Recent Updates — PPC
Pilgrim's Pride reported third-quarter 2026 net income of $116.3 million, or $0.49 per share, down significantly from $343.1 million, or $1.44 per share, in the prior-year period. Net revenue declined to $4.65 billion from $4.76 billion. Adjusted EBITDA fell 50% year-over-year to $316.3 million with an adjusted margin of 6.8%, compared to 13.3%. The decline was driven by lower commodity pricing and higher grain costs in the U.S., reduced European pork supply prices, and weaker market pricing in Mexico. SG&A expenses decreased due to lower legal settlement charges and incentive compensation. Pilgrim's Pride is a leading integrated poultry producer operating in the United States, Europe, and Mexico.
Pilgrim's Pride reported third-quarter 2026 results with net sales of $4.7 billion, a 2.2% decline from the prior year period. Consolidated GAAP operating income dropped 61.1% to $191.5 million, driven by lower commodity cutout values and increased poultry supply that pressured margins. Adjusted EBITDA fell 50% to $316.3 million with a 6.8% margin. U.S. Prepared Foods volumes rose over 15% year-over-year, while Europe sales remained stable despite inflationary pressures. The company maintains a net leverage ratio of 1.76x Adjusted EBITDA and continues progress on its acquisition of Walkers Deli & Sausage in Europe.
On October 9, 2026, Pilgrim’s Pride Corporation announced the formation of a special committee of independent and disinterested directors to evaluate an unsolicited proposal from JBS N.V. received on August 18, 2026, to acquire all outstanding shares not currently owned by JBS. The committee has retained Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial advisor. The board will not approve the transaction without the special committee's favorable recommendation, and any deal requires approval from shareholders who do not hold shares through JBS or its affiliates. There is no assurance that a definitive agreement will be reached or that the transaction will close. Pilgrim’s Pride operates protein processing plants and prepared-foods facilities across multiple countries.
On September 23, 2026, Pilgrim's Pride Corporation completed a private offering of €500 million aggregate principal amount of its 4.750% senior notes due January 23, 2034. The notes are unsecured senior obligations that pay interest annually in arrears on January 23, beginning in 2027. Proceeds will fund the recently announced acquisition of Walkers Deli & Sausage Company and related expenses. Pilgrim's Pride Corporation operates in the poultry processing industry.
Pilgrim's Pride Corporation and its subsidiary Pilgrim’s Europe Finance PLC priced a private offering of €500 million aggregate principal amount of 4.750% senior notes due in 2034 on September 9, 2026. The transaction is expected to close on September 23, 2026, subject to customary conditions. Net proceeds will be used for general corporate purposes, including funding the recently announced acquisition of Walkers Deli & Sausage Company and paying related expenses; however, the note offering is not conditioned on the completion of this acquisition. Pilgrim's Pride Corporation operates in the poultry processing industry, employing approximately 63,000 people across protein processing plants and prepared-foods facilities in multiple countries.
Pilgrim's Pride Corporation and its subsidiary Pilgrim’s Europe Finance plc commenced a private offering of up to €500 million in senior notes on September 4, 2026. The net proceeds are intended for general corporate purposes, including funding the recently announced acquisition of Walkers Deli & Sausage Company and paying related expenses. This financing is not conditioned on the closing of the acquisition. Pilgrim's Pride operates protein processing plants and prepared-foods facilities in North America and Europe.