Chicken producer Pilgrim's Pride (NASDAQ:PPC) will be reporting earnings this Wednesday after market hours. Here's what investors should know.
Pilgrim's Pride missed analysts' revenue expectations last quarter, reporting revenues of $4.63 billion, down 2.8% year on year. It was a softer quarter for the company, with a significant miss of analysts' gross margin and EBITDA estimates.
Is Pilgrim's Pride a buy or sell going into earnings? Read our full analysis here, it's free for active Edge members .
This quarter, the market is expecting Pilgrim's Pride's revenue to decline 1.4% year on year, a reversal from the 3.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Pilgrim's Pride has missed Wall Street's revenue estimates multiple times over the last two years.
Looking at Pilgrim's Pride's peers in the consumer staples segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Cal-Maine's revenues decreased 41.5% year on year, missing analysts' expectations by 3.9%, and Medifast reported a revenue decline of 19.4%, topping estimates by 1%. Cal-Maine traded down 4% following the results.
Read our full analysis of Cal-Maine's results here and Medifast's results here .
There has been positive sentiment among investors in the consumer staples segment, with share prices up 3.3% on average over the last month. Pilgrim's Pride is down 2% during the same time and is heading into earnings with an average analyst price target of $33 (compared to the current share price of $27.56).
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