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Pilgrim's Pride Corporation (PPC+2.57%) has submitted its 10-K filing for the fiscal year ended December 29, 2024.
The filing includes financial statements for the year, showing net sales of $17.9 billion, up from $17.4 billion in the previous year. The increase was primarily driven by higher sales in the U.S. segment.
Cost of sales decreased to $15.6 billion from $16.2 billion, resulting in a gross profit of $2.3 billion, more than double the previous year's $1.1 billion.
Operating income increased significantly to $1.5 billion, compared to $522.3 million in the prior year, with the U.S. segment contributing the most to this increase.
Net income for the year was $1.1 billion, up from $322.3 million in 2023. The effective tax rate was 23.0%, higher than the previous year's 11.7%.
The company reported cash provided by operating activities of $2.0 billion, a substantial increase from $677.9 million in the prior year.
Capital expenditures for the year were $476.2 million, primarily for growth projects and operational improvements.
Pilgrim's Pride Corporation also announced a bond repurchase program, authorizing the repurchase of up to $200 million of its outstanding senior notes.
The company operates in three reportable segments: U.S., Europe, and Mexico, with the U.S. segment generating the highest net sales.
The filing details various financial agreements, including a revolving credit facility with CoBank, ACB, and a multicurrency revolving facility with the Governor and Company of the Bank of Ireland.
The company continues to focus on sustainability initiatives, including reducing greenhouse gas emissions and supporting community projects through its Hometown Strong initiative.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pilgrim's Pride Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.