Pilgrim's Pride Corporation (NASDAQ: PPC), a leading poultry producer, has released its financial results for the fourth quarter and year-end of 2023. The company reported net sales of $17.4 billion for the year, with a consolidated GAAP operating income margin of 3.0%. The GAAP net income stood at $321.6 million, with a GAAP EPS of $1.36. Adjusted net income was $400.3 million, or an adjusted EPS of $1.69. Additionally, adjusted EBITDA was reported at $1.0 billion, with a 6.0% margin.
In the fourth quarter, net sales amounted to $4.5 billion, with a consolidated GAAP operating income margin of 4.1%. The GAAP net income for the quarter was $134.7 million, and the GAAP EPS was $0.57. Adjusted net income for the same period was $139.3 million, with an adjusted EPS of $0.59. The adjusted EBITDA for the fourth quarter was $309.5 million, resulting in a 6.8% margin.
Comparing the results to the previous year, there were significant changes in various metrics. For instance, the net sales for the quarter increased by 9.7% compared to the same period in the prior year, while the yearly net sales decreased by 0.6%. The adjusted EBITDA for the fourth quarter saw a substantial increase of 392.4% compared to the previous year, although the yearly adjusted EBITDA decreased by 37.3%.
Despite challenging market conditions, Pilgrim's Pride Corporation managed to drive profitable growth, with its U.S. fresh portfolio demonstrating resilience and its prepared foods segment accelerating momentum in fully cooked branded offerings. Additionally, the U.K. and Europe business witnessed progress in profitability improvement, and the Mexico business grew branded offerings and achieved better-than-breakeven results.
