Pilgrim’s Pride reports lower Q4 sales but higher annual revenue in FY24
USA – Pilgrim’s Pride Corp., a subsidiary of JBS SA, has released its financial results for 2024, showing mixed performance across its US, European, and Mexican markets.
The company’s fourth-quarter net sales stood at US$4.4 billion, marking a slight decline from the US$4.5 billion recorded during the same period in 2023.
However, full-year revenue reached US$17.9 billion, up from US$17.4 billion the previous year.
Net income for 2024 saw a significant rise, reaching US$1.1 billion compared to US$321.6 million in 2023.
The company attributed the growth to improved efficiency, strong consumer demand for chicken, and better cost control.
US Market Performance
In the US, fourth-quarter sales dipped slightly to US$2.61 billion from US$2.66 billion in 2023.
Annual revenue, however, grew to US$10.63 billion, surpassing the US$10.03 billion reported in the previous year.
The company reported that retail and foodservice demand remained strong, particularly for case-ready and small-bird products.
Sales of prepared foods also expanded as the company increased distribution of its value-added offerings.
Branded prepared food products under the Just Bare and Pilgrim’s labels saw a near 25% rise in sales, contributing to market share gains in the segment.
Europe and Mexico Sales Decline
In Europe, fourth-quarter revenue fell to US$1.26 billion, down from US$1.34 billion in the same period last year.
Full-year sales also declined slightly to US$5.14 billion from US$5.20 billion in 2023.
The company stated that new product launches, developed in collaboration with key customers, were helping drive sales despite the overall revenue dip.
Mexican operations also recorded a downturn, with fourth-quarter sales decreasing to US$499.6 million from US$526.5 million in 2023.
Annual revenue in the region stood at US$2.11 billion, a slight drop from US$2.13 billion the previous year.
Pilgrim’s said it remains committed to expanding capacity in Mexico and improving operations to strengthen its position in the market.
Sustainability Initiatives
As part of its sustainability strategy, the company continued working with GreenGasUSA to capture methane at its Sumter, South Carolina, facility and convert it into renewable natural gas.
Despite regional fluctuations in revenue, Pilgrim’s emphasized that its diversified portfolio and focus on operational improvements allowed it to maintain overall growth.
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