Pilgrim's Pride Corporation (NASDAQ:PPC) Q3 2024 Earnings Conference Call October 31, 2024 9:00 AM ET

Company Participants

Andrew Rojeski - Head of Strategy, IR & Sustainability
Fabio Sandri - President & Chief Executive Officer
Matt Galvanoni - Chief Financial Officer

Conference Call Participants

Ben Theurer - Barclays
Peter Galbo - Bank of America
Andrew Strelzik - BMO
Heather Jones - Heather Jones Research, LLC
Pooran Sharma - Stephens Inc.
Orges Asllani - Barclays

Operator

Good morning, and welcome to the Third Quarter of 2024 Pilgrim's Pride Earnings Conference Call and Webcast. All participants will be in listen-only mode. [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 over to Andrew Rojeski, Head of Strategy, Investor Relations and Sustainability for Pilgrim's Pride. Please go ahead.

Andrew 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 29, 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 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 2024, we reported net revenues of $4.6 billion, a 5.2% increase over the same quarter last year. Our adjusted EBITDA was $660 million versus $324 million in Q3 of 2023. Adjusted EBITDA margin was 14.4% compared to 7.4% last year.