Chicken producer Pilgrim’s Pride (NASDAQ:PPC) will be reporting results this Wednesday after the bell. Here’s what to expect.
Pilgrim's Pride missed analysts’ revenue expectations by 1.6% last quarter, reporting revenues of $4.46 billion, up 2.3% year on year. It was a softer quarter for the company, with a miss of analysts’ EBITDA estimates and a miss of analysts’ gross margin estimates.
Is Pilgrim's Pride a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Pilgrim's Pride’s revenue to grow 1.4% year on year to $4.62 billion, slowing from the 5.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.58 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Pilgrim's Pride has missed Wall Street’s revenue estimates six times over the last two years.
Looking at Pilgrim's Pride’s peers in the consumer staples segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Cal-Maine delivered year-on-year revenue growth of 72.2%, beating analysts’ expectations by 21.3%, and USANA reported revenues up 10.8%, topping estimates by 4.7%. Cal-Maine traded up 13.6% following the results while USANA was also up 12.4%.
Read our full analysis of Cal-Maine’s results here and USANA’s results here.
There has been positive sentiment among investors in the consumer staples segment, with share prices up 3.8% on average over the last month. Pilgrim's Pride is up 5.7% during the same time and is heading into earnings with an average analyst price target of $48.25 (compared to the current share price of $47.55).
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