Pilgrim's Pride Corporation (NASDAQ:PPC) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET

Company Participants

Andy Rojeski - Head of Strategy, IR

Fabio Sandri - President and CEO

Matthew Galvanoni - CFO

Conference Call Participants

Ben Theurer - Barclays

Ben Bienvenu - Stephens Incorporated

Andrew Strelzik - BMO Capital

Peter Galbo - Bank of America

Adam Samuelson - Goldman Sachs

Priya Ohri Gupta - Barclays

Operator

Good morning, and welcome to the Third Quarter 2023 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 Investors 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 call over to Andy Rojeski, Head of Strategy, Investor Relations and Net Zero Programs for Pilgrim's.

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 24, 2023. Yesterday, 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 the slides for reference. These items have also been filed as 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 these factors have been provided in yesterday'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 third quarter of 2023, we reported net revenues of $4.4 billion with adjusted EBITDA of $324 million translating to a 7.4% margin. Throughout the quarter, we experienced very volatile market fundamentals and persistent consumer inflation. Nonetheless, we remained focused on our strategies of diversification, key customer partnerships and operational excellence. Given our consistent execution, improved margins relative to prior quarters across all regions.