and for us joining everyone you today. thank morning Good Andy. you, Thank
of to an $X.X For the a with second million, XXXX, quarter margin. billion of revenues EBITDA net X.X% of reported adjusted we $XXX translating
all some elevated business market relative to overall their production our focus regions, operational across demonstrated margins as diversification, and costs. effectiveness we customer key strategies quarters challenging of grew fundamentals despite continuing portfolio and of Our in prior excellence
to diversification across depressed and sizes Big mitigate prepared In commodity continue offerings small bird, the Bird case-ready values segment. cutout branded the products and in US in our bird
a retailers providers. leading focus and significant promotional of customer key food service created Our pipeline activities across
excellence operational to our network focus UK trajectory. our manufacturing activities the Europe, and and As and optimization back-office continued on growth for continue our support of support
and grew to our continue the efforts offerings of several category gain branded diversification than Our momentum average. faster
In diversification of Mexico, past investments our our several our footprint the given months. improved, live over in operations
Our offerings supply of recent the favorable demand efforts exchange fundamentals were our increasing These launches. traction marketplace by success gain given further continue and rates. branded to balanced and
Starting the with the into increase quarter in XXXX, an the to the shift supporting U.S. experienced of by segments the heavier headcounts, and US. weight. year-over-year of to second X.X% supported In smaller relative production live bird XXXX. of consistent the average ready-to-cook industry second quarter growth continues away weight from chicken ranges, was increased production growth Production of a
reduction progress chickens fewer as the Considering supply hatchability, year-over-year more more mostly over industry strained into due trends in months, to recent has QX a the incoming a we suggesting XXXX, in scenario consistently the two prior the placed quarters.
The QX. indicates USDA for QX the balance and smaller production in in increases with XXXX, in flat XXXX growth supply outlook of
for a the for the USDA for expectation availability As beef production supply XXXX, smaller the with of domestic smaller remainder the of overall maintains protein, calendar of significant production of year.
pork available impacting lower availability, interest higher advantaged and given income US chicken the with be combined availability, beef its consumer facing levers, inflation significantly and flexibility. relatively historical recent rates food With may above lingering affordability,
activities, increased particular, only was increase muted departments. in supported In the volumes the second department first and by half meat. marginally dark growth front across During for cuts, showed all promotional retail experienced the back of half across both better channel especially domestic volume XXXX, quarter new
activity more to remain and on competing drive is beginning We of supplies the volume this sales promotional positive potential protein as tightening consistently. category increased now
demand more for frozen pattern from segment trips retail category, the value-added contraction of products, of incremental products. as sustained prepared shift commodity see chicken dollar added departments sales Elsewhere through a value-added dairy growth consumer We consumers store and frozen frozen in less the of and stock. dairy pointing some and the to pantry
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However, sales indicated translation buying, year-over-year the increased increase. stimulation translated decline as X% to of an in dollar demand volume a operations sales has to by number
demand and food and seeing growth wings for the volume are characterized sign service volume we While a supply primarily was first the year-over-year channel, growth, now positive the quarter by in tenders recently balance. from in meat, breast
to food non-commercial dollar the sales and from adding higher increased volumes through full work the in recovery towards category. value-added The channels continue distribution COVID-XX pandemic, prices
the than an products, channel, important the smaller chicken. value-added In outlet are remains encouraged noncommercial of for food commercial by recovery relatively While we and the the continued particular, subchannel.
more a supply breast, boneless of have the price demand improving recently, balance June this steadily Pricing late on since low recent counter movement signs for time even movements of and shown improving year. wings positive and of seasonal with
US grew value. Throughout driving broiler and combined healthy grown exports a a QX, US broiler meat at X.X%, all of which in have growth volume in Mexico, year-to-date. the continue China, where grow second rate April attractive quarter and the to exports Taiwan, and May
declined down sales storage meat May are to in As inventories see channel, end in the than we expected growth cold this year-over-year continue of of XX% see and from more combined March. seasonally -- dark US positive
nearly XX% As five-year average. inventories the below remain a result,
quarter slowed to which inventory enabled XX% positions two have through that was only trade restrictions occurred in to path turkeys and many trended High the sales expire. above states but Current pricing, relatively for certain April, seasonally, the outbreaks allowed influenza five-year average. the nearly of paid related network as steady industry commercial avian also
easing than we Other China, to during QX. restrictions further see expect of export
US, customer countries, Given XX grow. our continues our increased and we our geographic in to destinations trading and diversification overall channel base to
United but remain stabilize vigilant will States. pricing, to the We to optimistic forward sales are path high very continue of that domestic and any US occurrence exports AI in balance further
production current stocks quarter ending placed ingredients. soybean stocks have for both recent of estimates. ending corn and corn increased Brazil exports year Moving to Large from increased crop last X.X% and US estimate local estimates. USDA feed of
current million and Soybean bushels XX stocks recent report. estimates most [Indiscernible] for the in the as year increased well, new up
for crop Taken some together, relief balance sheet. historical these factors tight the suggest
ahead to raised yesterday recently year, Looking than next X.X to corn acreage previous acres, more planted acres million million year. XX.X the
rainfall pricing the and some quarter. areas major a in Although volatility determining experienced corn prior across more June, production future reduced prices to pattern weather crop key the given throughout to unfavorable quarter, throughout second change active corn a yield May stages
to in fair conditions. XX% and lab XX% in were excellent states core unchanged report Nonetheless, conditions good the with crop progress in
acreage While Brazil increased for year. weather remains, issues corn competitive the from the upcoming risk price potential in should mitigate
patterns, to shift give Even though crop the has somewhat also to the corn benefited from was a impact overall current soybean transition to you the weather acreage. more
be critical policy weather mill to soybean be continued the domestic to crush should demand US From this biofuel August Nonetheless, point yields. supported is supportive expand. industry for on, soybean well as will soybean oil and
volatility second generally quarter, price sheets well are the during some with supplied. balance Despite
from in Although USDA was X.X by July offset of was upcoming in tons the increase report an literally indicated current the cycle. the stocks a million it year drop metric
be for to related stocks. conflict given prices production years, consequent feed Ukraine/Russia better increasing and to has Recent than availability volatility continues the ingredients and prior global increasing globally. But events increased ending
in this US incurred significant ingredients volatility, cost of and increases including experienced inputs, time, our utilities, labor, packaging. of months, a XX our Throughout business and chain supply dramatic the during elevated grain production past period
extreme volatility also meat experienced segment We commodity in the prices.
upside focus combined and our on operational diversification prepared mitigate and key the customer in help protecting across both partnerships capture helping while items, our the Nonetheless, the with sizes, those market, challenges, branded to offerings excellence downside. us
period, in efficiency. our Big excellence this team maintained focus an operational Throughout on drove Bird and improvements production extraordinary
demand customers decline experienced somewhat growth, volume increased industrial several muted During as a pricing or retail was QX, limited levels. given overall
to We is achieve but the in improvements margin are improvement encouraged by the further commodity pricing, sustainable levels. recent needed
key on enhancement as several focus continue team growth. for of promotional and mix a the Case-ready cultivated to variety the next efforts customers creating opportunities with over months, partnership
strong relatively similar the success key channel given key also among Bird throughout service in the customers. steady food team realized customer quarter, in value QSRs. Small remained The with leading exceptional partnerships performance from
drive operational Our customers, relative business mix. of distribution prepared year increase to to enhancement profitable continued and key growth prior improvements foods to
in durable Just as BARE by Pilgrim's business innovation. product momentum branded grew over increasing fully collectively with year-over-year, is one-third cooked growth, driven XX% becoming and Our this of
to our E-commerce marketing programs our as has for important, Just realized has prepared compared year. been as Equally double. in prior remarkably effective significant than growth BARE awareness volume success more it drove similar brand
capabilities, drive biotics partnership both key with will to continue distinct ever work prepared our provide offerings through fresh organic of for strategy in including to and we'll and categories. to the continue optimization, differentiated portfolio customers and products operational We
excellence and operational We to will growth. continue in invest also profitable
a Our in automation expected progressing and the end construction our Georgia South by products year. still protein of expansion plant is on are and planned, conversion as Athens are the course and startup of
Turning Europe, track. margin to on remain UK improvement and efforts our
costs Although menu. inflation or branded has remain on Nonetheless, for demand through customer-specific even as challenging. were cost be increases to resilient and continue our offerings shelf moderated, passed
in have XX and both the efforts in of herd, supply Europe pork, In with UK over the large and months. demand past operations fundamentals improved rationalization the
As midterm market ability continue our farmers, be growth ensure and to will vertical conditions aspirations. sufficient pig evolve, integration supply with in our to beneficial
continue both items additional have has a play to new key next instrumental, for critical launch as as are strategy months. Our will we customer the existing new we once significant proven slated over XXX Innovation and over again well been to six products. awarded role distribution
promotional users to which summer have bring cultivated and strong We to expected a beyond, and pipeline mix our enhance the new also categories. throughout is
efforts our snacking all hot than Our offering the and continue faster frozen diversification average. category gain offerings throughout meals, traction, dogs grow to prepared
of Fridge the food became XXX Raiders our chosen officially addition, among In manufacturers. brands one most brand top
success shares and categories. past excellence frozen We'll Richmond both operational similar protein in alternative to manufacturing. fresh meat-free the seeing We're year increased space, over drive as in continue in the
vigilant significant we our overall remain made Although staffing progress in levels, regarding we impact the on inflation. have
continue we availability. ensure teams accordingly our to labor invest And to sufficient in
network UK progress cost We efforts optimization have realize made in the in to and production strong our efficiencies.
reemerge business growth retail. fresh in overall channels, the Mexico, for As multiple as especially our through improved
business our with too close branded to Similarly, offerings prepared and channel. success by driven grew QSR double-digits, the
Our momentum rates. by fundamentals market was exchange favorability amplified further and increasing
provided Additionally, board protection biosecurity in the our investment and operations and footprint, additional challenges. diminished related for our significantly potential issues previous procedures to mortality in redesign live management of housing, ongoing enhancements
Our consumers At be by the launch recent in category diversification from innovation through growth are to results historical taste are fresh. unique and very Favorites continues as exceeding our exceptionally both well of early retailers received far efforts our branded alike. and promising
to and lineup ever antibiotic United a in that our of has BARE Just will no We significant growth as Mexico the branded team offering accelerate also realized fresh will success launch look our States. in
providing portfolio, installation situations in lower-priced its Given these pork or chickens from differentiate additional our business efforts, market Mexico or can further imports. the live market
Our and our on focus Peninsula course. as excellence our live the remain growth to operational remains domestic steady operations and investments on geographic ensure Yucatán in diversification
of independent third global our journey part entire recently sustainability, As greenhouse with supply an conjunction chain an leadership our inventory in the emissions throughout of and completed we party.
a implemented intensity, energy also systems have network. to our our across in improvements production evaluate programs We resulting and series usage notable of monitoring
the Our our adjust beyond production all facilities areas continue released progress. self-sufficient our poultry accelerate first accordingly monitor we'll developments In pilot to UK, our of its and sustainability efforts recently farm commercial our to flock, energy in also these continue.
ask that, to Galvanoni, financial With like I results. CFO, to discuss Matt our our would
