3/31/2023 0 Comments Pilgrims chicken strips![]() ![]() When these efforts are combined with our improvement in operational excellence, we establish growth both in sales and adjusted EBITDA margins. Our diversified portfolio of branded and private label offerings enable us to adjust to rapidly changing consumer needs throughout the year. We are pleased with how our team engaged with key customers in all regions to ensure superior service levels and mitigate inflationary costs. Throughout the year, we experienced remarkable inflationary headwinds and exceptional market volatility. Adjusted EBITDA margin for the year was 9.4% compared to 8.7% in 2021 and 6.5% for 2020. Adjusted EBITDA was $1.6 billion, up nearly 28% compared to 2021. Nonetheless, the team's strengthening its relationship with key customers and grew its branded presence in Prepared Foods by double digits.įor the fiscal year, the net revenues were $17.5 billion, an 18.2% increase over last year. In Mexico, our business faces a challenging quarter given an imbalance supply and demand fundamentals, increased pressure for imported chicken and continued challenges to our live operations. These steps and future efforts have and will further enhance margins and reinforce the foundations to scale profitable growth for the next year and beyond. The team also continue to work in partnership with key customers to mitigate persistent inflationary challenges. and Europe business has completed a variety of those steps to enhance our operational excellence through optimization of our manufacturing network and integration of back office activities. However, our diversified offerings and key customer relationships in a more stable Case Ready and Small Bird business along with our Prepared Foods, partially compensated impact, generating breakeven EBITDA margins for the quarter. In the United States, our Big Bird deboning business experienced some down supply and demand and a period of severely negative margins. ![]() Our Q4 performance highlights the importance of our strategies of portfolio diversification, key customer focus and operational excellence to mitigate market volatility. ![]() We had adjusted EBITDA of $63 million and our adjusted EBITDA margin was 1.5%. For the fourth quarter of 2022, we reported net revenues of $4.13 billion. Good morning, everyone, and thank you for joining us today. I would now like to turn the call over to Fabio Sandri. Further information concerning these factors have been provided in yesterday's press release and our regular filings with the SEC. Other additional factors not anticipated by management may cause actual results to differ materially from those projected in these forward-looking statements. Today's call may contain certain forward-looking statements that represent our outlook and current expectations as of the date of this release. Fabio Sandri, President and Chief Executive Officer and Matt Galvanoni, Chief Financial Officer, will present on today's call.īefore we begin our prepared remarks, I would like to remind everyone of our safe harbor disclaimer. These items also have been filed at Form 8-K and are available online at sec.gov. A copy of the release is available on our website at ir., along with the slides for reference. Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter and the year, including a reconciliation of any non-GAAP measures we may discuss. Good morning, and thank you for joining us today as we review our operating and financial results for the fourth quarter and fiscal year ended on December 25, 2022. I would now like to turn the conference over to Andy Rojeski, Head of Strategy, Investor Relations and Net Zero Programs for Pilgrim's. Please note that the slides referenced during today's call are available for download from the Investor Relations section of the company's website at After today's present patient, there will be an opportunity to ask questions. At the company's request, this call is being recorded. All participants will be in listen only mode. Good morning, and welcome to the Fourth Quarter and Fiscal Year 2022 Pilgrim's Cries Earnings Conference Call and Webcast. Pilgrim's Pride Corporation ( NASDAQ: PPC) Q4 2022 Earnings Conference Call Febru9:00 PM ETĪndy Rojeski - Head-Strategy, IR and Net Zero Programs ![]()
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