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Form 8-K PILGRIMS PRIDE CORP For: Apr 27

April 28, 2022 6:08 AM EDT

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Pilgrim’s Pride Reports First Quarter 2022 Results with $4.24 Billion in Net Sales and Operating Income Margin of 9.5%

GREELEY, Colo., April 27, 2022 (GLOBE NEWSWIRE) - Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's largest poultry producers, reports its first quarter 2022 financial results.

First Quarter Highlights
Net Sales of $4.24 billion, up nearly 30% from prior year.
Consolidated GAAP operating income margin of 9.5% with GAAP operating income margins of 13.8% in U.S., 14.7% in Mexico and -1.8% in Europe.
GAAP Net Income of $280.6 million and GAAP EPS of $1.15. Adjusted Net Income of $287.2 million or adjusted EPS of $1.18.
Adjusted EBITDA of $501.8 million, or an 11.8% margin, 97.7% higher than a year ago.
Our diversified portfolio across geographies, brands, and products coupled with our long-term investments in operational excellence, including automation, and focus on service for key customers continued to improve our results and drive further earnings resilience.
Our US foodservice business improved year-over-year, achieving pre-pandemic sales volumes, while retail volumes remained strong. Our margins improved significantly within the commodity large bird deboning business, while we continue to face higher inputs, increased operating costs, and less than optimal product mix resulting from ongoing labor shortages in all our business.
Brand momentum continues throughout US retail as Just Bare® was up 49%, Pilgrim’s® fully cooked grew over 150%, and e-commerce more than tripled year over year.
We continue to grow in Mexico, especially in our branded product lines, while profitability followed the normal seasonality of the business.
Our combined European business was severely impacted by ongoing labor shortages, increasing input costs and unprecedented inflation. Our live pork operations were also challenged by excess supply conditions throughout Europe. The UK teams are focused on leveraging the combined strengths of the businesses to drive operational improvements and capture synergies.
Our liquidity position remains strong with an adjusted EBITDA net leverage ratio at 1.75x.
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(Unaudited)Three Months Ended
March 27,
2022
March 28,
2021
Y/Y Change
(In millions, except per share and percentages)
Net sales$4,240.4 $3,273.4 +29.5 %
U.S. GAAP EPS$1.15 $0.41 +180.5 %
Operating income$402.0 $158.5 +153.6 %
Adjusted EBITDA(1)
$501.8 $253.8 +97.7 %
Adjusted EBITDA margin(1)
11.8 %7.8 %+4.0 pts
(1)     Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.

“Throughout the first quarter, we focused on consistent execution of our strategy. As a result, first quarter net sales increased by almost 30% and Adjusted EBITDA nearly doubled from a year ago. Overall, I am very pleased with our team and their ability to navigate through volatile market conditions and grow our business both top and bottom line,” said Fabio Sandri, Chief Executive Officer of Pilgrim’s.
“Our US business led the way in performance as our retail demand remained stable and foodservice recovered to pre-COVID levels. Equally important, our momentum in the retail branded business continued as consumer demand remained resilient despite inflationary headwinds. We have continued to improve our operational staffing levels and to provide a better future for our team members through unprecedented wage increases the last two years and significant investments in our communities. Our team successfully managed through difficult circumstances by driving superior service levels to our Key Customers, improving overall mix, and combating inflation throughout our supply chain.
“Although our UK and European business has undertaken a variety of steps to improve profitability, we faced weak market conditions and rapid escalation of costs that have diluted efforts to improve margins. The teams are confident in their plans and are working in conjunction with Key Customers, while leveraging global supply chain partnerships to resume profitable growth.
“Mexico rebounded from the previous quarter as it experienced better than expected demand while managing through less than ideal grow out conditions and increasing grain costs. We continue to grow our branded business and invest in capacity expansion.
“Moving forward, we will need to remain vigilant given significant inflationary headwinds challenging our entire business. Costs have dramatically increased in commodities, labor, logistics, and other operational inputs. To ensure our business continues to grow and creates value for all stakeholders, we must mitigate these impacts through operational efficiencies and growing with our Key Customers. We will continue to monitor and adjust our business accordingly.
“I am very excited about our growth prospects with our synergies and scale in the U.S., Mexico and the United Kingdom. We are committed to being the best and most respected company in our industry, and I am confident that our team will perform to the best of their ability to manage this extremely volatile environment.”
Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, April 28, at 7:00 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To pre-register, go to: https://services.choruscall.com/links/ppc220428.html

You may also reach the pre-registration link by logging in through the investor section of our website at
https://ir.pilgrims.com in the “Events & Presentations” section.

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For those who would like to join the call but have not pre-registered, access is available by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.”

Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com.
About Pilgrim’s Pride
Pilgrim’s employs over 59,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.
Forward-Looking Statements
Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the impact of the COVID-19 pandemic, efforts to contain the pandemic and resulting economic downturn on our operations and financial condition, including the risk that our health and safety measures at Pilgrim’s Pride production facilities will not be effective, the risk that we may be unable to prevent the infection of our employees at these facilities, and the risk that we may need to temporarily close one or more of our production facilities; the risk that we may experience decreased production and sales due to the changing demand for food products; the risk that we may face a significant increase in delayed payments from our customers; and additional risks related to COVID-19 set forth in our most recent Form 10-K and Form 10-Q filed with the SEC; matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels, including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access, telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

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Contact:Andy Rojeski
Investor Relations
IRPPC@pilgrims.com
www.pilgrims.com

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PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 27, 2022December 26, 2021
 (In thousands)
Cash and cash equivalents$725,540 $427,661 
Restricted cash and cash equivalents30,258 22,460 
Trade accounts and other receivables, less allowance for credit losses1,071,102 1,013,437 
Accounts receivable from related parties1,079 1,345 
Inventories1,708,995 1,575,658 
Income taxes receivable14,407 27,828 
Prepaid expenses and other current assets241,444 237,565 
Total current assets3,792,825 3,305,954 
Deferred tax assets5,191 5,314 
Other long-lived assets32,069 32,410 
Operating lease assets, net339,102 351,226 
Intangible assets, net938,564 963,243 
Goodwill1,320,100 1,337,252 
Property, plant and equipment, net2,890,016 2,917,806 
Total assets$9,317,867 $8,913,205 
Accounts payable$1,440,802 $1,378,077 
Accounts payable to related parties8,044 22,317 
Revenue contract liabilities21,522 22,321 
Accrued expenses and other current liabilities815,259 859,885 
Income taxes payable153,986 81,977 
Current maturities of long-term debt36,162 26,246 
Total current liabilities2,475,775 2,390,823 
Noncurrent operating lease liabilities, less current maturities262,830 271,366 
Long-term debt, less current maturities3,377,893 3,191,161 
Deferred tax liabilities344,492 369,185 
Other long-term liabilities63,271 101,736 
Total liabilities6,524,261 6,324,271 
Common stock2,616 2,614 
Treasury stock(372,157)(345,134)
Additional paid-in capital1,966,066 1,964,028 
Retained earnings1,284,007 1,003,569 
Accumulated other comprehensive loss(98,902)(47,997)
Total Pilgrim’s Pride Corporation stockholders’ equity2,781,630 2,577,080 
Noncontrolling interest11,976 11,854 
Total stockholders’ equity2,793,606 2,588,934 
Total liabilities and stockholders’ equity$9,317,867 $8,913,205 

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PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended
 March 27, 2022March 28, 2021
 (In thousands, except per share data)
Net sales$4,240,395 $3,273,425 
Cost of sales3,698,415 3,012,182 
Gross profit541,980 261,243 
Selling, general and administrative expense139,967 102,779 
Operating income402,013 158,464 
Interest expense, net of capitalized interest36,296 30,334 
Interest income(1,274)(2,366)
Foreign currency transaction losses11,536 2,514 
Miscellaneous, net(324)(7,844)
Income before income taxes355,779 135,826 
Income tax expense75,219 35,358 
Net income280,560 100,468 
Less: Net income attributable to noncontrolling interests122 260 
Net income attributable to Pilgrim’s Pride Corporation$280,438 $100,208 
Weighted average shares of Pilgrim's Pride Corporation common stock outstanding:
Basic243,670 243,580 
Effect of dilutive common stock equivalents630 278 
Diluted244,300 243,858 
Net income attributable to Pilgrim's Pride Corporation per share of common stock outstanding:
Basic$1.15 $0.41 
Diluted$1.15 $0.41 

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PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended
 March 27, 2022March 28, 2021
 (In thousands)
Cash flows from operating activities:
Net income$280,560 $100,468 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization102,142 86,532 
Deferred income tax expense (benefit)(21,917)12,483 
Stock-based compensation1,963 2,042 
Loss (gain) on property disposals1,855 (2,396)
Loan cost amortization1,280 1,215 
Accretion of discount related to Senior Notes429 246 
Loss (gain) on equity-method investments(4)
Amortization of premium related to Senior Notes— (167)
Changes in operating assets and liabilities:
Trade accounts and other receivables(66,669)(54,892)
Inventories(146,035)(82,550)
Prepaid expenses and other current assets(5,889)20,228 
Accounts payable, accrued expenses and other current liabilities(2,454)(240,183)
Income taxes84,780 25,440 
Long-term pension and other postretirement obligations(1,101)(10,841)
Other operating assets and liabilities(1,956)(1,172)
Cash provided by (used in) operating activities226,996 (143,551)
Cash flows from investing activities:
Acquisitions of property, plant and equipment(81,578)(102,167)
Purchase of acquired business, net of cash acquired(4,847)— 
Proceeds from property disposals849 13,074 
Cash used in investing activities(85,576)(89,093)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings228,505 328,932 
Payments on revolving line of credit, long-term borrowings and finance lease obligations(32,093)(235,292)
Purchase of common stock under share repurchase program(27,023)— 
Payment of equity distribution under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation(1,961)(650)
Payments of capitalized loan costs(1,098)— 
Cash provided by financing activities166,330 92,990 
Effect of exchange rate changes on cash and cash equivalents(2,073)1,488 
Increase in cash, cash equivalents and restricted cash305,677 (138,166)
Cash, cash equivalents and restricted cash, beginning of period450,121 548,406 
Cash, cash equivalents and restricted cash, end of period$755,798 $410,240 
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PILGRIM’S PRIDE CORPORATION
Non-GAAP Financial Measures Reconciliation
(Unaudited)

“EBITDA” is defined as the sum of net income plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction losses, (2) transaction costs related to business acquisitions, (3) costs related to the DOJ agreement and litigation settlements, (4) initial insurance recoveries for Mayfield, Kentucky tornado property damage losses, (5) deconsolidation of subsidiary and (6) net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted EBITDA only on a supplemental basis.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
Three Months Ended
March 27, 2022March 28, 2021
(In thousands)
Net income$280,560 $100,468 
Add:
Interest expense, net(a)
35,022 27,968 
Income tax expense75,219 35,358 
Depreciation and amortization102,142 86,532 
EBITDA492,943 250,326 
Add:
Foreign currency transaction losses(b)
11,536 2,514 
Transaction costs related to acquisitions(c)
717 — 
DOJ agreement and litigation settlements(d)
500 2,399 
Minus:
Insurance recoveries for Mayfield tornado losses(e)
3,815 — 
Deconsolidation of subsidiary(f)
— 1,131 
Net income attributable to noncontrolling interest122 260 
Adjusted EBITDA$501,759 $253,848 
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(a)Interest expense, net, consists of interest expense less interest income.
(b)The Company measures the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasure assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasure nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements, as well as, from our U.K. and Europe reportable segment are included in the line item Foreign currency transaction losses in the Condensed Consolidated Statements of Income.
(c)Transaction costs related to acquisitions includes those charges that are incurred in conjunction with business acquisitions.
(d)On October 13, 2020, Pilgrims announced that we entered into a plea agreement (the “Plea Agreement”) with the DOJ. As a result of the Plea Agreement, we recognized a fine of $110.5 million. On February 23, 2021, the Colorado Court approved the Plea Agreement and assessed a fine of $107.9 million. The difference between the original accrual and the payment is recorded in DOJ agreement and litigation settlements in the three months ended March 28, 2021.
(e)This represents initial insurance recoveries for the property damage losses incurred as a result of the tornado in Mayfield, KY in December 2021.
(f)This represents a gain recognized as a result of deconsolidation of a subsidiary.

9


The summary unaudited consolidated income statement data for the twelve months ended March 27, 2022 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 28, 2021 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 26, 2021 and (2) the applicable unaudited consolidated income statement data for the three months ended March 27, 2022.
PILGRIM'S PRIDE CORPORATION
Reconciliation of LTM Adjusted EBITDA
(Unaudited)
Three Months EndedLTM Ended
June 27,
2021
September 26,
2021
December 26,
2021
March 27,
2022
March 27,
2022
(In thousands)
Net income (loss)$(166,503)$60,835 $36,468 $280,560 $211,360 
Add:
Interest expense, net49,809 28,589 33,370 35,022 146,790 
Income tax expense (benefit)(9,812)30,385 5,191 75,219 100,983 
Depreciation and amortization95,728 92,076 106,488 102,142 396,434 
EBITDA(30,778)211,885 181,517 492,943 855,567 
Add:
Foreign currency transaction losses (gains)4,145 2,359 (18,400)11,536 (360)
Transaction costs related to acquisitions2,545 6,773 9,540 717 19,575 
DOJ agreement and litigation settlements395,886 126,000 131,940 500 654,326 
Restructuring activities— — 5,802 — 5,802 
Hometown Strong commitment— — 1,000 — 1,000 
Charge for fair value markup of acquired inventory— — 4,974 — 4,974 
Minus:
Insurance recoveries for Mayfield tornado losses— — — 3,815 3,815 
Net income (loss) attributable to noncontrolling interest184 110 (286)122 130 
Adjusted EBITDA$371,614 $346,907 $316,659 $501,759 $1,536,939 

10


EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe it is frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

PILGRIM'S PRIDE CORPORATION
Reconciliation of EBITDA Margin
(Unaudited)
Three Months EndedThree Months Ended
March 27, 2022March 28, 2021March 27, 2022March 28, 2021
(In thousands)
Net income$280,560 $100,468 6.62 %3.07 %
Add:
Interest expense, net35,022 27,968 0.83 %0.85 %
Income tax expense75,219 35,358 1.77 %1.08 %
Depreciation and amortization102,142 86,532 2.40 %2.64 %
EBITDA492,943 250,326 11.62 %7.64 %
Add:
Foreign currency transaction losses11,536 2,514 0.27 %0.07 %
Transaction costs related to business acquisitions717 — 0.02 %— %
DOJ agreement and litigation settlements500 2,399 0.01 %0.07 %
Minus:
Insurance recoveries for Mayfield tornado losses3,815 — 0.09 %— %
Deconsolidation of subsidiary— 1,131 — %0.03 %
Net income attributable to noncontrolling interest122 260 — %0.01 %
Adjusted EBITDA$501,759 $253,848 11.83 %7.74 %
Net sales$4,240,395 $3,273,425 $4,240,395 $3,273,425 

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Adjusted net income attributable to Pilgrim's Pride Corporation (“Pilgrim's”) is calculated by adding to Net income attributable to Pilgrim's certain items of expense and deducting from Net income attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of net income attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows:
PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Net Income
(Unaudited)
Three Months Ended
March 27, 2022March 28, 2021
(In thousands, except per share data)
Net income attributable to Pilgrim's$280,438 $100,208 
Add:
Foreign currency transaction losses11,536 2,514 
Transaction costs related to acquisitions717 — 
DOJ agreement and litigation settlements500 2,399 
Minus:
Insurance recoveries for Mayfield tornado losses3,815 — 
Deconsolidation of subsidiary— 1,131 
Adjusted net income attributable to Pilgrim's before tax impact of adjustments289,376 103,990 
Net tax impact of adjustments(a)
(2,226)(942)
Adjusted net income attributable to Pilgrim's$287,150 $103,048 
Weighted average diluted shares of common stock outstanding244,300 243,858 
Adjusted net income attributable to Pilgrim's per common diluted share$1.18 $0.42 
(a)    Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above.
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Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows:
PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP EPS to Adjusted EPS
(Unaudited)
Three Months Ended
March 27, 2022March 28, 2021
(In thousands, except per share data)
GAAP EPS$1.15 $0.41 
Add:
Foreign currency transaction losses0.06 0.01 
Transaction costs related to acquisitions— — 
DOJ agreement and litigation settlements— — 
Minus:
Insurance recoveries for Mayfield tornado losses0.02 — 
Adjusted EPS before tax impact of adjustments1.19 0.42 
Net tax impact of adjustments(a)
(0.01)— 
Adjusted EPS$1.18 $0.42 
Weighted average diluted shares of common stock outstanding244,300 243,858 
(a)    Net tax impact of adjustments represents the tax impact of all adjustments shown above.
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PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data
(Unaudited)
Three Months Ended
March 27, 2022March 28, 2021
(In thousands)
Sources of net sales by geographic region of origin:
U.S.$2,581,208 $1,999,559 
U.K. and Europe1,191,982 854,734 
Mexico467,205 419,132 
Total net sales$4,240,395 $3,273,425 
Sources of cost of sales by geographic region of origin:
U.S.$2,159,204 $1,866,700 
U.K. and Europe1,152,903 816,926 
Mexico386,322 328,570 
Elimination(14)(14)
Total cost of sales$3,698,415 $3,012,182 
Sources of gross profit by geographic region of origin:
U.S.$422,004 $132,859 
U.K. and Europe39,079 37,808 
Mexico80,883 90,562 
Elimination14 14 
Total gross profit$541,980 $261,243 
Sources of operating income (loss) by geographic region of origin:
U.S.$355,075 $68,125 
U.K. and Europe(21,640)10,495 
Mexico68,564 79,830 
Elimination14 14 
Total operating income$402,013 $158,464 


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