Pilgrim's Pride Corporation Q1 2026 Earnings Release

Pilgrim's Pride Corporation reported financial results for the fourth quarter ended March 29, 2026. Net revenue was $4,532.6 million, a slight increase from $4,463.0 million in Q1 2025. However, Gross Profit decreased to $345.5 million from $554.9 million in the prior year. SG&A expenses rose to $180.2 million from $133.8 million. Consequently, Operating Income fell to $162.6 million from $404.5 million. Net Interest expense increased to $31.0 million from $16.8 million. Net Income for the quarter was $101.5 million, down significantly from $296.3 million in Q1 2025, resulting in Earnings Per Share (EPS) of $0.43 compared to $1.24. Adjusted EBITDA also saw a substantial decrease, dropping to $308.1 million from $533.2 million, with the Adjusted EBITDA Margin declining to 6.8% from 12.0%. The decrease in financial performance was attributed to various factors including lower commodity market pricing, operational impacts from winter storms and CapEx projects in the U.S., and a decline in the live bird market in Mexico. Increased legal settlements and defense costs also contributed to higher SG&A expenses. The company noted that pullet placements and egg sets increased year-over-year, but broiler layer flock decreased. Industry cold storage supplies were down year-over-year, with decreases in breast meat, wings, and dark meat inventories, while broiler inventories increased. Pricing for jumbo cutout, BSB, tenders, wings, and WOG remained below year-ago levels.