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Pilgrim's® Pilgrim's Pride Reports Second Quarter 2022 Results with $ 4.63 Billion in Net Sales and Operating Income Margin of 11.1 % July 27 , 2022 GREELEY , Colo . , July 27 , 2022 ( GLOBE NEWSWIRE ) -- Pilgrim's Pride Corporation ( NASDAQ : PPC ) , one of the world's largest poultry producers , reports its second quarter 2022 financial results . Second Quarter Highlights • Net Sales of $ 4.63 billion , up 27.3 % from prior year . • Consolidated GAAP operating income margin of 11.1 % with GAAP operating income margins of 15.6 % in U.S. , 10.7 % in Mexico and 0.6 % in Europe . • GAAP Net Income of $ 362.0 million and GAAP EPS of $ 1.50 . Adjusted Net Income of $ 370.7 million or adjusted EPS of $ 1.54 . • Adjusted EBITDA of $ 623.3 million , or an 13.5 % margin , 67.7 % higher than a year ago . • We are extremely proud of the dedication and outstanding efforts of our global team members , which supported all of our business units ' top line growth through excellent service levels to our Key Customers that drove significant sequential profit improvement for the overall business . • Our US retail and foodservice business remained resilient despite additional cost recovery from inflationary challenges . Margins improved given enhanced market fundamentals in Big Bird Debone and continued operational improvements . • Our brand momentum continues throughout US retail as Just Bare® and Pilgrim's ® Prepared products grew over 96 % year over year . E - commerce across our US branded portfolio more than doubled . • Our combined European business drove bottom line improvement from accelerated implementation of operational efficiencies , focus on Key Customer partnerships to recover inflationary costs , and further diversification of product offerings . • Demand in Mexico was solid and our team's focus and continued operational improvements overcame seasonal challenges in live operations at our locations . • Continuing our commitment to corporate responsibility , our Board of Directors has approved the formation of an ESG Committee to further enrich our efforts on environmental , social and governance matters , including our Hometown Strong program and our Net Zero commitment . • Our liquidity position remains strong with an adjusted EBITDA net leverage ratio at 1.5x . • In driving for profitable growth , we are committing to an expansion in our fresh operations , a new protein conversion plant , and a new state - of - the - art prepared foods plant . ( Unaudited ) Net sales U.S. GAAP EPS Operating income ( loss ) Adjusted EBITDA ( 1 ) Adjusted EBITDA margin ( 1 ) Three Months Ended June 26 , 2022 June 27 , 2021 Y / Y Change June 26 , 2022 Six Months Ended June 27 , 2021 Y / Y Change $ $ $ 4,631.6 $ 1.50 $ 512.9 $ + 320.6 % $ ( 123.1 ) $ 623.3 $ 13.5 % 371.6 10.2 % + 516.7 % $ + 67.7 % $ + 3.3pts ( In millions , except per share and percentages ) 3,637.7 + 27.3 % $ 8,872.0 $ ( 0.68 ) 2.65 $ 914.9 $ 6,911.1 + 28.4 % ( 0.27 ) NM ( 2 ) 35.3 1,125.0 $ 625.5 NM ( 2 ) + 79.9 % 12.7 % 9.1 % + 3.6pts ( 1 ) Reconciliations for non - U.S . GAAP measures are provided in subsequent sections within this release . ( 2 ) These Y / Y changes are designated not meaningful ( or “ NM " ) due to significant one - time items recognized in prior year . " Throughout the second quarter , we emphasized discipline and ownership throughout all aspects of our strategy and organization , " said Fabio Sandri , Chief Executive Officer of Pilgrim's . " As a result , second quarter sales grew over 27 % and Adjusted EBITDA was up almost 68 % from last year . I am continually impressed with our team's determination to drive operational excellence to mitigate inflationary headwinds and work with Key Customers to profitably grow our business . " Our results continue to reflect the benefits of our diversified US portfolio . Investments in automation and in our hourly team members and their communities led to significant progress in net staffing levels , enabling our operations to realize the benefits of strong market fundamentals . Moreover , our overall demand in retail and foodservice remained robust given our emphasis on Key Customers and our diversified product portfolio . In addition ,