Commodity costs and export market conditions still dictate Pilgrim’s Pride’s outlook.
We do not anticipate making a meaningful change to our $29 per share valuation for no-moat Pilgrim’s Pride after it announced second-quarter results that leave the firm on track to meet our fiscal 2016 expectations. Relative to fiscal 2015, the quarter featured a 1.2% revenue decline and 680 basis points of adjusted EBITDA margin erosion. The performance reflects lower industrywide poultry prices that fell at a mid-single-digit rate as stratospheric beef prices began to normalize (June ground be...Pilgrims Pride is primarily engaged in the production, processing, marketing and distribution of fresh, frozen chicken products to retailers, distributors and foodservice operators. The company's primary product types are fresh chicken products, prepared chicken products and export chicken products. The company's fresh chicken products consist of refrigerated (nonfrozen) whole or cut-up chicken, either pre-marinated or non-marinated and prepackaged case-ready chicken. The company's case-ready chicken includes various combinations of freshly refrigerated, whole chickens and chicken parts in trays, bags or other consumer packs labeled and priced ready for the retail grocer's fresh meat counter.
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