Pilgrim's Pride Corporation
PILGRIMS PRIDE CORP (Form: 8-K, Received: 05/04/2017 06:02:32)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 3, 2017
PILGRIM'S PRIDE CORPORATION
(Exact Name of registrant as specified in its charter)
 
Delaware
1-9273
75-1285071
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
 
 
1770 Promontory Circle
Greeley, CO
80634-9038
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (970) 506-8000
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 Emerging growth company o
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o






Item 2.02. Results of Operations and Financial Condition.
On May 3, 2017 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1    Press release dated May 3, 2017






SIGNATURE  
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
PILGRIM’S PRIDE CORPORATION
 
 
 
 
Date:
May 3, 2017
 
/s/ Fabio Sandri
 
 
 
Fabio Sandri
 
 
 
Chief Financial Officer






Exhibit Index
Exhibit 99.1    Press release dated May 3, 2017




PILGRIMSLOGOA05A01A01A01A03.JPG


Pilgrim’s Pride Reports Operating Income of $152 Million and Operating Margin of 7.5% for the First Quarter of 2017

GREELEY, Colo., May 3, 2017 (GLOBE NEWSWIRE) - Pilgrim’s Pride Corporation (NASDAQ: PPC) reports first quarter 2017 financial results.

First Quarter Highlights
Net Sales of $2.02 billion.
Net Income of $93.9 million, GAAP EPS of $0.38.
Operating Income margins of 7.7% in U.S. and 6.6% in Mexico operations, respectively.
Adjusted EBITDA of $204.0 million (or a 10.1% margin).
Cash Flow from Operations of $61.5 million.
GNP integration is on track with additional synergies already identified increasing total annualized run-rate to $30 million, up from $20 million before.
Completion of previously announced capital investments, including strategic projects in organic and NAE, will deliver better product mix to reduce impact of commodity markets, strengthen operational efficiencies as well as tailored customer needs, and improve margin profile.

Unaudited, In Millions, Except Per Share and Percentages
 
Thirteen Weeks Ended
 
Mar 26, 2017
 
Mar 27, 2016
 
Change
Net Sales
$2,020.5
 
$1,962.9
 
+2.9%
GAAP EPS
$0.38
 
$0.46
 
-17.4%
Operating Income
$152.4
 
$188.8
 
-19.3%
Adjusted EBITDA (1)
$204.0
 
$233.5
 
-12.6%
Adjusted EBITDA Margin (1)
10.1%
 
11.9%
 
-1.8pts
 
 
 
 
 
 
(1)
Reconciliations for non-GAAP measures are provided in subsequent sections within this release.

“In-line with expectations, our Q1 results improved sequentially from Q4 driven by stronger results at our U.S. operations while Mexico continued to deliver solid performance despite less favorable FX impact on cost. Highlighting the diversity of our portfolio of bird sizes, small bird and tray-pack have remained strong during the period, while large bird deboning has rebounded from a weaker than expected January and continued to improve with stronger exports and increasing domestic demand. With summer grilling season nearing and a supportive export environment, we expect profits for our large birds to further increase, given the improved cutout. Our

1



exposure to multiple bird sizes through our well-balanced portfolio will provide an opportunity for us to capture the improvement in performance across all bird segments,” stated Bill Lovette, Chief Executive Officer of Pilgrim's.

“The GNP integration is proceeding well and we have already identified additional synergies to add to the prior $20 million target, which puts us at a higher, revised annualized run-rate of $30 million. We have a sustainable competitive advantage in the upper Midwest and the potential to expand into new markets with the Gold’n Plump brand as well as the new premium Just BARE chicken in the “better for you” category. We already started to grow and leverage our combined product offerings by introducing a new line of fully-cooked sausages under the Gold’n Plump brand to complement the NAE veg-fed fully cooked line of artisanal chicken sausages we launched recently, giving us a great solution to satisfy every consumer segment in this growing category.”

“The completion of some of our previously announced capital investments, including strategic projects in organic and NAE segments, will further diversify our portfolio by improving mix and offering more differentiated, customized solutions as well as innovative products to serve key customer requirements, reducing the impact of commodity markets, and further raising our margin profile. We are also increasing our capital investment target for 2017 to $250 million from $220 million to reflect the acquisition of GNP, higher than depreciation and just slightly below last year’s record level.”

Conference Call Information

A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, May 4, at 7:00 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To pre-register, go to: http://services.choruscall.com/links/ppc170504.html

You may also reach the pre-registration link by logging in through the investor section of our website at www.pilgrims.com and clicking on the link under “Upcoming Events.”

For those who would like to join the call but have not pre-registered, access is available by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.” Please note that to submit a question to management during the call, you must be logged in via telephone.

Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com . The webcast will be available for replay through August 4, 2017.

About Pilgrim’s Pride

Pilgrim’s employs approximately 41,900 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico and Mexico. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com .

Forward-Looking Statements

Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the

2



Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channel, including anti-dumping proceedings and countervailing duty proceedings; and the impact of uncertainties of litigation as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Pilgrim’s Pride Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.








Contact:
Dunham Winoto
 
Director, Investor Relations
 
IRPPC@pilgrims.com
 
(970) 506-8192
 
www.pilgrims.com


3




PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
March 26, 2017
 
December 25, 2016
 
 
(Unaudited)
 
 
 
 
(In thousands)
Cash and cash equivalents
 
$
30,762

 
$
120,328

Restricted cash
 
4,415

 
4,979

Trade accounts and other receivables, less allowance for doubtful accounts
 
367,351

 
317,170

Account receivable from related parties
 
3,282

 
3,913

Inventories
 
924,169

 
813,262

Income taxes receivable
 
6,754

 

Prepaid expenses and other current assets
 
77,587

 
57,457

Assets held for sale
 
5,015

 
5,259

Total current assets
 
1,419,335

 
1,322,368

Other long-lived assets
 
16,509

 
15,710

Identified intangible assets, net
 
121,880

 
38,593

Goodwill
 
222,778

 
125,607

Property, plant and equipment, net
 
1,709,843

 
1,505,940

Total assets
 
$
3,490,345

 
$
3,008,218

 
 
 
 
 
Accounts payable
 
$
575,781

 
$
555,097

Account payable to related parties
 
5,089

 
1,421

Accrued expenses and other current liabilities
 
284,834

 
290,699

Income taxes payable
 
50,993

 
20,990

Current maturities of long-term debt
 
96

 
94

Total current liabilities
 
916,793

 
868,301

Long-term debt, less current maturities
 
1,346,990

 
1,011,858

Deferred tax liabilities
 
158,494

 
142,651

Other long-term liabilities
 
88,717

 
88,661

Total liabilities
 
2,510,994

 
2,111,471

Common stock
 
2,602

 
2,597

Treasury stock
 
(231,758
)
 
(217,117
)
Additional paid-in capital
 
1,688,197

 
1,686,742

Accumulated deficit
 
(426,714
)
 
(520,635
)
Accumulated other comprehensive loss
 
(62,921
)
 
(64,243
)
Total Pilgrim’s Pride Corporation stockholders’ equity
 
969,406

 
887,344

Noncontrolling interest
 
9,945

 
9,403

Total stockholders’ equity
 
979,351

 
896,747

Total liabilities and stockholders’ equity
 
$
3,490,345

 
$
3,008,218



4




PILGRIM’S PRIDE CORPORATION
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
(Unaudited)
 
 
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
 
 
March 26, 2017
 
March 27, 2016
 
 
 
(In thousands, except per share data)
 
Net sales
 
$
2,020,492

 
$
1,962,937

 
Cost of sales
 
1,805,287

 
1,725,375

 
Gross profit
 
215,205

 
237,562

 
Selling, general and administrative expense
 
62,853

 
48,788

 
Operating income
 
152,352

 
188,774

 
Interest expense, net of capitalized interest
 
12,386

 
12,033

 
Interest income
 
(302
)
 
(693
)
 
Foreign currency transaction loss (gain)
 
619

 
(235
)
 
Miscellaneous, net
 
(2,715
)
 
(2,946
)
 
Income before income taxes
 
142,364

 
180,615

 
Income tax expense
 
47,901

 
62,604

 
Net income
 
94,463

 
118,011

 
Less: Net income (loss) attributable to noncontrolling interests
 
542

 
(360
)
 
Net income attributable to Pilgrim’s Pride Corporation
 
$
93,921

 
$
118,371

 
 
 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 
 
 
 
Basic
 
248,692

 
254,807

 
Effect of dilutive common stock equivalents
 
234

 
340

 
Diluted
 
248,926

 
255,147

 
 
 
 
 
 
 
Net income attributable to Pilgrim's Pride Corporation per share of
     common stock outstanding:
 
 
 
 
 
Basic
 
$
0.38

 
$
0.46

 
Diluted
 
$
0.38

 
$
0.46

 


5



PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
 
Thirteen Weeks Ended
 
 
March 26, 2017
 
March 27, 2016
 
 
(In thousands)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
94,463

 
$
118,011

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
50,390

 
42,391

Foreign currency transaction losses
 
2,158

 

Gain on property disposals
 
118

 
(129
)
Loss on equity method investments
 
(13
)
 

Share-based compensation
 
1,460

 
880

Deferred income tax expense (benefit)
 
13,330

 
(215
)
Changes in operating assets and liabilities:
 
 
 
 
Trade accounts and other receivables
 
(33,681
)
 
(1,894
)
Inventories
 
(54,448
)
 
22,829

Prepaid expenses and other current assets
 
(16,715
)
 
7,023

Accounts payable, accrued expenses and other current liabilities
 
(18,072
)
 
(55,990
)
Income taxes
 
25,380

 
55,261

Long-term pension and other postretirement obligations
 
(1,633
)
 
(2,311
)
Other operating assets and liabilities
 
(1,283
)
 
(362
)
Cash provided by operating activities
 
61,454

 
185,494

Cash flows from investing activities:
 
 
 
 
Acquisitions of property, plant and equipment
 
(114,487
)
 
(37,074
)
Business acquisition
 
(359,698
)
 

Proceeds from property disposals
 
181

 
610

Cash used in investing activities
 
(474,004
)
 
(36,464
)
Cash flows from financing activities:
 
 
 
 
Proceeds from note payable to bank
 

 
8,885

Payments on note payable to bank
 

 
(16,034
)
Proceeds from revolving line of credit
 
662,795

 

Payments on revolving line of credit, long-term borrowings and capital lease obligations
 
(330,772
)
 
(21
)
Proceeds from equity contribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim's Pride Corporation
 
5,038

 
3,691

Payment of capitalized loan costs
 

 
(13
)
Purchase of common stock under share repurchase program
 
(14,641
)
 
(2,657
)
Cash used in financing activities
 
322,420

 
(6,149
)
Increase (decrease) in cash, cash equivalents and restricted cash
 
(90,130
)
 
142,881

Cash, cash equivalents and restricted cash, beginning of period
 
125,307

 
439,638

Cash, cash equivalents and restricted cash, end of period
 
$
35,177

 
$
582,519


6



PILGRIM’S PRIDE CORPORATION
Selected Financial Information
(Unaudited)

“EBITDA” is defined as the sum of net income (loss) plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (i) income (loss) attributable to non-controlling interests, (ii) restructuring charges, (iii) reorganization items, (iv) losses on early extinguishment of debt and (v) foreign currency transaction losses (gains). EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the US (“GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP. They should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with GAAP.

PILGRIM'S PRIDE CORPORATION
 
Reconciliation of Adjusted EBITDA
 
 
 
 
 
 
(Unaudited)
Thirteen Weeks Ended
 
 
March 26, 2017
 
March 27, 2016
 
 
(In thousands)
 
Net income
$
94,463

 
$
118,011

 
Add:
 
 
 
 
Interest expense, net
12,084

 
11,340

 
Income tax expense (benefit)
47,901

 
62,604

 
Depreciation and amortization
50,390

 
42,391

 
Minus:
 
 
 
 
Amortization of capitalized financing costs
951

 
928

 
EBITDA
203,887

 
233,418

 
Add:
 
 
 
 
Foreign currency transaction losses (gains)
619

 
(235
)
 
Restructuring charges

 

 
Minus:
 
 
 
 
   Net income (loss) attributable to noncontrolling interest
542

 
(360
)
 
Adjusted EBITDA
$
203,964

 
$
233,543

 


7



The summary unaudited consolidated income statement data for the twelve months ended March 26, 2017 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 27, 2016 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 25, 2016 and (2) the applicable audited consolidated income statement data for the three months ended March 26, 2017.

PILGRIM'S PRIDE CORPORATION
Reconciliation of LTM Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
LTM Ended
 
 
June 26,
2016
 
September 25,
2016
 
December 25,
2016
 
March 26,
2017
 
March 26,
2017
 
 
(In thousands)
Net income
 
$
153,042

 
$
98,527

 
$
70,149

 
$
94,463

 
$
416,181

Add:
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
10,865

 
11,834

 
10,158

 
12,084

 
44,941

Income tax expense (benefit)
 
78,398

 
51,060

 
40,844

 
47,901

 
218,203

Depreciation and amortization
 
46,293

 
45,772

 
46,059

 
50,390

 
188,514

Minus:
 
 
 
 
 
 
 
 
 
 
Amortization of capitalized financing costs
 
962

 
970

 
972

 
951

 
3,855

EBITDA
 
287,636

 
206,223

 
166,238

 
203,887

 
863,984

Add:
 
 
 
 
 
 
 
 
 
 
Foreign currency transaction losses (gains)
 
(4,744
)
 
4,142

 
4,734

 
619

 
4,751

Restructuring charges
 

 
279

 
790

 

 
1,069

Minus:
 
 
 
 
 
 
 
 
 
 
   Net income (loss) attributable to noncontrolling interest
 
156

 
(130
)
 
(469
)
 
542

 
99

Adjusted EBITDA
 
$
282,736

 
$
210,774

 
$
172,231

 
$
203,964

 
$
869,705



8



EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by Net Revenue for the applicable period.

PILGRIM'S PRIDE CORPORATION
 
Reconciliation of EBITDA Margin
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
 
 
March 26, 2017
 
March 27, 2016
 
March 26, 2017
 
March 27, 2016
 
 
 
(In thousands)
 
Net income from continuing operations
 
$
94,463

 
$
118,011

 
4.68
%
 
6.01
 %
 
Add:
 
 
 
 
 
 
 
 
 
Interest expense, net
 
12,084

 
11,340

 
0.60
%
 
0.58
 %
 
Income tax expense (benefit)
 
47,901

 
62,604

 
2.37
%
 
3.19
 %
 
Depreciation and amortization
 
50,390

 
42,391

 
2.49
%
 
2.16
 %
 
Minus:
 
 
 
 
 
 
 
 
 
Amortization of capitalized financing costs
 
951

 
928

 
0.05
%
 
0.05
 %
 
EBITDA
 
203,887

 
233,418

 
10.09
%
 
11.89
 %
 
Add:
 
 
 
 
 
 
 
 
 
Foreign currency transaction losses (gains)
 
619

 
(235
)
 
0.03
%
 
(0.01
)%
 
Restructuring charges
 

 

 
%
 
 %
 
Minus:
 
 
 
 
 
 
 
 
 
   Net income (loss) attributable to noncontrolling interest
 
542

 
(360
)
 
0.03
%
 
(0.02
)%
 
Adjusted EBITDA
 
$
203,964

 
$
233,543

 
10.09
%
 
11.90
 %
 
 
 
 
 
 
 
 
 
 
 
Net Revenue:
 
$
2,020,492

 
$
1,962,937

 
$
2,020,492

 
$
1,962,937

 


9



A reconciliation of net income (loss) attributable to Pilgrim's Pride Corporation per common diluted share to adjusted net income (loss) attributable to Pilgrim's Pride Corporation per common diluted share is as follows:
PILGRIM'S PRIDE CORPORATION
 
Reconciliation of Adjusted Earnings
 
(Unaudited)
 
 
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
 
 
March 26,
2017
 
March 27,
2016
 
 
 
(In thousands, except per share data)
 
Net income (loss) attributable to Pilgrim's Pride Corporation
 
$
93,921

 
$
118,371

 
Loss on early extinguishment of debt
 

 

 
Foreign currency transaction losses (gains)
 
619

 
(235
)
 
Income (loss) before loss on early extinguishment of debt and foreign currency transaction losses (gains)
 
94,540

 
118,136

 
Weighted average diluted shares of common stock outstanding
 
248,926

 
255,147

 
Income (loss) before loss on early extinguishment of debt and foreign currency transaction losses (gains)
     per common diluted share
 
$
0.38

 
$
0.46

 


10



A reconciliation of GAAP earnings per share (EPS) to adjusted earnings per share (EPS) is as follows:

PILGRIM'S PRIDE CORPORATION
 
Reconciliation of GAAP EPS to Adjusted EPS
 
(Unaudited)
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
 
March 26, 2017
 
March 27, 2016
 
 
(In thousands, except per share data)
 
GAAP EPS
$
0.38

 
$
0.46

 
Loss on early extinguishment of debt

 

 
Foreign currency transaction losses (gains)

 

 
Adjusted EPS
$
0.38

 
$
0.46

 
 
 
 
 
 
Weighted average diluted shares of common stock outstanding
248,926

 
255,147

 


11



Net debt is defined as total long term debt less current maturities, plus current maturities of long term debt and notes payable, minus cash, cash equivalents and investments in available-for-sale securities.  Net debt is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other parties, in addition to and not in lieu of debt as presented under GAAP, to compare the indebtedness of companies.  A reconciliation of net debt is as follows:
PILGRIM'S PRIDE CORPORATION
Reconciliation of Net Debt
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 26,
2017
 
March 27,
2016
 
December 25,
2016
 
December 27,
2015
 
December 28,
2014
 
(In thousands)
Long term debt, less current maturities
1,346,990

 
$
986,400

 
$
1,011,858

 
$
985,509

 
$
3,980

Add:  Current maturities of long term debt and notes payable
96

 
21,665

 
94

 
28,812

 
262

Minus:  Cash and cash equivalents
30,762

 
574,888

 
120,328

 
439,638

 
576,143

Minus:  Available-for-sale securities

 

 

 

 

Net debt (cash position)
$
1,316,324

 
$
433,177

 
$
891,624

 
$
574,683

 
$
(571,901
)


12



PILGRIM'S PRIDE CORPORATION
 
Supplementary Selected Segment and Geographic Data
 
 
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
 
 
March 26, 2017
 
March 27, 2016
 
 
 
(Unaudited)
 
 
 
 
 
(In thousands)
 
Sources of net sales by country of origin:
 
 
 
 
 
US:
 
$
1,736,405

 
$
1,670,281

 
Mexico:
 
284,087

 
292,656

 
Total net sales:
 
$
2,020,492

 
$
1,962,937

 
 
 
 
 
 
 
Sources of cost of sales by country of origin:
 
 
 
 
 
US:
 
$
1,548,099

 
$
1,453,955

 
Mexico:
 
257,212

 
271,444

 
Elimination:
 
(24
)
 
(24
)
 
Total cost of sales:
 
$
1,805,287

 
$
1,725,375

 
 
 
 
 
 
 
Sources of gross profit by country of origin:
 
 
 
 
 
US:
 
$
188,306

 
$
216,326

 
Mexico:
 
26,875

 
21,212

 
Elimination:
 
24

 
24

 
Total gross profit:
 
$
215,205

 
$
237,562

 
 
 
 
 
 
 
Sources of operating income by country of origin:
 
 
 
 
 
US:
 
$
133,556

 
$
174,590

 
Mexico:
 
18,772

 
14,160

 
Elimination:
 
24

 
24

 
Total operating income:
 
$
152,352

 
$
188,774

 



13