Pilgrims Pride (PPC) Q4 FY2023 earnings: revenue $4.5 billion, up 9.7% on the year

Pilgrims Pride Corp. (PPC) reported revenue of $4.5 billion for Q4 FY2023, the quarter ended 31 December 2023, up 9.7% on the same quarter a year earlier. Net income was $135 million, and diluted earnings per share $0.57. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$4.5 billionup 9.7%

Net income$135 million

Diluted EPS$0.57

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	4,528	4,360	n/a	n/a
Cost of revenue	4,207	4,014	n/a	n/a
Gross profit	321	346	n/a	n/a
Gross margin	7.1%	7.9%	n/a
Selling, general and administrative	131	139	n/a	n/a
Operating income	184	206	n/a	n/a
Operating margin	4.1%	4.7%	n/a
Interest expense	66.8	45.6	n/a	n/a
Pre-tax income	157	166	n/a	n/a
Income tax	22.4	44.6	n/a	n/a
Effective tax rate	14.3%	26.8%	n/a
Net income	135	121	n/a	n/a
Net margin	3.0%	2.8%	n/a
Diluted EPS	$0.57	$0.51	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	278	310	n/a	n/a
Capital expenditure	125	146	n/a	n/a
Free cash flow	153	165	n/a	n/a
Free cash flow margin	3.4%	3.8%	n/a
Cash from investing	-109	-144	n/a	n/a
Cash from financing	-384	-0.2	n/a	n/a
Depreciation and amortisation	112	104	n/a	n/a
Share-based compensation	2.0	1.9	n/a	n/a
Diluted shares, weighted	237m	237m	n/a	n/a
Shares outstanding at period end	237m	237m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,331	3,078	n/a	n/a
Non-controlling interest	13.2	13.6	n/a	n/a
Debt	3,341	3,701	n/a	n/a
Operating lease liabilities	203	202	n/a	n/a
Finance lease liabilities	1.8	n/a	n/a	n/a
Other liabilities	2,920	2,933	n/a	n/a
Total liabilities and equity	9,810	9,928	n/a	n/a
Fixed assets	3,158	3,103	n/a	n/a
Goodwill	1,286	1,243	n/a	n/a
Intangible assets	854	832	n/a	n/a
Investments	0.0	n/a	n/a	n/a
Cash and equivalents	698	899	n/a	n/a
Receivables	1,129	1,151	n/a	n/a
Inventory	1,985	1,997	n/a	n/a
Other assets	699	701	n/a	n/a
Total assets	9,810	9,928	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,360	4,528	4,362	4,559	4,585	4,372	4,463	4,757	4,759	4,518	4,533	4,626
Cost of revenue	4,014	4,207	3,978	3,868	3,901	3,819	3,908	4,042	4,100	4,089	4,187	4,286
Gross profit	346	321	384	692	684	553	555	715	659	429	345	340
Gross margin	8%	7%	9%	15%	15%	13%	12%	15%	14%	9%	8%	7%
SG&A	139	131	119	214	145	235	134	199	165	215	180	265
Operating income	206	184	250	441	508	307	404	512	493	204	163	66.0
Operating margin	5%	4%	6%	10%	11%	7%	9%	11%	10%	5%	4%	1%
Interest expense	45.6	66.8	41.2	31.2	41.6	47.1	41.7	42.5	38.2	39.0	37.8	49.9
Pre-tax income	166	157	227	427	482	276	390	476	461	175	132	21.8
Tax rate	27%	14%	23%	24%	27%	15%	24%	25%	26%	50%	23%	39%
Net income	121	135	174	326	350	236	296	356	343	88.0	101	13.4
Net margin	3%	3%	4%	7%	8%	5%	7%	7%	7%	2%	2%	0%
Diluted EPS	$0.51	$0.57	$0.73	$1.37	$1.47	$0.99	$1.24	$1.49	$1.44	$0.37	$0.43	$0.06
Operating cash flow	310	278	271	719	651	349	127	495	458	291	141	331
Capital expenditure	146	125	99.1	101	85.8	173	98.8	156	182	281	236	254
Free cash flow	165	153	172	618	565	177	28.1	339	276	10.0	-95.4	76.8
Dividends paid	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	499	n/a	n/a	n/a
Shares outstanding	237m	237m	237m	237m	237m	237m	237m	238m	238m	238m	238m	238m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0000802481-24-000015: the filing on EDGAR. All of Pilgrims Pride Corp.'s filings: EDGAR company page.

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