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$13.25 High - Gotta love that chicken....echo echo
$13.09 NEW RECORD - Congratulations PPC Longs!!! I been in since below $5
$12.98 Thar she blows!
Pilgrim's Pride volatility flat as shares at three-year high 06/07 07:21 AM
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Pilgrim's Pride (PPC:$12.75,00$1.17,0010.10%) June, July and September call option implied volatility of 48 is near its 26-week average of 47 according to Track Data, suggesting non-directional price movement.
$13.05 was the high back in 2010 - GO PPC$$
IHUB - Please fix your quotes! Alakazam!
Up 8.29% and holding steady as she goes...
Time to fire up the BBQ and eat some Chickens!
yep and ihub don't have there quotes
I suppose this is a ghost chat room and no one wants to update their chart and quote box...still says 7....
Could someone update the quote? I know I may be the only one watching but it should be over 12 not 7pps....been in since under 5...
Got out Friday, waiting for another good entry
Corn prices are falling Pilgrims should run higher!
I am loving this
i dont think u will see the 4s again
Hoping for a good year. Bought back in again and then sold for a small profit way too soon. Looking for a chance to buy back in. It was a very nice run from the low 4s to the mid 7s. Wish I had remained long.
PPC
i think we have a good year next year, i think the drought will be over and grain prices will fall and that will meen more profits for meet products
i gues i shouldnt be talking about ppc on the ford board lol
how do u like this little climb looks good
Finally got going
Pilgrim's Pride Reports Results for Third Quarter of Fiscal 2012
GREELEY, Colo., Oct. 26, 2012 (GLOBE NEWSWIRE) --
Pilgrim's Pride Corporation (NYSE:PPC) reported its third quarter 2012 results with net sales of $2.1 billion and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $103 million. The Company recognized net income of $42.9 million during the third quarter of 2012, resulting in net income of $0.17 per diluted share. This compares to a net loss of $162.5 million, or an adjusted loss of $0.72 per diluted share in the same quarter of the prior year. Net debt was reduced to $1.1 billion in the period, reflecting a year-to-date reduction in net debt of $317.1 million.
"Our execution of the strategy implemented during the past 18 months has provided for vast improvement in our results, even in an uncertain and volatile environment," explained Bill Lovette, Pilgrim's Chief Executive Officer.
"Notwithstanding a year-over-year increase of $109 million in feed costs, the positive change in our net income for the first three quarters of 2012 is a swing of $672 million compared to 2011, owing to cost and yield improvements, pricing strategy changes, enhanced sales mix and a reduction of $24.6 million in SG&A costs."
"Even with rapidly increasing input costs impacting our live inventories, we demonstrated effective management of working capital that resulted in positive cash flows. This, together with our successful rights offering and focus on managing our core business, delivered a year-to-date reduction in net debt of $317.1 million, and culminated in a solid liquidity position of $671.5 million, with our lowest net debt position in over five years."
Conference Call Information
A conference call to discuss Pilgrim's quarterly results will be held today at 7:00 a.m. Mountain (9 a.m. Eastern). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To pre-register, go to:
http://services.choruscall.com/links/ppc121026.html
You may also reach the pre-registration link by logging in through the investor section of our website at www.pilgrims.com and clicking on the link under "Upcoming Events."
For those who would like to join the call but have not pre-registered, access is available by dialing +1 (877) 270-2148 within the US or +1 (412) 902-6510 internationally and requesting the "Pilgrim's Pride Conference." Please note that to submit a question to management during the call, you must be logged in via telephone.
Replays of the conference call will be available on Pilgrim's website approximately two hours after the call concludes and can be accessed through the "Investor" section of www.pilgrims.com. The webcast will be available for replay through January 26, 2013.
About Pilgrim's Pride
Pilgrim's employs approximately 38,000 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors.
Forward-Looking Statements
Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim's Pride Corporation and its management are forward-looking statements. It is important to note that the actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company's business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company's products; outbreaks of avian influenza or other diseases, either in Pilgrim's Pride's flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim's Pride's products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim's Pride's leverage; changes in laws or regulations affecting Pilgrim's Pride's operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim's Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim's Pride's largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channel, including exports into Russia, the anti-dumping proceeding in Ukraine and the anti-dumping and countervailing duty proceeding in China; and the impact of uncertainties of litigation as well as other risks described under "Risk Factors" in the Company's Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Pilgrim's Pride Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
PILGRIM'S PRIDE CORPORATION
Consolidated Statements of Operations
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
September 23, September 25, September 23, September 25,
2012 2011 2012 2011
(In thousands) (In thousands)
Net sales $ 2,068,478 $ 1,891,224 $ 5,931,720 $ 5,706,390
Costs and expenses:
Cost of sales 1,962,343 1,953,611 5,571,431 5,864,810
Operational restructuring charges -- -- -- 3,305
Gross profit (loss) 106,135 (62,387) 360,289 (161,725)
Selling, general and administrative expense 41,782 51,197 131,477 156,073
Administrative restructuring charges, net 2,647 11,472 5,921 12,740
Operating income (loss) 61,706 (125,056) 222,891 (330,538)
Interest expense 25,260 27,930 78,430 82,863
Interest income (256) (323) (886) (1,311)
Foreign currency transaction losses (gains) (7,701) 13,925 (5,417) 11,235
Miscellaneous, net 413 (3,728) (272) (6,236)
Income (loss) before income taxes 43,990 (162,860) 151,036 (417,089)
Income tax expense (benefit) 1,049 (60) (656) (6,462)
Net income (loss) 42,941 (162,800) 151,692 (410,627)
Less: Net income (loss) attributable to noncontrolling interests 10 (284) 230 790
Net income (loss) attributable to Pilgrim's Pride Corporation $ 42,931 $ (162,516) $ 151,462 $ (411,417)
Weighted average shares of common stock outstanding:
Basic 258,726 224,996 247,005 224,996
Diluted 258,837 224,996 247,103 224,996
Net income (loss) per share of common stock outstanding:
Basic $ 0.17 $ (0.72) $ 0.61 $ (1.83)
Diluted $ 0.17 $ (0.72) $ 0.61 $ (1.83)
PILGRIM'S PRIDE CORPORATION
Consolidated Balance Sheets
September 23 December 25,
2012 2011
(Unaudited)
(In thousands)
Cash and cash equivalents $ 55,030 $ 41,609
Restricted cash and cash equivalents 4,526 7,680
Investment in available-for-sale securities -- 157
Trade accounts and other receivables, less allowance for doubtful accounts 367,854 349,222
Account receivable from JBS USA, LLC 8,170 21,198
Inventories 979,243 879,094
Income taxes receivable 64,944 59,067
Prepaid expenses and other current assets 54,884 52,350
Assets held for sale 28,826 53,816
Total current assets 1,563,477 1,464,193
Investment in available-for-sale securities -- 497
Deferred tax assets 71,099 71,099
Other long-lived assets 48,931 57,921
Identified intangible assets, net 39,803 44,083
Property, plant and equipment, net 1,196,964 1,241,752
Total assets $ 2,920,274 $ 2,879,545
Accounts payable $ 320,004 $ 328,864
Account payable to JBS USA, LLC 6,280 11,653
Accrued expenses and other current liabilities 310,463 281,797
Current deferred tax liabilities 79,319 79,248
Current maturities of long-term debt 15,619 15,611
Total current liabilities 731,685 717,173
Long-term debt, less current maturities 1,151,127 1,408,001
Note payable to JBS USA Holdings, Inc. -- 50,000
Other long-term liabilities 144,746 145,941
Total liabilities 2,027,558 2,321,115
Common stock 2,590 2,143
Additional paid-in capital 1,641,783 1,443,484
Accumulated deficit (692,483) (843,945)
Accumulated other comprehensive loss (62,222) (46,070)
Total Pilgrim's Pride Corporation stockholders' equity 889,668 555,612
Noncontrolling interest 3,048 2,818
Total stockholders' equity 892,716 558,430
Total liabilities and stockholders' equity $ 2,920,274 $ 2,879,545
PILGRIM'S PRIDE CORPORATION
Selected Financial Information
(Unaudited)
NOTE: "EBITDA" is defined as the sum of income (loss) from continuing operations plus interest, taxes, depreciation and amortization. "Adjusted EBITDA" is defined as the sum of EBITDA plus restructuring charges, reorganization items and loss on early extinguishment of debt less net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the US ("GAAP"), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA from continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company's financial results calculated in accordance with GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP. They should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with GAAP.
Thirteen Weeks Ended Thirty-Nine Weeks Ended
September 23, September 25, September 23, September 25,
2012 2011 2012 2011
(In thousands) (In thousands)
Net income (loss) from continuing operations $ 42,941 $ (162,800) $ 151,692 $ (410,627)
Add:
Income tax expense (benefit) 1,049 (60) (656) (6,462)
Interest expense, net 25,004 27,607 77,544 81,552
Depreciation and amortization 36,431 53,631 108,408 159,425
Minus:
Amortization of capitalized loan costs 2,469 2,515 7,405 7,008
EBITDA 102,956 (84,137) 329,583 (183,120)
Add:
Restructuring charges 2,647 11,472 5,921 12,740
Minus:
Net income (loss) attributable to noncontrolling interest 10 (284) 230 790
Adjusted EBITDA $ 105,593 $ (72,381) $ 335,274 $ (171,170)
CONTACT: Rosemary Geelan, Investor Relations
Pilgrim's Pride CorporationRosemary.geelan@pilgrims.com
(970) 506-8192
Source: Pilgrim's Pride Corporation
________________________________________________________
http://www.nasdaq.com/article/pilgrims-pride-reports-results-for-third-quarter-of-fiscal-2012-20121026-00034#.UIpyn8XA-Bk
PPC
One reconsideration, the rise in pps shares today must be anticipation prior to the earnings release tomorrow morning at 9:00 AM (EDT):
__________________________________________________
Pilgrim's Pride Corporation to Host Third Quarter 2012 Conference Call October 26, 2012
GREELEY, Colo., Oct. 5, 2012 (GLOBE NEWSWIRE) --
Pilgrim's Pride Corporation (NYSE:PPC) announced today that it will host its third quarter 2012 earnings conference call and webcast on Friday, October 26, 2012 at 7:00 a.m. MDT (9:00 a.m. EDT). Prepared remarks regarding the financial and operational results of the second quarter will be followed by a question and answer period with Pilgrim's management team.
Investors and analysts are encouraged to pre-register for the webcast by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed at any time, including up to and after the call start time.
To pre-register, go to: http://services.choruscall.com/links/ppc121026.html
________________________________________________________
PPC
Must be good news coming from this news conference:
__________________________________________________
JBS USA to Hold News Conference in Brooks, Alberta
Canada Newswire
BROOKS, AB, Oct. 25, 2012 /CNW/ -
JBS USA, in coordination with the Canadian Cattlemen's Association (CCA) and Canada Beef Inc., will hold a media availability from noon to 1 p.m. Thursday, Oct. 25, 2012, at the Heritage Inn Hotel and Convention Centre, 1217 2nd St. West, Brooks, AB.
Bill Rupp, president and CEO of JBS USA's North America and Australia beef business, and Cameron Bruett, chief sustainability officer and head of corporate communications, will be available to respond to questions about the company's management agreement with XL Foods Inc.
Dave Solverson, vice president of the CCA, and Chuck MacLean, chairman of Canada Beef Inc., will also be available to take questions from the media and provide industry perspective.
Media not able to attend the event can participate via conference call at 403-362-2948.
About JBS USA
JBS USA, an indirect, wholly owned subsidiary of JBS S.A., the world's largest protein company, is a leading processor of beef, pork and lamb, with more than 60,000 employees in the U.S. JBS USA processes, prepares, packages and delivers fresh, further processed and value-added beef and pork products for sale to customers in more than 60 countries on five continents. JBS USA is also a majority shareholder of Pilgrim's Pride Corporation (NYSE: PPC), the second largest poultry company in the U.S.
In the U.S., Mexico and Puerto Rico, JBS USA and Pilgrim's Pride conduct operations through eight beef processing plants, three pork processing plants, 31 poultry processing plants, 31 poultry hatcheries, one lamb processing plant, one value-added beef and pork facility, one hide tannery, 30 distribution centers, one grease producing facility, and 12 feedlots operated by JBS Five Rivers Cattle Feeding.
For more information, visit www.jbssa.com.
About JBS S.A.
JBS S.A. is the world's largest protein company with 301 production facilities worldwide and more than 135,000 employees. JBS S.A. processes beef, pork, lamb and poultry in addition to processing leather and other animal by-products. JBS S.A. processes, prepares, packages and delivers fresh, further-processed and value-added beef, pork, lamb and poultry products in more than 151 countries on five continents.
In South America, JBS S.A. conducts its operations through 108 beef processing, canning, distribution centers and other facilities, including 37 processing plants in Brazil, 5 processing plants in Argentina, 2 processing plants in Paraguay, 1 processing plant in Uruguay, and 11 distribution centers and 5 feedlots in Brazil.
For more information, visit www.jbs.com.br.
_________________________________________________________
http://www.equities.com/news/headline-story?dt=2012-10-24&val=632438&cat=material
PPC
Corn Prices Slip Though Supplies Tighten
By OptionsXpress updated October 17, 2012
Wednesday, October 17, 2012
Corn futures trade may be entering a quiet period, as weak exports but tight domestic supplies have kept prices within a relatively narrow price range compared to earlier this year. Price weakness in both Wheat and Soybeans may see some spillover into Corn prices in the near-term.
Fundamentals
After a “bullish” USDA crop production and supply/demand report came out last week and sent December Corn futures up nearly the 40-cent limit, we now see prices beginning to recede, with front-month futures once again trading below 750.00. Some analysts cite continued weak export sales as the catalyst for the recent price decline, as U.S. exports are running well below the 395,900 ton average needed to reach USDA projections. Many traders believe prices will need to move lower to help stimulate foreign demand. Ethanol profit margins are negative, which is also slowing demand for Corn for use in fuel. There also have been reports that some livestock producers have started to look to South America for their Corn needs, with rumors of a large purchase from Argentina scheduled to be delivered by the end of the year. However, in the U.S., Corn basis levels remain strong, as producers are more than willing to store the newly harvested crop, with hopes of even higher prices later this year, than they are to move Corn to market. This is manifesting itself in futures prices, with the December 2012/March 2013 spread moving to a slight backwardation lately, which may be an additional sign that commercial buyers are attempting to lure Corn out of producers’ hands. For the rest of the year, we may start to see Corn futures move towards more range-bound trading, as rallies near 800.00 may further reduce demand and cut-off more U.S. export business, while a move near 700.00 will likely find more willing buyers but few sellers given current tight global supplies.
Technical Notes
Looking at the daily chart for March Corn, we notice prices becoming more volatile the past two weeks, as position-squaring ahead of the release of the USDA figures and the market’s reaction after the release of October crop report triggered active two-sided trade. Prices are trading on both sides of the 20-day moving average (NYSE:MA), but remain well above the longer-term 200-day MA which is currently about $1 below current price levels. The 14-day RSI has turned weak, with a current reading of 42.28. The recent high of 775.75 made on October 11th looks to be the next resistance level for March Corn, with support found at the September 28th low of 708.75.
Mike Zarembski, Senior Commodity Analyst
___________________________________________________
http://www.dailymarkets.com/economy/2012/10/17/corn-prices-slip-though-supplies-tighten/
PPC
"Corn jumped to a three-week high after a government report showed global inventories will drop more than expected as the worst U.S. drought in more than 50 years cuts output by the most since 1996.
Worldwide inventories on Oct. 1 will be 117.27 million metric tons, down from 123.95 million predicted a month ago and 131.54 million estimated this year, the U.S. Department of Agriculture said. Reserves as a percent of consumption will fall to 13.7 percent, the lowest since 1974. Stockpiles in the U.S., the largest grower and exporter, will fall 37 percent to 15.73 million tons from last year.
Corn futures for December delivery rose 5 percent to $7.7325 a bushel on the Chicago Board of Trade. Earlier, the price reached $7.76, the highest for a most-active contract since Sept. 17."
_________________________________________________________
http://www.bloomberg.com/news/2012-10-11/corn-jumps-as-global-inventories-shrink-commodities-at-close.html
PPC
Still have not found a good explanation for the sudden, step decline in Pilgrim's Pride. No news. Does it have to do with the recent decline in Super Value and Safeway?
PPC
lets say i picked them up at 5.25 because picking the botom is hard
i think now is the time to pick a few up. ok lets say i pick 100 up and sell tomorow , i didnt but lets look tomorow and see if i could have made a proffit lol
this would be like trying to catch a falling knife right now
Saw this article:
Quote:
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4 Stocks to Buy for a Corn Trade
Meat producers might have some upside if you can stand the risk
Jul 12, 2012, 9:35 am EDT | By Daniel Putnam, InvestorPlace Contributor
The surging price of corn might have fueled a blistering rise of more than 30% in the Teucrium Corn Fund (NYSE:CORN) in the past month, but it has hammered the stocks of food companies that rely on the grain as one of their key inputs.
Diversified meat producers Tyson Foods (NYSE:TSN) and Smithfield Foods (NYSE:SFD) have lost 10.9% and 7.6%, respectively, since June 19, while chicken processors Pilgrim’s Pride (NYSE:PPC) and Sanderson Foods (NASDAQ:SAFM) have shed 28.4% and 17.7%, respectively. The concern is that all four will see their feed costs soar, crimping their already-thin margins and eroding their profitability.
These smaller food stocks have suffered much more than large-cap companies for which corn is an input, such as Coca Cola (NYSE:KO), McDonald’s (NYSE:MCD) and General Mills (NYSE:GIS) — all of which have held up well through the spike in corn prices thus far.
The meat producers aren’t typically a favorite for short-term traders, as they tend to have modest volume and betas below 1. The sector is beginning to receive more attention in the wake of corn’s run-up, however, fueling extremely high volatility and causing trading volumes to pick up considerably. This might signal an opportunity for those willing to take on the elevated risk in this group.
The Case for Food Stocks
Several factors support the case for buying into the meat producers here.
For Tyson, Sanderson, Pilgrim’s and Smithfield to remain at these depressed levels, two events would have to happen. First, the corn price would need to keep rising. The market is anticipating a continuation of the drought, so any better-than-expected news on this front would drive these stocks higher. Second, the market is assuming that the food companies won’t be able to pass along rising costs to consumers. This might indeed prove to be the case, but here too there is room for an upside surprise if this concern proves unfounded.
This risk/reward profile warrants attention given the low valuations in the sector. And even if analysts reduce their earnings estimates for these companies, the elevated corn price is a 2012 story and not one likely to affect the 2013 estimates upon which these P/Es are based:
Stock Ticker 2013 P/E
Tyson Foods TSN 7.5
Smithfield Foods SFD 7.0
Pilgrim’s Pride PPC 5.6
Sanderson Foods SAFM 8.0
Two other factors indicate that these stocks are shaping up for a nice trade from the long side:
Short Interest: All four all carry a decent short interest, which could add fuel to a rally if corn prices drop and investors begin to cover. As of June 15, the short-interest ratios were as follows: Tyson, 3.7%; Smithfield, 5.3%; Pilgrim’s, 7.2%; Sanderson, 12.6%.
Technicals: The stocks are oversold on a technical basis, with two (TSN, PPC) trading under their lower Bollinger bands, and three (TSN, PPC, SAFM) near levels on their RSIs that have preceded rallies in the past two years.
Click below for chart
Finally, a look at the past three years shows that on balance, these stocks have comfortably outperformed the broader market in the fourth quarter — indicating that seasonality will soon be working in the meat producers’ favor.
4Q 2009 4Q 2010 4Q 2011
TSN -2.5% 7.5% 19.1%
SFD 10.1% 22.6% 24.5%
PPC 31.9% 26.2% 34.9%
SAFM 12.5% -9.2% 5.5%
SPY 6.1% 10.8% 11.6%
The Case Against
The primary case against investing in these names is what we already know — at this point, they are being held hostage by the outlook for weather in the Midwest. If the drought continues and the outlook for this year’s harvest keeps deteriorating, it will be difficult for these stocks to make any short-term headway regardless of their P/Es. As a result, investors who buy any of these names are taking on substantial commodity-related risk.
It’s also likely that the sector will face additional negative news flow in the form of analyst rating cuts and reduced earnings estimates in the weeks ahead.
The Verdict
It’s a tough time to catch a falling knife given the combination of weak stock market performance and the challenging outlook for the corn harvest, but consider these four food stocks for a trading buy. And for those looking for a way to bet against corn after its sharp run-up, valuations make these stocks a lower-risk way to make the trade than shorting the corn ETF.
However, commodity prices can run much further than investors anticipate, so be sure to use tight stops if you attempt to bottom-fish in this group.
As of this writing, Daniel Putnam owned shares of PPC.
__________________________________________
http://www.investorplace.com/2012/07/4-stocks-to-buy-for-a-corn-trade/
PPC
well i have to wait also just started new job and am broke right now but should have the money in a month or so just hope it goes lower by then
Been watching also but think I'll wait a bit more -- maybe $5.10 or so if it goes there. Concerned about the corn prices right now.
PPC
i think its almost time for me to pick up a few shares again
Wow! Great job. I always have an eye on PPC. As you obviously know you can make money on this company as it goes through its cycles.
PPC
no i sold mine too i bought at .50 and sold at 4.oo
I sold a while back, unfortunately, as it has had a nice run. See that it is now the highest it has been in over two years and it was $13.05 in May 2010. Several years it has had a big slide at about this time. Don't know why whether seasonal or bad financials. I keep it on the radar and will be back again. Good luck with PPC.
it would be nice if this keeps going up
Pilgrim's Pride Reports Results for First Quarter of Fiscal 2012
GREELEY, Colo., Apr 27, 2012 (GlobeNewswire via COMTEX) --
Pilgrim's Pride Corporation PPC +1.16% reported its first quarter 2012 results with net sales of $1.9 billion and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $101.5 million, which includes non-recurring restructuring charges of $2.9 million. Operating cash flows were a positive $29.4 million for the period. The Company recognized net income of $39.6 million during the first quarter of 2012, resulting in net income of $0.18 per diluted share. This compares to a loss of $119.9 million, or $0.54 per diluted share in the same quarter of the prior year.
"We are encouraged to see the benefits of our strategy and the improvement in our operations over the past year reflected in the best results we have had in the first calendar quarter since 2005," stated Bill Lovette, Pilgrim's Chief Executive Officer.
Mr. Lovette added that while the trend is promising, there is no room for complacency. As a company and as an industry, the shift needs to continue towards valuing the whole bird and not relying on high breast meat prices to carry the margin. Volatility in the commodity markets is now the norm and must be considered - along with cost containment -- as a standard part of production planning in order to maintain profitability long term.
"We've accomplished a lot over the past year and are clearly headed in the direction we want to be. This quarter confirms our belief -- the industry can be profitable even at varying grain price points given the right focus on discipline."
Pilgrim's financial position reflects a reduction in net debt of $211.5 million, including cash flow and the successful completion of its rights offering during the quarter.
Conference Call Information
A conference call to discuss Pilgrim's quarterly results will be held today at 6:00 a.m. Mountain (8 a.m. Eastern). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To pre-register, go to:
http://services.choruscall.com/links/ppc120427.html
You may also reach the pre-registration link by logging in through the investor section of our website at www.pilgrims.com and clicking on the link under "Upcoming Events."
For those who would like to join the call but have not pre-registered, access is available by dialing +1 (877) 270-2148 within the US or +1 (412) 902-6510 internationally and requesting the "Pilgrim's Pride Conference." Please note that to submit a question to management during the call, you must be logged in via telephone.
Replays of the conference call will be available on Pilgrim's website approximately two hours after the call concludes and can be accessed through the "Investor" section of www.pilgrims.com . The webcast will be available for replay through July 27, 2012.
About Pilgrim's Pride
Pilgrim's employs approximately 38,500 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors.
Forward-Looking Statements
Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim's Pride Corporation and its management are forward-looking statements. It is important to note that the actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company's business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company's products; outbreaks of avian influenza or other diseases, either in Pilgrim's Pride's flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim's Pride's products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim's Pride's leverage; changes in laws or regulations affecting Pilgrim's Pride's operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim's Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim's Pride's largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channel, including exports into Russia, the anti-dumping proceeding in Ukraine and the anti-dumping and countervailing duty proceeding in China; and the impact of uncertainties of litigation as well as other risks described under "Risk Factors" in the Company's Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Pilgrim's Pride Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
PILGRIM'S PRIDE CORPORATION
Consolidated Statements of Operations
(Unaudited)
Thirteen Weeks Ended
--------------------------
March 25, March 27,
2012 2011
------------ ------------
(In thousands, except per
share data)
Net sales $ 1,888,773 $ 1,892,476
Costs and expenses:
Cost of sales 1,778,708 1,944,238
Operational restructuring
charges -- 1,348
------------ ------------
Gross profit (loss) 110,065 (53,110)
Selling, general and
administrative expense 45,256 53,248
Administrative restructuring
charges, net 2,885 418
------------ ------------
Operating income (loss) 61,924 (106,776)
Interest expense 28,245 27,507
Interest income (274) (710)
Foreign currency transaction
losses (gains) (5,928) (2,735)
Miscellaneous, net (370) (1,071)
------------ ------------
Income (loss) before
income taxes 40,251 (129,767)
Income tax expense (benefit) 653 (9,872)
------------ ------------
Net income (loss) 39,598 (119,895)
Less: Net income (loss)
attributable to
noncontrolling interests 425 865
------------ ------------
Net income (loss)
attributable to Pilgrim's
Pride Corporation $ 39,173 $ (120,760)
============ ============
Weighted average shares of
common stock outstanding:
Basic 223,562 224,996
Diluted 223,631 224,996
Net income (loss) per share
of common stock
outstanding:
Basic $ 0.18 $ (0.54)
Diluted $ 0.18 $ (0.54)
PILGRIM'S PRIDE CORPORATION
Consolidated Balance Sheets
December 25,
March 25,
2012 2011
------------ ------------
(Unaudited)
(In thousands)
Cash and cash equivalents $ 47,570 $ 41,609
Restricted cash and cash
equivalents 4,684 7,680
Investment in available-for-sale
securities 156 157
Trade accounts and other
receivables, less allowance for
doubtful accounts 350,832 349,222
Account receivable from JBS USA,
LLC 19,406 21,198
Inventories 910,430 879,094
Income taxes receivable 63,884 59,067
Prepaid expenses and other
current assets 40,588 52,350
Assets held for sale 50,220 53,816
------------ ------------
Total current assets 1,487,770 1,464,193
Investment in available-for-sale
securities 591 497
Deferred tax assets 71,099 71,099
Other long-lived assets 51,445 57,921
Identified intangible assets,
net 42,656 44,083
Property, plant and equipment,
net 1,224,880 1,241,752
------------ ------------
Total assets $ 2,878,441 $ 2,879,545
============ ============
Accounts payable $ 293,131 $ 328,864
Account payable to JBS USA, LLC 8,339 11,653
Accrued expenses and other
current liabilities 290,637 281,797
Current deferred tax liabilities 79,328 79,248
Current maturities of long-term
debt 15,614 15,611
------------ ------------
Total current liabilities 687,049 717,173
Long-term debt, less current
maturities 1,249,510 1,408,001
Note payable to JBS USA
Holdings, Inc. -- 50,000
Other long-term liabilities 144,906 145,941
------------ ------------
Total liabilities 2,081,465 2,321,115
Common stock 2,589 2,143
Additional paid-in capital 1,641,566 1,443,484
Accumulated deficit (804,772) (843,945)
Accumulated other comprehensive
loss (45,650) (46,070)
------------ ------------
Total Pilgrim's Pride
Corporation stockholders'
equity 793,733 555,612
Noncontrolling interest 3,243 2,818
------------ ------------
Total stockholders' equity 796,976 558,430
------------ ------------
Total liabilities and
stockholders' equity $ 2,878,441 $ 2,879,545
============ ============
PILGRIM'S PRIDE CORPORATION
Selected Financial Information
(Unaudited)
NOTE: "EBITDA" is defined as the sum of income (loss) from
continuing operations plus interest, taxes, depreciation
and amortization. "Adjusted EBITDA" is defined as the sum
of EBITDA plus restructuring charges, reorganization
items and loss on early extinguishment of debt less net
income attributable to noncontrolling interests. EBITDA
is presented because it is used by management and we
believe it is frequently used by securities analysts,
investors and other interested parties, in addition to
and not in lieu of results prepared in conformity with
accounting principles generally accepted in the US
("GAAP"), to compare the performance of companies. We
believe investors would be interested in our Adjusted
EBITDA because this is how our management analyzes EBITDA
from continuing operations. The Company also believes
that Adjusted EBITDA, in combination with the Company's
financial results calculated in accordance with GAAP,
provides investors with additional perspective regarding
the impact of certain significant items on EBITDA and
facilitates a more direct comparison of its performance
with its competitors. EBITDA and Adjusted EBITDA are not
measurements of financial performance under GAAP. They
should not be considered as an alternative to cash flow
from operating activities or as a measure of liquidity or
an alternative to net income as indicators of our
operating performance or any other measures of
performance derived in accordance with GAAP.
Thirteen Weeks Ended
------------------------
March 25, March 27,
2012 2011
---------- ------------
(In thousands)
Net loss from continuing
operations $ 39,598 $ (119,895)
Add:
Income tax expense (benefit) 653 (9,872)
Interest expense, net 27,971 26,797
Depreciation and amortization 35,766 50,852
Minus:
Amortization of capitalized
loan costs 2,468 2,243
---------- ------------
EBITDA 101,520 (54,361)
Add:
Restructuring charges 2,885 1,766
Minus:
Net income attributable to
noncontrolling interest 425 865
---------- ------------
Adjusted EBITDA $ 103,980 $ (53,460)
========== ============
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Pilgrim's Pride Corporation
CONTACT: Rosemary Geelan
Pilgrim's Pride Investor Relations
(970) 506-8192
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
________________________________________________________
http://www.marketwatch.com/story/pilgrims-pride-reports-results-for-first-quarter-of-fiscal-2012-2012-04-27
PPC
nice climb in the price today
price wouldnt be bad if you bought at the low of day
Your about 2weeks late
yea but down
Pilgrim's Pride Corporation Extends Deadline for Exchange Offeof Senior Notes
Pilgrim's Pride Corporation today announced that it has extended the expiration date of its registered exchange offer to 5:00 p.m., New York City time, on December 15, 2011. The exchange offer is an offer to exchange $500,000,000 aggregate principal amount of its 7.875% Senior Notes due 2018 (collectively with the guarantees thereof, the "Outstanding Notes") for $500,000,000 aggregate principal amount of its 7.875% Senior Notes due 2018 that have been registered under the Securities Act of 1933, as amended (collectively with the guarantees thereof, the "Exchange Notes").
Based on the latest information provided by the exchange agent, as of the original expiration date of the exchange offer, approximately $486,859,000 in aggregate principal amount of the Outstanding Notes have been tendered for exchange. Pilgrim's Pride will accept for exchange any and all Outstanding Notes validly tendered and not withdrawn prior to the new expiration date, unless such expiration date is further extended. Pilgrim's Pride does not currently intend to extend the exchange offer any further.
The Exchange Notes are substantially identical to the Outstanding Notes, except that the Exchange Notes have been registered under the Securities Act of 1933, as amended. The terms of the exchange offer and other information relating to Pilgrim's Pride are set forth in a prospectus dated November 10, 2011. Copies of the prospectus and related letters of transmittal may be obtained from The Bank of New York Mellon, which is serving as the exchange agent for the exchange offer. The Bank of New York Mellon may be contacted as follows:
By Registered or
By Regular Mail:
By Overnight Courier or Hand Delivery:
Certified Mail:
The Bank of New York Mellon
The Bank of New York Mellon
The Bank of New York Mellon
Corporate Trust Operations
Corporate Trust Operations
Corporate Trust Operations
Reorganization Unit
Reorganization Unit
Reorganization Unit
101 Barclay Street
101 Barclay Street
101 Barclay Street
7th floor East
7th floor East
7th floor East
New York, NY 10286
New York, NY 10286
New York, NY 10286
Attn: Carolle Montreuil
Attn: Carolle Montreuil
Attn: Carolle Montreuil
By Facsimile Transmission
(eligible institutions only):
(212) 298-1915
To Confirm by Telephone:
(212) 815-5920
The prospectus and other materials related to the exchange offer may also be obtained free of charge at the Securities and Exchange Commission's web site (http://www.sec.gov/). These documents contain important information that should be read carefully before any decision is made with respect to the exchange offer.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
About Pilgrim's Pride
Pilgrim's Pride employs approximately 40,500 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. Pilgrim's Pride's primary distribution is through retailers and foodservice distributors. For more information, please visit http://www.pilgrims.com.
CONTACT: Rosemary Geelan
Pilgrim's Pride Investor Relations
(970) 506-8192
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Pilgrim's Pride Corporation
1770 Promontory Circle
Greeley, CO 80634-9038
United States
Phone: 970-506-8000
Fax: 970-506-8307
Website: http://www.pilgrims.com
Business Summary |
---|
Pilgrim's Corp. produces, processes, markets, and distributes fresh and frozen chicken products to retailers, distributors, and foodservice operators primarily in the United States. Its fresh chicken products consist of refrigerated (non-frozen) whole or cut-up chicken; and pre-marinated or non-marinated, as well as prepackaged case-ready chicken, which includes various combinations of freshly refrigerated, whole chickens, and chicken parts. The company also offers a range of prepared chicken products, including portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties, and bone-in chicken parts. In addition, it exports whole chickens and chicken parts to approximately 95 countries, including Mexico, Russia, Puerto Rico, and China. The company was formerly known as Pilgrim's Pride Corporation. Pilgrim's Corp. was founded in 1945 and is headquartered in Greeley, Colorado. Pilgrim's Corp. operates as a subsidiary of JBS USA Holdings, Inc.
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