Pilgrim's Pride Corporation (NASDAQ:PPC) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET

Company Participants

Andrew Rojeski - Head, Strategy, Investor Relations and Sustainability
Fabio Sandri - President and Chief Executive Officer
Matt Galvanoni - Chief Financial Officer

Conference Call Participants

Ben Theurer - Barclays
Peter Galbo - Bank of America
Ben Bienvenu - Stephens
Heather Jones - Heather Jones Research, LLC
Priya Ohri-Gupta - Barclays

Operator

Good morning and welcome to the First Quarter of 2024 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 your questions.

I would now like to turn the conference over to Mr. Andrew Rojeski, Head of Strategy, Investor Relations and Sustainability for Pilgrim’s. You may proceed, sir.

Andrew 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 31, 2024. 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-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 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 have been provided in this morning’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 first quarter of 2024, we reported net revenues of $4.4 billion, a 4.7% increase over the same quarter last year. Our adjusted EBITDA was $372 million, up 145% versus Q1 of 2023. Our adjusted EBITDA margin was 8.5% compared to 3.6% last year.