Pilgrim’s Pride's 2022 second quarter results demonstrate a successful year so far.
Net sales were $4.63 billion, and brands Just Bare and Pilgrim’s Prepared products grew over 96% year over year.
“Throughout the second quarter, we emphasized discipline and ownership throughout all aspects of our strategy and organization,” said Sandri. “As a result, second quarter sales grew over 27% and Adjusted EBITDA was up almost 68% from last year.”
Pilgrim’s will be increasing production by expanding its facility in Athens, Georgia, as well as building a new protein conversion plant for pet food ingredients in Georgia and building a new prepared foods facility in the Southeast U.S.
“Taken together, these investments will simultaneously enable sufficient capacity for top line growth with our key customers, enhance operating margins, create value for our shareholders and provide opportunities for a better future for our team members,” said Fabio Sandri, CEO of Pilgrim’s, in an earnings call.
Pilgrim’s has also announced the formation of an Environmental, Social and Governance (ESG) committee.
An ESG committee is typically responsible for developing and maintaining ethically and socially responsible practices usually regarding the environment and the community that the company operates in.
In other news
- Former Pilgrim’s executive Timothy Stiller has been indicted by the DOJ on charges of attempting to obstruct a grand jury investigation and tamper with a witness.
- And Former Pilgrim’s Pride CEOs Jayson Penn and Bill Lovette, among other poultry industry executives, were acquitted of chicken price-fixing charges.