Pilgrim’s Pride Strong tailwinds in 2019
The 2019 highlights include:
•Operating income margins of 6.4% in US, 8.9% in Mexico and 3.3% in Europe operations, respectively.
•Net income of $455.9 mill., which is an 84% increase from last year.
•Adjusted EBITDA of $973.8 million,which is a 22% increase over 2018, or an 8.5% margin.
The portfolio strategy and geographic diversification was reducing the impact of challenging specific market conditions. EBITDA was outpacing the industry competition, driven by improved execution and increased operating performance across all business units, including the US, Mexico and Europe.
The operating results from legacy European business rose by 7% on better operational efficiencies and input cost mitigation. Newly acquired operations already generating positive EBITDA, and are on track to achieve performance competitive with leading companies with similar portfolio in next few years. The management remains motivated to pursue additional growth potential and product differentiation, aligning the company’s strategic priorities to continue to strengthen the differentiated global platforms.
The Fourth Quarter highlights include:
•Net sales of $3.06 bn.
•A Net GAAP income of $92.1 mill., including one-time asset acquisition net gain due to valuation and acquisition adjustments.
•Operating income margins of 3.2% in US, 2.5% in Mexico and 2.1% in Europe operations, respectively.
•Adjusted EBITDA of $161.6 mill., which is a 5.3% margin.