Pilgrim's Pride Corporation (NASDAQ:PPC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Pilgrim's Pride Corporation (NASDAQ:PPC) Q2 2020 Earnings Conference Call - Final Transcript


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Good Morning and welcome to the Second Quarter 2020 Pilgrim's Pride Earnings Conference Call and Webcast. [Operator Instructions] Please note that slides referenced during today's call are available for download from the Investor Relations section of the company's website at www.pilgrims.com. After today's presentation, there will be an opportunity to ask questions. I would now like to turn the conference over to Dunham Winoto, Head of Investor Relations for Pilgrim's Pride. Please go ahead.

Dunham Winoto

Good morning, and thank you for joining us today as we review our operating and financial results for the second quarter ended June 28, 2020. Yesterday afternoon, we issued a press release providing an overview of our financial performance for the quarter, including a reconciliation of any non-GAAP measures we may discuss. A copy of the release is available in the Investor Relations section of our website along with the slides we will reference during this call. These items have also been filed as 8-Ks and are available online at www.sec.gov.

Presenting to you today are Fabio Sandri, Interim President and Chief Executive Officer and Chief Financial Officer; and Charles von der Heyde, President of Pilgrim's Mexico. Before we begin our prepared remarks, I'd like to remind everyone of our safe harbor disclaimer. Today's call may contain certain forward-looking statements that represent our outlook and current expectations as of the day of this release. Other additional factors not anticipated by management may cause actual results to differ materially from those projected in these forward-looking statements. Further information concerning those factors has been provided in today's press release, our 10-K and our regular filings with the SEC. I'd now like to turn the call over to Fabio Sandri.

Fabio Sandri

Thank you, Dunham. Good morning, everyone, and thank you for joining us today. For the second quarter of 2020, we reported net revenues of $2.82 billion and adjusted EBITDA of $112 million or a 4% margin and a GAAP EPS loss of $0.02 per share. Before I begin, I would like to express my sincere gratitude to our global teams for their commitment, dedication and continued hard work in supporting our ability to keep our team members safe and healthy while continuing to maintain our ability to produce and supply customers during this challenging time. Safety is a condition at Pilgrim's, and our team members responded admirably to the unprecedented conditions supplying products to our customers.

I would also like to thank all the health care professionals and first responders who have remained diligent in helping to maintain the safety and health of our team members. We are continuously adapting our global operations to the change in channel demand while adjusting our operations to be able to maintain the operations at all plants and minimize any significant disruption due to labor and health issues. I would like to reiterate the precautionary proactive actions we have implemented that go beyond our already rigid standards at all our facilities to further minimize the spread of COVID-19 in accordance with health and disease