The following is a summary of the Pilgrim's Pride Corporation (PPC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Pilgrim's Pride reported Q1 2024 net revenues of $4.4 billion, experiencing a 4.7% increase from the same quarter of the previous year.

• The adjusted EBITDA extensively rose by 145% compared to Q1 2023, hitting $372 million.

• The adjusted EBITDA margin rose to 8.5% from the previous year's 3.6%.

• An upward trend in U.S. pricing for Q2 is expected due to strong retail demand and the upcoming grilling season.

• The company anticipates an output of $475 million to $525 million for the ongoing fiscal year, although these projections may rise due to potential opportunities.

Business Progress:

• The company is continuing with its focus on customer partnerships, portfolio diversification, value-added offerings development, and operational excellence amidst market volatility and labor issues.

• There has been successful progress in the US, Europe, and Mexico business domains due to customer growth, additional retail business acquisition, and strategic execution.

• The company has made substantial environmental strides by reducing emissions. They are further planning for future investments in this regard.

• The company has started production in the new protein conversion facility in South Georgia and is making headway in Mexican expansion.

• The focus for FY 2024 is on investments geared towards safety, product mix optimization, and nurturing relationships with key customers.

• Innovative tactics, including special dividends, share repurchases, and bond repurchases, are being considered to create shareholder value using accumulated cash.

• The company plans to manage feed conversion and live cost effectively and improve feed performance throughout the year for enhanced profitability.

• Strategies that minimize downside risk and maximize upside potential are being carried out in response to market volatility, along with a continued commitment to safety and company values.

More details: Pilgrim's Pride IR

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