What To Expect From Pilgrim's Pride's (PPC) Q1 Earnings
Stock Story
Published Apr 30, 2024 03:04AM ET
Updated Apr 30, 2024 06:36AM ET
What To Expect From Pilgrim's Pride's (PPC) Q1 Earnings
Chicken producer Pilgrim’s Pride (NASDAQ:PPC) will be announcing earnings results tomorrow after the bell. Here's what you need to know.
Pilgrim's Pride (NASDAQ:PPC) beat analysts' revenue expectations by 1.2% last quarter, reporting revenues of $4.53 billion, up 9.7% year on year. It was a very strong quarter for the company, with an impressive beat of analysts' earnings estimates.
Is Pilgrim's Pride a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting Pilgrim's Pride's revenue to grow 6.3% year on year to $4.43 billion, a reversal from the 1.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.63 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 twice over the last two years.
Looking at Pilgrim's Pride's peers in the consumer staples segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Cal-Maine's revenues decreased 29.5% year on year, beating analysts' expectations by 1.5%, and Colgate-Palmolive (NYSE:CL) reported revenues up 6.2%, topping estimates by 2.1%. Cal-Maine traded up 3.5% following the results while Colgate-Palmolive was also up 1.3%.
Read the full analysis of Cal-Maine's and Colgate-Palmolive's results on StockStory.
Growth stocks have been quite volatile since the start of 2024, and while some of the consumer staples stocks have fared somewhat better, they have not been spared, with share prices down 3.6% on average over the last month. Pilgrim's Pride is up 3.3% during the same time and is heading into earnings with an average analyst price target of $35.6 (compared to the current share price of $35.66).
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Written By: Stock Story
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