Pilgrim's Pride Corporation (NASDAQ:PPC) Q2 2022 Earnings Conference Call July 28, 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 Bienvenu - Stephens

Ben Theurer - Barclays

Ken Zaslow - Bank of Montreal

Adam Samuelson - Goldman Sachs

Michael Piken - Cleveland Research

Peter Galbo - Bank of America

Operator

Good morning, and welcome to the Second Quarter 2022 Pilgrim's Pride Earnings Conference Call and Webcast. [Operator Instructions] 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.pilgrims.com. After today's presentation, there will be an opportunity to ask questions.

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

Andy Rojeski

Good morning, and thank you for joining us today, as we review our operating and financial results for the second quarter ended on June 26th, 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 the release is available on our website at ir.pilgrims.com along with slides for reference. These items have also been filed as 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 day 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 has been provided in today's press release, our form 10-K and our regular filings with the SEC.

I would now like 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 second quarter of 2022, we reported net revenues of $4.63 billion, a 27.3% increase over the same quarter last year, and an adjusted EBITDA of $623.3 million, up 67.7% versus Q2 of 2021.

Our adjusted EBITDA margin was 13.5% compared to 10.2% of Q2 last year. Our Q2 results continue to reflect the benefits of our strategy and portfolio, which enables us to capture upsides in the market, despite volatility in particular segments or geographies. In the U.S., we experienced strong market fundamentals in the commodity cut out.