Company Quick10K Filing
Quick10K
Pilgrims Pride
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$27.90 249 $6,960
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-30 Annual: 2018-12-30
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-07-01 Quarter: 2018-07-01
10-Q 2018-04-01 Quarter: 2018-04-01
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-24 Quarter: 2017-09-24
10-Q 2017-06-25 Quarter: 2017-06-25
10-Q 2017-03-26 Quarter: 2017-03-26
10-K 2016-12-25 Annual: 2016-12-25
10-Q 2016-09-25 Quarter: 2016-09-25
10-Q 2016-06-26 Quarter: 2016-06-26
10-Q 2016-03-27 Quarter: 2016-03-27
10-K 2015-12-27 Annual: 2015-12-27
10-Q 2015-09-27 Quarter: 2015-09-27
10-Q 2015-06-28 Quarter: 2015-06-28
10-Q 2015-03-29 Quarter: 2015-03-29
10-K 2014-12-28 Annual: 2014-12-28
10-Q 2014-09-28 Quarter: 2014-09-28
10-Q 2014-06-29 Quarter: 2014-06-29
10-Q 2014-03-30 Quarter: 2014-03-30
10-K 2013-12-29 Annual: 2013-12-29
8-K 2019-07-31 Regulation FD, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-05-01 Shareholder Vote, Officers
8-K 2019-03-22 Officers, Exhibits
8-K 2019-02-13 Earnings, Exhibits
8-K 2019-02-13 Regulation FD, Exhibits
8-K 2018-12-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-10-31 Regulation FD, Exhibits
8-K 2018-08-02 Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-11 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-15 Regulation FD, Exhibits
SHOO Steven Madden 2,870
CCXI Chemocentryx 709
PEBO Peoples Bancorp 678
GLRE Greenlight Capital 391
GVP GSE Systems 51
KTOV Kitov Pharma 20
INFOR Infor 0
PADR Asia Pacific Boiler 0
NWCN Network Cn 0
PAYM PayMeOn 0
PPC 2019-06-30
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ppc-06302019xexhibit311.htm
EX-31.2 ppc-06302019xexhibit312.htm
EX-32.1 ppc-06302019xexhibit321.htm
EX-32.2 ppc-06302019xexhibit322.htm

Pilgrims Pride Earnings 2019-06-30

PPC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______ to _______            
Commission File number 1-9273
 a10qlogo.jpg

PILGRIM’S PRIDE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
75-1285071
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
1770 Promontory Circle
 
80634-9038
Greeley
CO
 
 
(Address of principal executive offices)
 
(Zip code)
Registrant’s telephone number, including area code: (970506-8000 
(Former name, former address and former fiscal year, if changed since last report.)
Title of each class
 
Trading Symbol
 
Name of Exchange on Which Registered
Common Stock, Par Value $0.01
 
PPC
 
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
  
Accelerated Filer
 
Non-accelerated Filer
 
  
Smaller reporting company
 
 
 
 
Emerging growth company
 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Number of shares outstanding of the issuer’s common stock, $0.01 par value per share, as of July 31, 2019, was 249,307,521.




INDEX
PILGRIM’S PRIDE CORPORATION
 
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

1


Table of Contents

PART I.
FINANCIAL INFORMATION
ITEM 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
June 30, 2019
 
December 30, 2018
 
 
(In thousands)
Cash and cash equivalents
 
$
538,227

 
$
338,386

Restricted cash and cash equivalents
 
33,379

 
23,192

Trade accounts and other receivables, less allowance for doubtful accounts
 
582,296

 
561,549

Accounts receivable from related parties
 
957

 
1,331

Inventories
 
1,186,655

 
1,159,519

Income taxes receivable
 
22,273

 
38,479

Prepaid expenses and other current assets
 
113,409

 
112,023

Assets held for sale
 
146

 
178

     Total current assets
 
2,477,342

 
2,234,657

Deferred tax assets
 
4,321

 
4,248

Other long-lived assets
 
15,289

 
16,717

Identified intangible assets, net
 
552,922

 
564,128

Goodwill
 
949,869

 
949,750

Operating lease assets, net
 
317,963

 

Property, plant and equipment, net
 
2,210,212

 
2,161,702

     Total assets
 
$
6,527,918

 
$
5,931,202

 
 
 
 
 
Accounts payable
 
$
816,126

 
$
830,059

Accounts payable to related parties
 
5,938

 
7,269

Revenue contract liability
 
23,016

 
33,328

Accrued expenses and other current liabilities
 
508,337

 
386,941

Income taxes payable
 
8,930

 
8,221

Current maturities of long-term debt
 
30,282

 
30,405

     Total current liabilities
 
1,392,629

 
1,296,223

Noncurrent operating lease liability, less current maturities
 
243,661

 

Long-term debt, less current maturities
 
2,283,847

 
2,295,190

Noncurrent income taxes payable
 
7,731

 
7,731

Deferred tax liabilities
 
235,487

 
237,422

Other long-term liabilities
 
91,299

 
75,051

     Total liabilities
 
4,254,654

 
3,911,617

Common stock
 
2,609

 
2,604

Treasury stock
 
(234,892
)
 
(231,994
)
Additional paid-in capital
 
1,950,348

 
1,945,136

Retained earnings
 
675,967

 
421,888

Accumulated other comprehensive loss
 
(130,679
)
 
(127,834
)
     Total Pilgrim’s Pride Corporation stockholders’ equity
 
2,263,353

 
2,009,800

Noncontrolling interest
 
9,911

 
9,785

     Total stockholders’ equity
 
2,273,264

 
2,019,585

          Total liabilities and stockholders’ equity
 
$
6,527,918

 
$
5,931,202

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

2



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
 
 
 
 
Thirteen Weeks Ended
 
Twenty-Six Weeks Ended
 
 
June 30, 2019
 
July 1, 2018
 
June 30, 2019
 
July 1, 2018
 
 
(In thousands, except per share data)
Net sales
 
$
2,843,085

 
$
2,836,713

 
$
5,567,760

 
$
5,583,391

Cost of sales
 
2,475,221

 
2,562,491

 
4,980,957

 
5,021,504

     Gross profit
 
367,864

 
274,222

 
586,803

 
561,887

Selling, general and administrative expense
 
88,357

 
87,975

 
170,281

 
173,258

Administrative restructuring activities
 
(43
)
 
1,135

 
(70
)
 
1,924

     Operating income
 
279,550

 
185,112

 
416,592

 
386,705

Interest expense, net of capitalized interest
 
33,594

 
40,267

 
67,156

 
90,567

Interest income
 
(3,444
)
 
(4,834
)
 
(6,784
)
 
(6,424
)
Foreign currency transaction loss
 
2,260

 
5,630

 
4,896

 
3,909

Miscellaneous, net
 
1,513

 
(817
)
 
1,156

 
(2,434
)
     Income before income taxes
 
245,627

 
144,866

 
350,168

 
301,087

Income tax expense
 
75,547

 
38,522

 
95,963

 
75,519

     Net income
 
170,080

 
106,344

 
254,205

 
225,568

Less: Net income (loss) attributable to noncontrolling
     interests
 
12

 
(197
)
 
126

 
(391
)
     Net income attributable to Pilgrim’s Pride Corporation
 
$
170,068

 
$
106,541

 
$
254,079

 
$
225,959

 
 
 
 
 
 
 
 
 
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
 
 
 
 
 
 
 
 
     Basic
 
249,400

 
248,981

 
249,283

 
248,909

     Effect of dilutive common stock equivalents
 
236

 
76

 
320

 
116

     Diluted
 
249,636

 
249,057

 
249,603

 
249,025

 
 
 
 
 
 
 
 
 
Net income attributable to Pilgrim’s Pride Corporation
     per share of common stock outstanding:
 
 
 
 
 
 
 
 
     Basic
 
$
0.68

 
$
0.43

 
$
1.02

 
$
0.91

     Diluted
 
$
0.68

 
$
0.43

 
$
1.02

 
$
0.91

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


3



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
Twenty-Six Weeks Ended
 
 
June 30, 2019
 
July 1, 2018
 
June 30, 2019
 
July 1, 2018
 
 
(In thousands)
Net income
 
$
170,080

 
$
106,344
 
 
$
254,205

 
$
225,568

Other comprehensive loss:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
Losses arising during the period
 
(38,053
)
 
(92,696
)
 
(611
)
 
(40,131
)
Income tax effect
 

 
1,661
 
 

 
1,624

Derivative financial instruments designated as cash
flow hedges
 
 
 
 
 
 
 
 
Gains (losses) arising during the period
 
1,298

 
(88
)
 
400

 
(103
)
Reclassification to net earnings of losses (gains)
     realized
 
48

 
222
 
 
(173
)
 
472

Available-for-sale securities
 
 
 
 
 
 
 
 
Gains arising during the period
 
172

 
858
 
 
194

 
1,232

Income tax effect
 
(42
)
 
(209
)
 
(47
)
 
(300
)
Reclassification to net earnings of gains realized
 
(172
)
 
(727
)
 
(307
)
 
(899
)
Income tax effect
 
42

 
177
 
 
76

 
219

Defined benefit plans
 
 
 
 
 
 
 
 
Gains (losses) arising during the period
 
(7,171
)
 
693
 
 
(3,971
)
 
6,592

Income tax effect
 
1,877

 
(171
)
 
1,098

 
(1,605
)
Reclassification to net earnings of losses realized
 
328

 
300
 
 
656

 
601

Income tax effect
 
(80
)
 
(73
)
 
(160
)
 
(146
)
Total other comprehensive loss, net of tax
 
(41,753
)
 
(90,053
)
 
(2,845
)
 
(32,444
)
Comprehensive income
 
128,327

 
16,291
 
 
251,360

 
193,124

Less: Comprehensive income (loss) attributable to
       noncontrolling interests
 
12

 
(197
)
 
126

 
(391
)
Comprehensive income attributable to Pilgrim's Pride
       Corporation
 
$
128,315

 
$
16,488
 
 
$
251,234

 
$
193,515

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



4



PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 
For the twenty-six weeks ended June 30, 2019
 
Common Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interest
 
Total
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
(In thousands)
Balance at December 30, 2018
 
260,396

 
$
2,604

 
(11,431
)
 
$
(231,994
)
 
$
1,945,136

 
$
421,888

 
$
(127,834
)
 
$
9,785

 
$
2,019,585

Net income
 

 

 

 

 

 
254,079

 

 
126

 
254,205

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(2,845
)
 

 
(2,845
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock issued under compensation plans
 
459

 
5

 

 

 
(5
)
 

 

 

 

Requisite service period recognition
 

 

 

 

 
5,217

 

 

 

 
5,217

Common stock purchased under share repurchase
program
 

 

 
(115,994
)
 
(2,898
)
 

 

 

 

 
(2,898
)
Balance at June 30, 2019
 
260,855

 
$
2,609

 
(127,425
)
 
$
(234,892
)
 
$
1,950,348

 
$
675,967

 
$
(130,679
)
 
$
9,911

 
$
2,273,264



For the thirteen weeks ended June 30, 2019
 
Common Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
(In thousands)
Balance at March 31, 2019
 
260,855

 
$
2,609

 
(11,431
)
 
$
(231,994
)
 
$
1,947,013

 
$
505,899

 
$
(88,926
)
 
$
9,899

 
$
2,144,500

Net income
 

 

 

 

 

 
170,068

 

 
12

 
170,080

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(41,753
)
 

 
(41,753
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock issued under compensation plans
 

 

 

 

 

 

 

 

 

  Requisite service period recognition
 

 

 

 

 
3,335

 

 

 

 
3,335

Common stock purchased under share repurchase
program
 

 

 
(115,994
)
 
(2,898
)
 

 

 

 

 
(2,898
)
Balance at June 30, 2019
 
260,855

 
$
2,609

 
(127,425
)
 
$
(234,892
)
 
$
1,950,348

 
$
675,967

 
$
(130,679
)
 
$
9,911

 
$
2,273,264




5



PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)
For the twenty-six weeks ended July 1, 2018
 
Common Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
(In thousands)
Balance at December 31, 2017
 
260,168

 
$
2,602

 
(11,416
)
 
$
(231,758
)
 
$
1,932,509

 
$
173,943

 
$
(31,140
)
 
$
9,505

 
$
1,855,661

Net income (loss)
 

 

 

 

 

 
225,959

 

 
(391
)
 
225,568

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(32,444
)
 

 
(32,444
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock issued under compensation plans
 
228

 
2

 

 

 
(2
)
 

 

 

 

  Requisite service period recognition
 

 

 

 

 
5,633

 

 

 

 
5,633

Balance at July 1, 2018
 
260,396

 
$
2,604

 
(11,416
)
 
$
(231,758
)
 
$
1,938,140

 
$
399,902

 
$
(63,584
)
 
$
9,114

 
$
2,054,418



For the thirteen weeks ended July 1, 2018
 
Common Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Total
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
(In thousands)
Balance at April 1, 2018
 
260,396

 
$
2,604

 
(11,416
)
 
$
(231,758
)
 
$
1,933,780

 
$
293,361

 
$
26,469

 
$
9,311

 
$
2,033,767

Net income (loss)
 

 

 

 

 

 
106,541

 

 
(197
)
 
106,344

Other comprehensive loss, net of tax
 

 

 

 

 

 

 
(90,053
)
 

 
(90,053
)
Share-based compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common stock issued under compensation plans
 

 

 

 

 

 

 

 

 

  Requisite service period recognition
 

 

 

 

 
4,360

 

 

 

 
4,360

Balance at July 1, 2018
 
260,396

 
$
2,604

 
(11,416
)
 
$
(231,758
)
 
$
1,938,140

 
$
399,902

 
$
(63,584
)
 
$
9,114

 
$
2,054,418

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6