Pilgrim’s Pride Ends Fiscal Year 2017 with Net Sales of $10.77 Billion, Operating Income of 10% and Record GAAP EPS of $2.79
2017 Highlights
- Adjusted Operating Income margins of 11.8% in U.S., 10.6% in
Mexico and 3.9% inEurope operations, respectively. - Adjusted EBITDA of
$1.39 billion (or a 12.9% margin and +54.3% versus last year, excludingMoy Park ). - Acquisition of
Moy Park positions us as the global leader in chicken and chicken-basedPrepared Foods , and aligns with our strategic priorities while providing a strong platform for future growth. - GNP integration is progressing well; operations and profitability significantly improved with synergies captured ahead of plan, and are already on par with legacy operations.
- Completion of $141MM in strategic capital investments, including the
Sanford, NC organic tray-pack facility and Prepared Foods Line, further increasing product portfolio differentiation, strengthening key customer relationships, and improving margin profile.
Fourth Quarter Results
- Consolidated numbers reflect
Moy Park for the entire quarter and year, including historical data in accordance to U.S. GAAP. - Net Sales of
$2.74 billion (+43.5% versus same quarter last year of$1.91 billion , excludingMoy Park ). - Net Income of
$134.3 million and GAAP EPS of$0.54 . - Adjusted Operating Income margins of 7.3% in U.S., 4.0% in
Mexico and 5.0% inEurope operations, respectively, adjusted for non-recurring items related to weather events,Moy Park acquisition and Exchange Rate fluctuations. - Adjusted EBITDA of
$241.0 million (or an 8.8% margin).
Unaudited (2), In Millions, Except Per Share and Percentages | |||||||||||||||||
Fourteen Weeks Ended |
Thirteen Weeks Ended |
Fifty-Three Weeks Ended |
Fifty-Two Weeks Ended |
||||||||||||||
Dec 31, 2017 | Dec 25, 2016 | Y/Y Change |
Dec 31, 2017 | Dec 25, 2016 | Y/Y Change |
||||||||||||
Net Sales | $2,742.4 | $2,370.9 | +15.7% | $10,767.9 | $9,878.6 | +9.0% | |||||||||||
GAAP EPS | $0.54 | $0.28 | +92.9% | $2.79 | $1.73 | +61.3% | |||||||||||
Operating Income | $155.0 | $147.0 | +5.4% | $1,072.3 | $792.1 | +35.4% | |||||||||||
Adjusted EBITDA (1) | $241.0 | $205.4 | +17.3% | $1,388.0 | $1,029.7 | +34.8% | |||||||||||
Adjusted EBITDA Margin (1) | 8.8% | 8.7% | +0.1pts | 12.9% | 10.4% | +2.5pts | |||||||||||
(1) Reconciliations for non-GAAP measures are provided in subsequent sections within this release. | |||||||||||||||||
(2) Figures have been adjusted to include full-quarter and year of Moy Park, in accordance to U.S. GAAP. | |||||||||||||||||
“We generated strong, well-balanced consolidated performance in 2017. Our U.S. and
“We completed the announced strategic capital investment improvements, including
“We are continuing to improve the performance of the GNP operations. Margins have substantially increased since the acquisition just over a year ago and have reached parity with our legacy business during Q4. The integration is going well and we have extracted significant operating and product synergies, and are also preparing to expand the distribution of our premium
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be held tomorrow,
To pre-register, go to: https://services.choruscall.com/links/ppc180215.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
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
About Pilgrim’s Pride
Pilgrim’s employs approximately 51,300 people and operates chicken processing plants and prepared-foods facilities in 14 states,
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
Contact: | Dunham Winoto |
Director, Investor Relations | |
IRPPC@pilgrims.com | |
(970) 506-8192 | |
www.pilgrims.com |
PILGRIM’S PRIDE CORPORATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
December 31, 2017 | December 25, 2016 | |||||||
(Unaudited) | ||||||||
(In thousands, except share and par value data) | ||||||||
Cash and cash equivalents | $ | 581,510 | $ | 292,544 | ||||
Restricted cash and cash equivalents | 8,021 | 4,979 | ||||||
Trade accounts and other receivables, less allowance for doubtful accounts | 565,478 | 445,553 | ||||||
Account receivable from related parties | 2,951 | 4,010 | ||||||
Inventories | 1,255,070 | 975,608 | ||||||
Prepaid expenses and other current assets | 102,550 | 81,932 | ||||||
Assets held for sale | 708 | 5,259 | ||||||
Total current assets | 2,516,288 | 1,809,885 | ||||||
Other long-lived assets | 18,165 | 19,260 | ||||||
Identified intangible assets, net | 617,163 | 471,591 | ||||||
Goodwill | 1,001,889 | 887,221 | ||||||
Property, plant and equipment, net | 2,095,147 | 1,833,985 | ||||||
Total assets | $ | 6,248,652 | $ | 5,021,942 | ||||
Accounts payable | $ | 762,444 | $ | 790,378 | ||||
Accounts payable to related parties | 2,889 | 4,468 | ||||||
Accrued expenses | 417,342 | 347,021 | ||||||
Income taxes payable | 222,073 | 27,578 | ||||||
Current maturities of long-term debt | 47,775 | 15,712 | ||||||
Total current liabilities | 1,452,523 | 1,185,157 | ||||||
Long-term debt, less current maturities | 2,635,617 | 1,396,124 | ||||||
Deferred tax liabilities | 208,492 | 251,807 | ||||||
Other long-term liabilities | 96,359 | 102,722 | ||||||
Total liabilities | 4,392,991 | 2,935,810 | ||||||
Commitments and contingencies | ||||||||
Preferred stock, $.01 par value, 50,000,000 shares authorized; no shares issued | — | — | ||||||
Common stock, $.01 par value, 800,000,000 shares authorized; 260,167,881 and 259,682,000 shares issued at year-end 2017 and year-end 2016, respectively; 248,752,508 and 249,046,139 shares outstanding at year-end 2017 and year-end 2016, respectively |
2,602 | 307,288 | ||||||
Treasury stock, at cost, 11,415,373 shares at year-end 2017 | (231,758 | ) | (217,117 | ) | ||||
Additional paid-in capital | 1,932,509 | 3,100,332 | ||||||
Retained earnings (accumulated deficit) | 173,943 | (782,785 | ) | |||||
Accumulated other comprehensive loss | (31,140 | ) | (329,858 | ) | ||||
Total Pilgrim’s Pride Corporation stockholders’ equity | 1,846,156 | 2,077,860 | ||||||
Noncontrolling interest | 9,505 | 8,272 | ||||||
Total stockholders’ equity | 1,855,661 | 2,086,132 | ||||||
Total liabilities and stockholders' equity | $ | 6,248,652 | $ | 5,021,942 |
PILGRIM’S PRIDE CORPORATION | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-Three Weeks Ended | Fifty-Two Weeks Ended | |||||||||||||
December 31, 2017 | December 25, 2016 | December 31, 2017 | December 25, 2016 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net sales | $ | 2,742,352 | $ | 2,370,883 | $ | 10,767,863 | $ | 9,878,564 | ||||||||
Cost of sales | 2,480,548 | 2,142,013 | 9,296,249 | 8,774,581 | ||||||||||||
Gross profit | 261,804 | 228,870 | 1,471,614 | 1,103,983 | ||||||||||||
Selling, general and administrative expense | 105,508 | 81,046 | 389,517 | 310,832 | ||||||||||||
Administrative restructuring charges | 1,279 | 790 | 9,775 | 1,069 | ||||||||||||
Operating income | 155,017 | 147,034 | 1,072,322 | 792,082 | ||||||||||||
Interest expense, net of capitalized interest | 40,868 | 17,156 | 107,183 | 75,636 | ||||||||||||
Interest income | (4,130 | ) | (301 | ) | (7,730 | ) | (2,301 | ) | ||||||||
Foreign currency transaction loss (gain) | (159 | ) | 5,824 | (2,659 | ) | 4,055 | ||||||||||
Miscellaneous, net | (1,340 | ) | (2,017 | ) | (6,538 | ) | (9,344 | ) | ||||||||
Income before income taxes | 119,778 | 126,372 | 982,066 | 724,036 | ||||||||||||
Income tax expense | (14,147 | ) | 40,940 | 263,899 | 243,919 | |||||||||||
Net income | 133,925 | 85,432 | 718,167 | 480,117 | ||||||||||||
Less: Net income (loss) from Granite holdings Sarl prior to acquisition by PPC | — | 15,283 | 23,486 | 40,388 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (412 | ) | (469 | ) | 102 | (803 | ) | |||||||||
Net income attributable to Pilgrim’s Pride Corporation | $ | 134,337 | $ | 70,618 | $ | 694,579 | $ | 440,532 | ||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||||
Basic | 248,753 | 250,853 | 248,738 | 253,669 | ||||||||||||
Effect of dilutive common stock equivalents | 241 | 542 | 233 | 457 | ||||||||||||
Diluted | 248,994 | 251,395 | 248,971 | 254,126 | ||||||||||||
Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding: |
||||||||||||||||
Basic | $ | 0.54 | $ | 0.28 | $ | 2.79 | $ | 1.74 | ||||||||
Diluted | $ | 0.54 | $ | 0.28 | $ | 2.79 | $ | 1.73 |
PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Fifty-Three Weeks Ended | Fifty-Two Weeks Ended | |||||||
December 31, 2017 | December 25, 2016 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 718,167 | $ | 480,117 | ||||
Adjustments to reconcile net income to cash provided by operating activities: |
||||||||
Depreciation and amortization | 277,792 | 231,708 | ||||||
Asset impairment | 5,156 | 790 | ||||||
Foreign currency transaction gain related to borrowing arrangements | (1,387 | ) | — | |||||
Amortization of bond premium | (180 | ) | — | |||||
Gain on property disposals | (506 | ) | (8,914 | ) | ||||
Loss (gain) on equity method investments | (59 | ) | 452 | |||||
Share-based compensation | 3,020 | 6,102 | ||||||
Deferred income tax expense (benefit) | (49,963 | ) | (5,034 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts and other receivables | (82,169 | ) | (32,428 | ) | ||||
Inventories | (207,399 | ) | (33,083 | ) | ||||
Prepaid expenses and other current assets | (14,827 | ) | 19,270 | |||||
Accounts payable and accrued expenses | (22,827 | ) | 75,893 | |||||
Income taxes | 188,120 | 75,238 | ||||||
Long-term pension and other postretirement obligations | (10,864 | ) | (10,165 | ) | ||||
Other | (753 | ) | (4,584 | ) | ||||
Cash provided by operating activities | 801,321 | 795,362 | ||||||
Cash flows from investing activities: | ||||||||
Acquisitions of property, plant and equipment | (339,872 | ) | (340,960 | ) | ||||
Business acquisition | ( 658,520 | ) | — | |||||
Proceeds from property disposals | 4,475 | 13,375 | ||||||
Proceeds from settlement of life insurance contract | 1,845 | — | ||||||
Cash used in investing activities | ( 992,072 | ) | (327,585 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from notes payable to banks | — | 36,838 | ||||||
Payments on note payable to bank | — | (65,564 | ) | |||||
Payment of note payable to affiliate | (753,512 | ) | — | |||||
Proceeds from long-term debt | 1,871,818 | 593,015 | ||||||
Payments on long-term debt | (628,677 | ) | (570,015 | ) | ||||
Proceeds from equity contribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim's Pride Corporation | 5,038 | 3,690 | ||||||
Tax benefit related to share-based compensation | — | — | ||||||
Contributions from noncontrolling interests | — | 7,252 | ||||||
Payment of capitalized loan costs | (13,631 | ) | (693 | ) | ||||
Purchase of common stock under share repurchase program | (14,641 | ) | (117,884 | ) | ||||
Purchase of common stock from retirement plan participants | — | (73 | ) | |||||
Payment of cash dividends | — | (714,785 | ) | |||||
Cash provided by financing activities | 466,395 | (828,219 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | 16,364 | (38,587 | ) | |||||
Increase in cash and cash equivalents | 292,008 | (399,029 | ) | |||||
Cash and cash equivalents, beginning of period | 297,523 | 696,552 | ||||||
Cash and cash equivalents, end of period | $ | 589,531 | $ | 297,523 | ||||
Supplemental Disclosure Information: | ||||||||
Interest paid (net of amount capitalized) | $ | 81,260 | $ | 69,857 | ||||
Income taxes paid | 122,956 | 161,026 | ||||||
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) | Fourteen Weeks Ended |
Thirteen Weeks Ended |
Fifty-Three Weeks Ended |
Fifty-Two Weeks Ended |
||||||||||||
December 31, 2017 | December 25, 2016 | December 31, 2017 | December 25, 2016 | |||||||||||||
(In thousands) | ||||||||||||||||
Net income | $ | 133,925 | $ | 85,432 | $ | 718,167 | $ | 480,117 | ||||||||
Add: | ||||||||||||||||
Interest expense, net | 36,738 | 16,855 | 99,453 | 73,335 | ||||||||||||
Income tax expense (benefit) | (14,147 | ) | 40,940 | 263,899 | 243,919 | |||||||||||
Depreciation and amortization | 73,167 | 57,580 | 277,792 | 231,708 | ||||||||||||
Minus: | ||||||||||||||||
Amortization of capitalized financing costs | 2,839 | 2,465 | 5,968 | 5,324 | ||||||||||||
EBITDA | 226,844 | 198,342 | 1,353,343 | 1,023,755 | ||||||||||||
Add: | ||||||||||||||||
Foreign currency transaction losses (gains) | (159 | ) | 5,824 | (2,659 | ) | 4,055 | ||||||||||
Acquisition charges | 4,567 | — | 19,606 | — | ||||||||||||
Restructuring charges | 1,279 | 790 | 9,775 | 1,069 | ||||||||||||
Puerto Rico hurricane impact | 8,066 | — | 8,066 | — | ||||||||||||
Minus: | ||||||||||||||||
Net income (loss) attributable to noncontrolling interest | (412 | ) | (469 | ) | 102 | (803 | ) | |||||||||
Adjusted EBITDA | $ | 241,009 | $ | 205,425 | $ | 1,388,029 | $ | 1,029,682 | ||||||||
PILGRIM'S PRIDE CORPORATION | ||||||||||||||||||||||||||||||||
Reconciliation of EBITDA Margin | ||||||||||||||||||||||||||||||||
(Unaudited) | Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-Three Weeks Ended | Fifty-Two Weeks Ended | Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-Three Weeks Ended | Fifty-Two Weeks Ended | ||||||||||||||||||||||||
December 31, 2017 | December 25, 2016 | December 31, 2017 | December 25, 2016 | December 31, 2017 | December 25, 2016 | December 31, 2017 | December 25, 2016 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Net income | $ | 133,925 | $ | 85,432 | $ | 718,167 | $ | 480,117 | 4.88 | % | 3.60 | % | 6.67 | % | 4.86 | % | ||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Interest expense, net | 36,738 | 16,855 | 99,453 | 73,335 | 1.34 | % | 0.71 | % | 0.92 | % | 0.74 | % | ||||||||||||||||||||
Income tax expense (benefit) | (14,147 | ) | 40,940 | 263,899 | 243,919 | (0.52 | )% | 1.73 | % | 2.45 | % | 2.47 | % | |||||||||||||||||||
Depreciation and amortization | 73,167 | 57,580 | 277,792 | 231,708 | 2.67 | % | 2.43 | % | 2.58 | % | 2.35 | % | ||||||||||||||||||||
Minus: | ||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs | 2,839 | 2,465 | 5,968 | 5,324 | 0.10 | % | 0.10 | % | 0.06 | % | 0.05 | % | ||||||||||||||||||||
EBITDA | 226,844 | 198,342 | 1,353,343 | 1,023,755 | 8.27 | % | 8.37 | % | 12.57 | % | 10.36 | % | ||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Foreign currency transaction losses (gains) | (159 | ) | 5,824 | (2,659 | ) | 4,055 | (0.01 | )% | 0.25 | % | (0.02 | )% | 0.04 | % | ||||||||||||||||||
Acquisition charges | 4,567 | — | 19,606 | — | 0.17 | % | — | % | 0.18 | % | — | % | ||||||||||||||||||||
Restructuring charges | 1,279 | 790 | 9,775 | 1,069 | 0.05 | % | 0.03 | % | 0.09 | % | 0.01 | % | ||||||||||||||||||||
Puerto Rico hurricane impact | 8,066 | — | 8,066 | — | 0.29 | % | — | % | 0.07 | % | — | % | ||||||||||||||||||||
Minus: | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | (412 | ) | (469 | ) | 102 | (803 | ) | (0.02 | )% | (0.02 | )% | — | % | (0.01 | )% | |||||||||||||||||
Adjusted EBITDA | $ | 241,009 | $ | 205,425 | $ | 1,388,029 | $ | 1,029,682 | 8.79 | % | 8.66 | % | 12.89 | % | 10.42 | % | ||||||||||||||||
Net Revenue: | $ | 2,742,352 | $ | 2,370,883 | $ | 10,767,863 | $ | 9,878,564 | $ | 2,742,352 | $ | 2,370,883 | $ | 10,767,863 | $ | 9,878,564 | ||||||||||||||||
A reconciliation of GAAP operating income to adjusted operating income is as follows:
PILGRIM'S PRIDE CORPORATION | |||||||||||||||
Reconciliation of Adjusted Operating Income | |||||||||||||||
(Unaudited) | |||||||||||||||
Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-Three Weeks Ended | Fifty-Two Weeks Ended | ||||||||||||
December 31, 2017 | December 25, 2016 | December 31, 2017 | December 25, 2016 | ||||||||||||
(In thousands) | |||||||||||||||
GAAP operating income (US operations) | $ | 122,370 | $ | 92,279 | $ | 841,491 | $ | 572,559 | |||||||
Administrative restructuring charges | 529 | 790 | 9,025 | 1,069 | |||||||||||
Acquisition charges | 4,567 | — | 19,606 | — | |||||||||||
Puerto Rico hurricane impact | 8,066 | — | 8,066 | — | |||||||||||
Adjusted operating income (US operations) | $ | 135,532 | $ | 93,069 | $ | 878,188 | $ | 573,628 | |||||||
Adjusted operating income margin (US operations) | 7.19 | % | 5.82 | % | 11.80 | % | 8.60 | % | |||||||
GAAP operating income (Mexico operations) | $ | 7,390 | $ | 32,000 | $ | 153,631 | $ | 140,856 | |||||||
Foreign exchange | 6,100 | — | (13,000 | ) | — | ||||||||||
Adjusted operating income (Mexico operations) | $ | 13,490 | $ | 32,000 | $ | 140,631 | $ | 140,856 | |||||||
Adjusted operating income margin (Mexico operations) | 4.04 | % | 10.35 | % | 10.59 | % | 11.18 | % | |||||||
GAAP operating income (Europe operations) | $ | 25,231 | $ | 22,731 | $ | 77,105 | $ | 78,572 | |||||||
Administrative restructuring charges | 750 | — | 750 | — | |||||||||||
Adjusted operating income (Europe operations) | $ | 25,981 | $ | 22,731 | $ | 77,855 | $ | 78,572 | |||||||
Adjusted operating income margin (Europe operations) | 4.97 | % | 4.91 | % | 3.90 | % | 4.03 | % | |||||||
PILGRIM'S PRIDE CORPORATION | ||||||||||||||||
Supplementary Selected Segment and Geographic Data | ||||||||||||||||
Fourteen Weeks Ended |
Thirteen Weeks Ended |
Fifty-Three Weeks Ended |
Fifty-Two Weeks Ended |
|||||||||||||
December 31, 2017 | December 25, 2016 | December 31, 2017 | December 25, 2016 | |||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Sources of net sales by country of origin: | ||||||||||||||||
US: | $ | 1,886,133 | $ | 1,599,052 | $ | 7,443,222 | $ | 6,671,403 | ||||||||
Europe: | 522,465 | 462,733 | 1,996,319 | 1,947,441 | ||||||||||||
Mexico | 333,754 | 309,098 | 1,328,322 | 1,259,720 | ||||||||||||
Total net sales: | $ | 2,742,352 | $ | 2,370,883 | $ | 10,767,863 | $ | 9,878,564 | ||||||||
Sources of cost of sales by country of origin: | ||||||||||||||||
US: | $ | 1,691,586 | $ | 1,458,670 | $ | 6,348,411 | $ | 5,929,318 | ||||||||
Europe: | 472,016 | 414,576 | 1,808,139 | 1,757,818 | ||||||||||||
Mexico | 316,972 | 268,791 | 1,139,794 | 1,087,540 | ||||||||||||
Elimination: | (26 | ) | (24 | ) | (95 | ) | (95 | ) | ||||||||
Total cost of sales: | $ | 2,480,548 | $ | 2,142,013 | $ | 9,296,249 | $ | 8,774,581 | ||||||||
Sources of gross profit by country of origin: | ||||||||||||||||
US: | $ | 194,549 | $ | 140,382 | $ | 1,094,811 | $ | 742,085 | ||||||||
Europe: | 50,446 | 48,157 | 188,180 | 189,623 | ||||||||||||
Mexico | 16,783 | 40,306 | 188,528 | 172,180 | ||||||||||||
Elimination: | 26 | 25 | 95 | 95 | ||||||||||||
Total gross profit: | $ | 261,804 | $ | 228,870 | $ | 1,471,614 | $ | 1,103,983 | ||||||||
Sources of operating income by country of origin: | ||||||||||||||||
US: | $ | 122,370 | $ | 92,279 | $ | 841,491 | $ | 572,559 | ||||||||
Europe: | 25,231 | 22,731 | 77,105 | 78,572 | ||||||||||||
Mexico | 7,390 | 32,000 | 153,631 | 140,856 | ||||||||||||
Elimination: | 26 | 24 | 95 | 95 | ||||||||||||
Total operating income: | $ | 155,017 | $ | 147,034 | $ | 1,072,322 | $ | 792,082 |
Source: Pilgrim's Pride Corporation