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Email Content: Poultry Industry News, Comments and more by Simon M. Shane

Pilgrim’s Pride Reports on Q4 and FY 2021


In a press release dated February 9th Pilgrim’s Pride Corporation (PPC) announced results for the 4th Quarter and FY 2021 ending December 26th 2022.      


The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS)


4th Quarter Ending

Dec 26th 2021

Dec. 27th 2020

Difference (%)





Gross profit:




Operating income:




Pre-tax Income

Net Income







Diluted earnings per share:




Gross Margin (%)




Operating Margin (%)




Profit Margin (%)




Long-term Debt:




12 Months Trailing:




           Return on Assets    (%)




           Return on Equity    (%)




           Operating Margin   (%)




           Profit Margin          (%)




Total Assets




Market Capitalization





For FY 2021 Pilgrim’s Pride earned $31.0 million on revenue of $14,778 million with a diluted EPS of $0.13.

For FY 2020 Pilgrim’s Pride earned $94.8 million on revenue of $12,091 million with a diluted EPS of $0.38


In reviewing the contribution of geographic segments for FY 2021:-
The U.S generated 61 percent of sales and 68 percent of earnings

The E.U. generated 28 percent of sales and 12 percent of earnings

Mexico generated 11 percent of sales and 20 percent of earnings


52-Week Range in Share Price:  $20.32 to $29.70 with a 50-day Moving average  $27.99

Market            Close Tuesday 8th February $28.97. Closed Wednesday 9th February, post-release almost unchanged at $28.95

Forward P/E 11.2              Beta1.1


In commenting on Q4 and FY 2021 results Fabio Sandri CEO stated, “The Pilgrim’s Pride team was relentless in the face of input cost inflation and volatility, supply chain disruptions, labor shortages and a global pandemic. They managed through these challenges to deliver a strong performance in the fourth quarter and the fiscal year.”  He added “By staying focused on our Key Customer strategy, on the safety of our employees and on producing high-quality food products, our diversified portfolio delivered improved results over last year as well as 2019 pre-COVID baselines”.


In reviewing the U.S. business Sandri stated “Strong U.S. consumer demand for chicken supported fresh meat pricing throughout 2021, and we expect this pricing environment to continue into the near future with the USDA projecting supply growth of only 1.6% for 2022. Chicken remains a great value relative to the other major proteins, and we continue to grow and improve our portfolio in partnerships with Key Customers and to grow our Prepared Foods business while supporting our differentiated Pilgrim’s® and Just Bare® brands within retail and e-commerce.


Sandri noted “Our business in Mexico dealt with elevated feed grain pricing for much of the year but executed well and delivered results surpassing last year with Fresh and Prepared Foods offerings in our Pilgrim’s®, Del Dia® and Alamesa® brands”.


In relation to E.U. hog and chicken businesses Sandri explained “Our legacy European businesses faced rising input costs and overall inflation, labor disruptions due to Brexit and very challenging market conditions. Through continued execution of our operational excellence strategy and pricing model actions, we are confident in our legacy UK businesses returning to expected results. At the end of September, we welcomed Pilgrim’s Food Masters with its value-added branded products that strengthened our portfolio in Europe and created a differentiated platform for growth”.


Sandri concluded “Overall, I am extremely pleased with our team members and the execution of our strategy under difficult conditions. We are committed to being the best and most respected company in our industry, and we will continue to perform to the best of our ability to serve our Key Customers and create a better future for our team members.”


Holding company JBS S.A. holds 80.8 percent of the equity of PPC and is bidding for the remainder of which 17.5 percent is owned by institutional investors.

Copyright © 2023 Simon M. Shane