquired | (4,847 | ) | — | |||||
| Proceeds from property disposals | 849 | 13,074 | ||||||
| Cash used in investing activities | (85,576 | ) | (89,093 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from revolving line of credit and long-term borrowings | 228,505 | 328,932 | ||||||
| Payments on revolving line of credit, long-term borrowings and finance lease obligations | (32,093 | ) | (235,292 | ) | ||||
| Purchase of common stock under share repurchase program | (27,023 | ) | — | |||||
| Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation | (1,961 | ) | (650 | ) | ||||
| Payments of capitalized loan costs | (1,098 | ) | — | |||||
| Cash provided by financing activities | 166,330 | 92,990 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (2,073 | ) | 1,488 | |||||
| Increase in cash, cash equivalents and restricted cash | 305,677 | (138,166 | ) | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 450,121 | 548,406 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 755,798 | $ | 410,240 | ||||
Корпорация Pilgrim’s Pride
Сверка финансовых показателей, Не относящихся к ОПБУ
“EBITDA” определяется как сумма чистой прибыли плюс проценты, налоги, износ и амортизация. “Скорректированная EBITDA” рассчитывается путем добавления к EBITDA определенных статей расходов и вычета из EBITDA определенных статей доходов, которые, по нашему мнению, не отражают наши текущие операционные показатели, состоящие из: (1) убытков от операций с иностранной валютой, (2) операционных издержек, связанных с приобретением бизнеса, (3) затрат, связанных с соглашение Министерства юстиции и урегулирование судебных споров, (4) первоначальные страховые возмещения за ущерб от торнадо в Мэйфилде, штат Кентукки, (5) ликвидация дочерней компании и (6) чистая прибыль, приходящаяся на неконтролирующие доли участия. Показатель EBITDA представлен потому, что он используется руководством, и мы считаем, что он часто используется аналитиками по ценным бумагам, инвесторами и другими заинтересованными сторонами в дополнение, а не вместо результатов, подготовленных в соответствии с общепринятыми в США принципами бухгалтерского учета (“US GAAP”), для сравнения результатов деятельности компаний. Мы считаем, что инвесторов заинтересует наш скорректированный показатель EBITDA, поскольку именно так наше руководство анализирует показатель EBITDA применительно к продолжающейся деятельности. Компания также считает, что Скорректированный показатель EBITDA в сочетании с финансовыми результатами Компании, рассчитанными в соответствии с ОПБУ США, предоставляет инвесторам дополнительную перспективу в отношении влияния определенных существенных статей на показатель EBITDA и облегчает более прямое сравнение ее показателей с показателями конкурентов. Показатель EBITDA и скорректированный показатель EBITDA не являются показателями финансовых показателей в соответствии с ОПБУ США. Показатель EBITDA и скорректированный показатель EBITDA имеют ограничения в качестве аналитических инструментов и не должны рассматриваться изолированно или в качестве замены анализа наших результатов, представленных в соответствии с ОПБУ США. Кроме того, другие компании в нашей отрасли могут рассчитывать эти показатели по-разному, что ограничивает их полезность в качестве сравнительного показателя. Из-за этих ограничений показатель EBITDA и скорректированный показатель EBITDA не следует рассматривать в качестве альтернативы чистой прибыли в качестве показателей нашей операционной деятельности или любых других показателей эффективности, полученных в соответствии с ОПБУ США. Эти ограничения следует компенсировать, полагаясь в первую очередь на наши результаты по ОПБУ США и используя показатель EBITDA и скорректированный показатель EBITDA только на дополнительной основе.
| PILGRIM'S PRIDE CORPORATION | |||||
| Reconciliation of Adjusted EBITDA | |||||
| (Unaudited) | |||||
| Three Months Ended | |||||
| March 27, 2022 | March 28, 2021 | ||||
| (In thousands) | |||||
| Net income | $ | 280,560 | $ | 100,468 | |
| Add: | |||||
| Interest expense, net(a) | 35,022 | 27,968 | |||
| Income tax expense | 75,219 | 35,358 | |||
| Depreciation and amortization | 102,142 | 86,532 | |||
| EBITDA | 492,943 | 250,326 | |||
| Add: | |||||
| Foreign currency transaction losses(b) | 11,536 | 2,514 | |||
| Transaction costs related to acquisitions(c) | 717 | — | |||
| DOJ agreement and litigation settlements(d) | 500 | 2,399 | |||
| Minus: | |||||
| Insurance recoveries for Mayfield tornado losses(e) | 3,815 | — | |||
| Deconsolidation of subsidiary(f) | — | 1,131 | |||
| Net income attributable to noncontrolling interest | 122 | 260 | |||
| Adjusted EBITDA | $ | 501,759 | $ | 253,848 | |
| (a) | Interest expense, net, consists of interest expense less interest income. |
| (b) | The Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements, as well as, from our U.K. and Europe reportable segment are included in the line item Foreign currency transaction losses in the Condensed Consolidated Statements of Income. |
| (c) | Transaction costs related to acquisitions includes those charges that are incurred in conjunction with business acquisitions. |
| (d) | On October 13, 2020, Pilgrims announced that we entered into a plea agreement (the “Plea Agreement”) with the DOJ. As a result of the Plea Agreement, we recognized a fine of $110.5 million. On February 23, 2021, the Colorado Court approved the Plea Agreement and assessed a fine of $107.9 million. The difference between the original accrual and the payment is recorded in DOJ agreement and litigation settlements in the three months ended March 28, 2021. |
| (e) | This represents initial insurance recoveries for the property damage losses incurred as a result of the tornado in Mayfield, KY in December 2021. |
| (f) | This represents a gain recognized as a result of deconsolidation of a subsidiary. |
Сводные неаудированные данные консолидированного отчета о прибылях и убытках за двенадцать месяцев, закончившихся 27 марта 2022 года (период LTM), были рассчитаны путем вычитания применимых неаудированных данных консолидированного отчета о прибылях и убытках за три месяца, закончившихся 28 марта 2021 года, из суммы (1) применимых аудированных данных консолидированного отчета о прибылях и убытках за год, закончившийся 26 декабря 2021 года и (2) применимые неаудированные данные консолидированного отчета о прибылях и убытках за три месяца, закончившихся 27 марта 2022 года.
| PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||
| Reconciliation of LTM Adjusted EBITDA | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | LTM Ended | |||||||||||||||||
| June 27, 2021 | September 26, 2021 | December 26, 2021 | March 27, 2022 | March 27, 2022 | ||||||||||||||
| (In thousands) | ||||||||||||||||||
| Net income (loss) | $ | (166,503 | ) | $ | 60,835 | $ | 36,468 | $ | 280,560 | $ | 211,360 | |||||||
| Add: | ||||||||||||||||||
| Interest expense, net | 49,809 | 28,589 | 33,370 | 35,022 | 146,790 | |||||||||||||
| Income tax expense (benefit) | (9,812 | ) | 30,385 | 5,191 | 75,219 | 100,983 | ||||||||||||
| Depreciation and amortization | 95,728 | 92,076 | 106,488 | 102,142 | 396,434 | |||||||||||||
| EBITDA | (30,778 | ) | 211,885 | 181,517 | 492,943 | 855,567 | ||||||||||||
| Add: | ||||||||||||||||||
| Foreign currency transaction losses (gains) | 4,145 | 2,359 | (18,400 | ) | 11,536 | (360 | ) | |||||||||||
| Transaction costs related to acquisitions | 2,545 | 6,773 | 9,540 | 717 | 19,575 | |||||||||||||
| DOJ agreement and litigation settlements | 395,886 | 126,000 | 131,940 | 500 | 654,326 | |||||||||||||
| Restructuring activities | — | — | 5,802 | — | 5,802 | |||||||||||||
| Hometown Strong commitment | — | — | 1,000 | — | 1,000 | |||||||||||||
| Charge for fair value markup of acquired inventory | — | — | 4,974 | — | 4,974 | |||||||||||||
| Minus: | ||||||||||||||||||
| Insurance recoveries for Mayfield tornado losses | — | — | — | 3,815 | 3,815 | |||||||||||||
| Net income (loss) attributable to noncontrolling interest | 184 | 110 | (286 | ) | 122 | 130 | ||||||||||||
| Adjusted EBITDA | $ | 371,614 | $ | 346,907 | $ | 316,659 | $ | 501,759 | $ | 1,536,939 | ||||||||
Рентабельность по EBITDA была рассчитана путем взятия соответствующих неаудированных показателей EBITDA, а затем деления на чистые продажи за соответствующий период. Рентабельность по EBITDA представлена потому, что она используется руководством, и мы считаем, что она часто используется аналитиками по ценным бумагам, инвесторами и другими заинтересованными сторонами в качестве дополнения к нашим результатам, подготовленным в соответствии с ОПБУ США, для сравнения результатов деятельности компаний.
| PILGRIM'S PRIDE CORPORATION | ||||||||||||||
| Reconciliation of EBITDA Margin | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||
| March 27, 2022 | March 28, 2021 | March 27, 2022 | March 28, 2021 | |||||||||||
| (In thousands) | ||||||||||||||
| Net income | $ | 280,560 | $ | 100,468 | 6.62 | % | 3.07 | % | ||||||
| Add: | ||||||||||||||
| Interest expense, net | 35,022 | 27,968 | 0.83 | % | 0.85 | % | ||||||||
| Income tax expense | 75,219 | 35,358 | 1.77 | % | 1.08 | % | ||||||||
| Depreciation and amortization | 102,142 | 86,532 | 2.40 | % | 2.64 | % | ||||||||
| EBITDA | 492,943 | 250,326 | 11.62 | % | 7.64 | % | ||||||||
| Add: | ||||||||||||||
| Foreign currency transaction losses | 11,536 | 2,514 | 0.27 | % | 0.07 | % | ||||||||
| Transaction costs related to business acquisitions | 717 | — | 0.02 | % | — | % | ||||||||
| DOJ agreement and litigation settlements | 500 | 2,399 | 0.01 | % | 0.07 | % | ||||||||
| Minus: | ||||||||||||||
| Insurance recoveries for Mayfield tornado losses | 3,815 | — | 0.09 | % | — | % | ||||||||
| Deconsolidation of subsidiary | — | 1,131 | — | % | 0.03 | % | ||||||||
| Net income attributable to noncontrolling interest | 122 | 260 | — | % | 0.01 | % | ||||||||
| Adjusted EBITDA | $ | 501,759 | $ | 253,848 | 11.83 | % | 7.74 | % | ||||||
| Net sales | $ | 4,240,395 | $ | 3,273,425 | $ | 4,240,395 | $ | 3,273,425 | ||||||
Скорректированный чистый доход, относящийся к Pilgrim's Pride Corporation (“Pilgrim's”), рассчитывается путем добавления к Чистому доходу, относящемуся к определенным статьям расходов Pilgrim, и вычета из Чистого дохода, относящегося к определенным статьям дохода Pilgrim, как показано ниже в таблице. Скорректированная чистая прибыль, приходящаяся на Pilgrim’s Pride Corporation на одну обыкновенную разводненную акцию, представлена потому, что она используется руководством, и мы считаем, что она часто используется аналитиками по ценным бумагам, инвесторами и другими заинтересованными сторонами в дополнение, а не вместо результатов, подготовленных в соответствии с ОПБУ США, для сравнения результатов деятельности компаний. Руководство также считает, что этот финансовый показатель, не относящийся к ОПБУ США, в сочетании с нашими финансовыми результатами, рассчитанными в соответствии с ОПБУ США, предоставляет инвесторам дополнительную перспективу в отношении влияния таких расходов на чистую прибыль, приходящуюся на Pilgrim’s Pride Corporation на одну обыкновенную разводненную акцию. Скорректированная чистая прибыль, приходящаяся на Pilgrim’s Pride Corporation в расчете на одну обыкновенную разводненную акцию, не является показателем финансовых результатов в соответствии с ОПБУ США, имеет ограничения в качестве аналитического инструмента и не должна рассматриваться отдельно или в качестве замены анализа наших результатов, представленных в соответствии с ОПБУ США. Руководство считает, что представление скорректированной чистой прибыли, относящейся к Pilgrim's, предоставляет полезную дополнительную информацию о наших операционных показателях и позволяет сравнивать наши показатели между периодами, поскольку некоторые расходы, указанные ниже, не отражают наши текущие операционные показатели. Сверка чистой прибыли, приходящейся на Pilgrim’s Pride Corporation в расчете на одну обыкновенную разводненную акцию, с скорректированной чистой прибылью, приходящейся на Pilgrim’s Pride Corporation в расчете на одну обыкновенную разводненную акцию, выглядит следующим образом:
| PILGRIM'S PRIDE CORPORATION | |||||||
| Reconciliation of Adjusted Net Income | |||||||
| (Unaudited) | |||||||
| Three Months Ended | |||||||
| March 27, 2022 | March 28, 2021 | ||||||
| (In thousands, except per share data) | |||||||
| Net income attributable to Pilgrim's | $ | 280,438 | $ | 100,208 | |||
| Add: | |||||||
| Foreign currency transaction losses | 11,536 | 2,514 | |||||
| Transaction costs related to acquisitions | 717 | — | |||||
| DOJ agreement and litigation settlements | 500 | 2,399 | |||||
| Minus: | |||||||
| Insurance recoveries for Mayfield tornado losses | 3,815 | — | |||||
| Deconsolidation of subsidiary | — | 1,131 | |||||
| Adjusted net income attributable to Pilgrim's before tax impact of adjustments | 289,376 | 103,990 | |||||
| Net tax impact of adjustments(a) | (2,226 | ) | (942 | ) | |||
| Adjusted net income attributable to Pilgrim's | $ | 287,150 | $ | 103,048 | |||
| Weighted average diluted shares of common stock outstanding | 244,300 | 243,858 | |||||
| Adjusted net income attributable to Pilgrim's per common diluted share | $ | 1.18 | $ | 0.42 | |||
(а) Чистые налоговые расходы (выгоды) от корректировок представляют собой налоговое воздействие всех корректировок, показанных выше.
Скорректированная прибыль на акцию рассчитывается путем деления скорректированной чистой прибыли, приходящейся на акционеров Pilgrim, на средневзвешенное количество разводненных акций. Руководство считает, что Скорректированная прибыль на акцию предоставляет полезную дополнительную информацию о наших операционных показателях и позволяет сравнивать наши показатели между периодами, поскольку некоторые затраты, указанные ниже, не отражают наши текущие операционные показатели. Сверка ОПБУ США с финансовыми показателями, не относящимися к ОПБУ США, выглядит следующим образом:
| PILGRIM'S PRIDE CORPORATION | ||||||
| Reconciliation of GAAP EPS to Adjusted EPS | ||||||
| (Unaudited) | ||||||
| Three Months Ended | ||||||
| March 27, 2022 | March 28, 2021 | |||||
| (In thousands, except per share data) | ||||||
| GAAP EPS | $ | 1.15 | $ | 0.41 | ||
| Add: | ||||||
| Foreign currency transaction losses | 0.06 | 0.01 | ||||
| Transaction costs related to acquisitions | — | — | ||||
| DOJ agreement and litigation settlements | — | — | ||||
| Minus: | ||||||
| Insurance recoveries for Mayfield tornado losses | 0.02 | — | ||||
| Adjusted EPS before tax impact of adjustments | 1.19 | 0.42 | ||||
| Net tax impact of adjustments(a) | (0.01 | ) | — | |||
| Adjusted EPS | $ | 1.18 | $ | 0.42 | ||
| Weighted average diluted shares of common stock outstanding | 244,300 | 243,858 | ||||
(a) Чистое налоговое воздействие корректировок представляет собой налоговое воздействие всех корректировок, показанных выше.
| PILGRIM'S PRIDE CORPORATION | ||||||||
| Supplementary Selected Segment and Geographic Data | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 27, 2022 | March 28, 2021 | |||||||
| (In thousands) | ||||||||
| Sources of net sales by geographic region of origin: | ||||||||
| U.S. | $ | 2,581,208 | $ | 1,999,559 | ||||
| U.K. and Europe | 1,191,982 | 854,734 | ||||||
| Mexico | 467,205 | 419,132 | ||||||
| Total net sales | $ | 4,240,395 | $ | 3,273,425 | ||||
| Sources of cost of sales by geographic region of origin: | ||||||||
| U.S. | $ | 2,159,204 | $ | 1,866,700 | ||||
| U.K. and Europe | 1,152,903 | 816,926 | ||||||
| Mexico | 386,322 | 328,570 | ||||||
| Elimination | (14 | ) | (14 | ) | ||||
| Total cost of sales | $ | 3,698,415 | $ | 3,012,182 | ||||
| Sources of gross profit by geographic region of origin: | ||||||||
| U.S. | $ | 422,004 | $ | 132,859 | ||||
| U.K. and Europe | 39,079 | 37,808 | ||||||
| Mexico | 80,883 | 90,562 | ||||||
| Elimination | 14 | 14 | ||||||
| Total gross profit | $ | 541,980 | $ | 261,243 | ||||
| Sources of operating income (loss) by geographic region of origin: | ||||||||
| U.S. | $ | 355,075 | $ | 68,125 | ||||
| U.K. and Europe | (21,640 | ) | 10,495 | |||||
| Mexico | 68,564 | 79,830 | ||||||
| Elimination | 14 | 14 | ||||||
| Total operating income | $ | 402,013 | $ | 158,464 | ||||
