Shares of Pilgrims Pride Corporation (PPC) surged 5.14% on Wednesday after the food processing company reported impressive third-quarter 2024 results, with earnings and revenue exceeding analysts' expectations.
The chicken and pork producer reported adjusted earnings of $1.63 per share for the quarter ended September 30, surpassing the consensus estimate of $1.38 per share. The robust performance marked a significant increase from the same period last year when Pilgrims Pride posted adjusted EPS of $0.58.
Pilgrims Pride's net sales rose 5.2% year-over-year to $4.58 billion, driven by strong demand for chicken across retail and food service sectors in the U.S. While the top line slightly missed analysts' expectations of $4.66 billion, the company's focus on operational excellence, portfolio diversification, and strategic partnerships with key customers helped bolster its performance.
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