Pilgrim's Pride Corporation (NASDAQ:PPC) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET

Company Participants

Andy Rojeski - Head-Strategy, IR and Net Zero Programs

Fabio Sandri - President and CEO

Matt Galvanoni - CFO

Conference Call Participants

Ben Theurer - Barclays

Ben Bienvenu - Stephens

Ken Zaslow - Bank of Montreal

Peter Galbo - Bank of America

Adam Samuelson - Goldman Sachs

Operator

Good morning, and welcome to the Third Quarter 2022 Pilgrim's Pride Earnings Conference Call and Webcast.

[Operator Instructions] At the company's request, this call is being recorded. Please note that the slides referenced during today's call are available for download from the Investor Relations section of the company's website at www.pilgrim.com. [Operator Instruction]

I would like to turn the conference over to Andy Rojeski, Head of Strategy, Investor Relations and Net Zero Programs Pilgrim's Pride. Please go ahead.

Andy Rojeski

Good morning, and thank you for joining us today as we review our operating and financial results for the third quarter ended on September 25, 2022. Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter, including a reconciliation of any non-GAAP measures we may discuss. A copy of this release is available on our website at ir.pograms.com, along with the slides for reference. These items also have been filed at Form 8-K and are available online at sec.gov. Fabio Sandri, President and Chief Executive Officer; and Matt Galvanoni, Chief Financial Officer, will present on today's call.

Before we begin our prepared remarks, I would like to remind everyone of our safe harbor disclaimer. Today's call may contain certain forward-looking statements that represent our outlook and current expectations as of the date of this release. Other additional factors not anticipated by management may cause actual results to differ materially from those projected in these forward-looking statements. Further information concerning these factors have been provided in today's press release, our Form 10-K and our regular filings with the SEC.

I would like now to turn the call over to Fabio Sandri.

Fabio Sandri

Thank you, Andy. Good morning, everyone, and thank you for joining us today. For the third quarter of 2022, we reported net revenues of $4.47 billion, a 16.8% increase over the same quarter last year and our adjusted EBITDA of $460.5 million, up 32.7% versus Q3 of 2021. Our adjusted EBITDA margin was 10.3% compared to 9.1% in Q3 of last year.