Pilgrim’s Pride Corporation (NASDAQ:PPC) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ET

Company Participants

Andy Rojeski – Head-Strategy, Investor Relations and Net Zero Programs

Fabio Sandri – President and Chief Executive Officer

Matt Galvanoni – Chief Financial Officer

Conference Call Participants

Ben Bienvenu – Stephens

Peter Galbo – Bank of America

Michael Piken – Cleveland Research

Ben Theurer – Barclays

Adam Samuelson – Goldman Sachs

Ken Zaslow – Bank of Montreal

Operator

Good morning and welcome to the First Quarter 2022 Pilgrim’s Pride Earnings Conference Call and Webcast. All participants will be in listen-only mode. [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. [Operator Instructions]

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

Andy Rojeski

Good morning and thank you for joining us today as we review our operating and financial results for the first quarter ended on March 27, 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 also have been filed with Form 8-Ks 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 those factors has been provided in today’s press release, our 2021 Form 10-K and in our first quarter 2022 or From 10-Q filings with the SEC.

I will now turn the call over to Fabio.

Fabio Sandri

Thank you, Andy, good morning everyone and thank you for joining us today. For the first quarter of 2022, we reported net revenues of $4.24 billion, a 30% increase over the same quarter last year. And adjusted EBITDA of $501.8 million almost double Q1 of 2021. Our adjusted EBITDA margin was a 11.8% compared to 7.8% Q1 last year. U.S GAAP earnings per share was a $1.15 versus $0.41 last year, an increase of over 180%.