JBS’s Pilgrim’s Pride Corporation achieves record-breaking Q2 EBITDA

USA – In Q2 2024, Pilgrim’s Pride Corporation, one of the largest chicken producers in the United States, Mexico, and Puerto Rico, achieved its highest-ever quarterly EBITDA, reaching US$655.9 million, a substantial rise from $248.7 million in the same period in 2023. 

The EBITDA margin for this quarter was 14.4% (US GAAP), reflecting an 8.6 percentage point increase from the previous year. 

These exceptional results are as a result of the company’s strengthened performance in the fresh products and prepared foods sectors.

CEO Fabio Sandri attributed this success to the strategic design of their portfolio, aimed at seizing market opportunities while mitigating risks.

In the second quarter, Pilgrim’s reported net sales of US$4.6 billion, marking a 5.8% increase over the past year. 

With an operating margin of 9.7%, the company recorded a net income of US$326.5 million, showing a 17% improvement from Q2 2023.

Pilgrim’s Pride’s operations benefited significantly from competitive grain prices, controlled poultry costs and supply, and heightened demand for poultry protein. 

Capitalizing on these favorable market conditions, Pilgrim’s expanded its Case Ready and Small Bird brands with key customers and enhanced the big bird poultry cuts used as raw materials by other companies.

In the prepared foods segment, the Just Bare brand saw net sales grow by double digits, outperforming its category. 

The company’s product diversification and innovation efforts accelerated, with the Richmond and Fridge Raiders brands growing nearly double digits and over 85 new products launched.

Internationally, Pilgrim’s achieved significant milestones. 

In Europe, the company saw margin expansion driven by strong performance with major clients and operational excellence. 

In Mexico, Pilgrim’s performance improved due to a balanced supply and demand dynamic, growth with clients, and continued brand momentum.

The company is under the control of JBS. 

JBS USA Holdings, Inc. is a meat processing firm and a fully owned subsidiary of the Brazilian multinational JBS S.A. 

The subsidiary was established when JBS acquired Swift & Company in 2007, marking its entry into the U.S. market. JBS USA has its headquarters in Greeley, Colorado.

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