Pilgrim’s Pride issues US$1.5B special dividend

USA – Pilgrim’s Pride Corp., a subsidiary of JBS SA, has approved a special dividend payout totaling US$1.5 billion.

The company’s board authorized a cash dividend of US$6.30 per share, which will be distributed to shareholders on record as of April 3, with payment scheduled for April 17.

Fabio Sandri, the company’s chief executive officer, stated that the decision reflects confidence in the company’s financial health and long-term strategy. 

He emphasized that Pilgrim’s remains focused on disciplined growth, profitability, and strengthening its market position.

Alongside the dividend announcement, the company highlighted ongoing expansion efforts. 

It is increasing its prepared foods segment, boosting small bird production to support customer demand, and converting a bird processing plant into a case-ready facility for retail growth. 

Additionally, Pilgrim’s is investing in protein conversion capacity.

Over the past five years, the poultry producer has spent more than US$950 million on acquisitions, allocated US$1.8 billion for share repurchases and dividends, and directed US$2.2 billion toward capital expenditures.

The announcement follows the company’s 2024 financial report, which showed mixed performance across its US, European, and Mexican markets.

Financial performance in 2024

Pilgrim’s Pride reported total revenue of US$17.9 billion for the year, an increase from US$17.4 billion in 2023. 

However, fourth-quarter net sales declined slightly to US$4.4 billion from US$4.5 billion in the same period the previous year.

The company’s net income for 2024 reached US$1.1 billion, a sharp rise from the US$321.6 million recorded in 2023. 

This growth was attributed to improved operational efficiency, strong consumer demand for chicken, and better cost management.

In the US market, fourth-quarter sales dropped slightly to US$2.61 billion from US$2.66 billion in 2023. 

However, annual revenue increased to US$10.63 billion, surpassing the previous year’s US$10.03 billion.

Retail and foodservice demand for case-ready and small-bird products remained strong. 

The company also expanded its distribution of prepared foods, with sales under the Just Bare and Pilgrim’s brands rising by nearly 25%, contributing to a stronger presence in the segment.

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