PPC FY 2023 Earnings Report — Pilgrim's Pride Corporation Revenue & Financial Results | Market Cap Arena

Pilgrim's Pride CorporationPPC

FY 2023 Earnings

Reported February 27, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$17.4B	—	$17.5B	—	-0.6%
Op. Income	$522M	—	$1.2B	—	-55.6%
Gross Margin	6.4%	—	10.4%	—	-3.9pp
Net Margin	1.9%	—	4.3%	—	-2.4pp
EPS (Diluted)	$1.36	—	$3.10	—	-56.1%
Free Cash Flow	$134M	—	$183M	—	-26.6%

Revenue Flow

Item	Amount
REVENUE	$17.4B
Cost of Revenue	$16.2B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$552M
Other Expenses	$44M
Operating Expenses	$596M
Cost & Expenses	$16.8B
OPERATING INCOME	$522M
Interest Income	$36M
Interest Expense	$202M
Other Income/Expenses	-$157M
INCOME BEFORE TAX	$365M
Income Tax Expense	$43M
Net Income from Continuing Ops	$322M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$322M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$322M
D&A	$420M
EBIT	$567M
EBITDA	$987M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$17.4B
Cost of Revenue	$16.2B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$552M
Other Expenses	$44M
Operating Expenses	$596M
Cost & Expenses	$16.8B
OPERATING INCOME	$522M
Interest Income	$36M
Interest Expense	$202M
Other Income/Expenses	-$157M
INCOME BEFORE TAX	$365M
Income Tax Expense	$43M
Net Income from Continuing Ops	$322M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$322M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$322M
D&A	$420M
EBIT	$567M
EBITDA	$987M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$322M
Depreciation & Amortization	$420M
Stock-Based Compensation	$7M
Deferred Income Tax	$7M
Other Non-Cash Items	$29M
Change in Working Capital	-$107M
OPERATING CASH FLOW	$678M
Capital Expenditure	-$544M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$40M
NET CASH FROM INVESTING	-$503M
Net Debt Issuance	$152M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$35M
NET CASH FROM FINANCING	$117M
FREE CASH FLOW	$134M
Net Change in Cash	$296M

Balance Sheet

Item	Amount
Cash & Equivalents	$698M
Short-Term Investments	$0
Net Receivables	$1.3B
Inventory	$2.0B
Other Current Assets	$229M
TOTAL CURRENT ASSETS	$4.2B
PP&E (Net)	$3.4B
Goodwill	$1.3B
Intangible Assets	$854M
Long-Term Investments	$0
Tax Assets	$5M
Other Non-Current Assets	$36M
TOTAL NON-CURRENT ASSETS	$5.6B
TOTAL ASSETS	$9.8B
Account Payables	$1.3B
Short-Term Debt	$674.0K
Deferred Revenue	$85M
Other Current Liabilities	$416M
TOTAL CURRENT LIABILITIES	$2.5B
Long-Term Debt	$3.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$386M
Other Non-Current Liabilities	$40M
TOTAL NON-CURRENT LIABILITIES	$4.0B
TOTAL LIABILITIES	$6.5B
Common Stock	$3M
Additional Paid-In Capital	$2.0B
Retained Earnings	$2.1B
Treasury Stock	-$545M
Accum. Other Comp. Income	-$176M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.3B
Minority Interest	$13M
TOTAL EQUITY	$3.3B
TOTAL LIABILITIES & EQUITY	$9.8B
Total Debt	$3.6B
Net Debt	$2.9B