Pilgrim’s, a JBS Company, reports best EBITDA in its history
Pilgrim’s Pride Corporation, controlled by JBS, achieved its highest-ever EBITDA for a quarter in Q2 2024, reaching $655.9 million, compared to $248.7 million in the same period in 2023. The EBITDA margin stood at 14.4% (US GAAP) in Q2 2024, an increase of 8.6 percentage points from the previous year. These results reflect the strengthening of the fresh products and prepared foods categories.
"We designed our portfolio to capture market opportunities while minimizing downside risks. We maintained discipline in executing our strategies and focused on controlling what we can control", said Fabio Sandri, CEO of Pilgrim’s® Pride Corporation.
In the second quarter of this year, Pilgrim’s reported net sales of $4.6 billion, a 5.8% increase over the past 12 months. With an operating margin of 9.7%, the company recorded net income of $326.5 million, a 17% improvement compared to Q2 2023.
In operations, poultry protein became competitive due to factors such as competitive grain costs, controlled poultry costs and supply, and increased demand. Leveraging this market opportunity, Pilgrim’s enhanced the expansion of Case Ready and Small Bird brands with major customers. In the same context, the company expanded the potential of big bird, poultry cuts used as raw materials by other companies.
In prepared foods, Just Bare brand net sales grew by double digits, outperforming the category, while Pilgrim’s products also performed well. Diversification through brands and innovation accelerated, with Richmond and Fridge Raiders growing nearly double digits and over 85 new products launched.
Beyond the United States, where the company diversified its portfolio into different poultry sizes, Europe saw margin expansion due to progress with major clients and operational excellence. In Mexico, the company’s performance improved due to sustained balance in supply and demand fundamentals, growth with clients, and continued brand momentum.
According to Sandri, Pilgrim’s has been agile in adapting to consumer preferences, maintaining close customer relationships, achieving operational excellence, and expanding production, all of which create opportunities to further market presence and diversify the portfolio. "Europe’s performance demonstrates the strength of our strategies and the agility of our team, while Mexico continues to drive above-market growth for our clients and brand offerings", he explained.
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