morning, Andy. joining for today. us you, thank you everyone, Thank and Good
XXXX, reported For quarter of last the billion, same increase we the quarter year. $X.X net revenues a second X.X% of over
XXX% EBITDA million, adjusted $XXX QX up was XXXX. of Our versus
XX.X% was adjusted EBITDA last year. to Our margin compared X.X%
QSR in Bird given offerings operational deli. values activities as retail further invested to structure our conditions case-ready efficiencies change. strategies our while Big continually commodity and and our in that as business drive continued market business QX cutout upside, results Our and differentiated key increased and In throughout improved. reflect profitable Bird the grow promotional in our to capture in volatility, to and customer our To market we of strengthening Small advantage customers from end, market portfolio grew the partnerships creating and expanded growth key minimizing demand also risks. cycles U.S., innovation. competitive downside opportunities increase Margins through
our of forward. offerings to grew network, supply diversification to distribution customer mix across portfolio growth. given also branded service combination the market diversified the Europe, continues and optimized scale ability quarter, Prepared partnerships reinforcing results and efforts given food be the Foods Sales to grown our execution In strategies. portfolio branded received and double enhance manufacturing offerings continued consistent innovation. all fresh channels. retail further throughout move identified retail innovation well Throughout offerings of a of to and Mexico's and digits continue The exceptionally key market. and and across through in journey and team as key and further for prepared customers our our diversify ahead increased implemented our demand with through opportunities team and improved balance profitability of profitable the branded have
growth for efforts excellence profitable to Operational on capacity risks biosecurity and reduced all remain increase track.
both that forecast, for the crop will in inputs. the next market Increased throughout corn grow crop U.S. declined normal prices comfortable further very start with the Turning original confidence growing to to second the quarter to raised acreage feed Grain in and more and U.S. corn pressured U.S. favorable corn March weather the Brazil. levels. season finish a versus global and to stocks year
crop stocks a slightly 'XX, got the prices offset the lower in 'XX crop sharp production soybean the Similarly, year. smaller build site complex a for Likewise, a increase triggering in Argentine as Brazil, and in global the favorable that soybean coupled increase U.S. soybean will both U.S. season further to with growing million-acre in 'XX, X build also rate notable 'XX. confidence a planting, start
in have supply. prior both growth opportunities U.S. year. Argentina and Expanded In production Australia Canadian in increasing for are to wheat, consolidated increased and also acreage compared additional
combined are the levels. and than this adequate drifted have these gains supply, reflects with prices ample wheat offset Black stock corn production losses Europe together in Sea. more lower factors Taken have When and
stock favorable currently remain. still for increased levels, risks exist While conditions
to monitor uncertainty movements conflicts impact we global exchange such, rates. in As East weather regulations related and conditions, continue of to and the in Middle Europe
indicated the production supply, for increase to FDA U.S. for of the the quarter relative X.X% second chicken ready-to-cook As XXXX. to
industry the Production growth all reflects the head larger weights Since The by was last declines early and issues minor the average segments life over while mortality layer challenge in hedgeability year. domestic declines. supported reduction and increased has industry notably relative have the has but to years. in hatchability headwinds, reaching across availability. mortality in more clock hatchery shown most live to resulting head consistent record counts experienced side, in year-over-year flock ongoing supported pushed XXXX, count the being lower experienced layer levels, prior These the the the efficiencies egg efficient production offset egg hatch Nonetheless, plants. younger utilization and by
trends the full recent in in a patterns. normal the flock, USDA production layer chicken for on assuming year, Based lightweights, X.X% growth data excess season and suggest
protein ports anticipates overall growth as and of availability, for decline supply increased retention. to reduced increase the beef USDA expect a production offset beef side in herd in increasing pork additional pork, from chicken As and expected mild and production
protein the chicken domestic The remained robust. plate everyday their relied volume fresh challenging have needs on department, all improved maintained the growth fulfilling across environment. in The channel departments. demand quarter. firm Consumers demand retail throughout a of experienced center chicken In has
steadily volumes boneless level the and past lowest category, the end in In breast, XXXX its months both has pricing the of XX skinless white and in dark over reached rose declined costs. retail since June. Within meat
during ground this contrast, continued to In beef pricing increase has time.
value-added frozen frozen experienced which as Overall, breast the the to retail category. all-time quarter. This commodity. year-over-year the of over end quarterly higher by this boneless volumes frozen offset volumes category at breast, an the growth recently Consumers improvement. sales strong coincided than frozen volume continue result, with performance the decline the in favor more sales from saw the value-added boneless commodity also value-added material driven beef between a high As versus hit post spread ground
of unit as to In retail may prices foodservice to rising deli, sales both remained distribution growth value robust sacrificing foodservice meals noncommercial the the convenience. out distribution trade looking experienced the volume who growth as were commercial traditional for department dollar and wholesale spending offer the to subchannel can strong fresh channel, As without revenue be able rationalize to channels. The improved operators. in foodservice dollar passed commercial and large consumers and be through
growth, meat, current tenders wings types, poultry. continue with to positive even Main given and post the prices, volume competitiveness meat of including breast all
steadily industry consumers increase. activity QSR The to meals. more for continues business Within the category the are drove noncommercial majority as sub-channel, and seeking to of subchannel affordable continue suggesting build volume growth, the distribution
exported When exports, for decreased to grow volumes minimal disruptions. continues bone-in as digit fluid declined, strong, demand to As meat the almost have cuts. for with have both dark volumes and supply is double continue domestic boneless be and replace chain and demands
suppliers restrictions. no Based cold export China continues there storage outbreaks chicken the indicates has these still even new seasonality in factors by and movement been levels. on USDA To there commercial reduction has same XX.X% date, of in supply. enable its to no a broiler reported which lifting influenza Nonetheless, been the year from farms,
capture for dark identify we to will and export domestic meat and opportunities. health, continue forward, rates exchange bird Moving demand monitor to
chicken were programs. pricing augmented Inflationary from vary affordability, by In factors relative saw other its These customers the continued flexibility increasingly availability. elevated U.S. given and
activation our diversified positioned innovation. to case realize such, portfolio our was customers through value market with conditions. additional that and by from upsides to promotional enhanced were improvements closely well also efforts in sizes provides reduce invest and As activity prices bird team customers ready, worked to production In across key and overall supported cost opportunities ensure shopper to and efficiencies traffic in the our key These for consumers. store
resonate consumers, offerings creating additional higher also continue differentiated of demand. with portfolio to Our attribute
Given in growth in category these chicken experienced through averages. to deepened through Furthermore, and relationships quality key team operational The also dynamics, new manufacturing our continued well service. key fresh with excellence investments in above customers secure business the network. case-ready customers
improvements prior foundation reinforce As and to year sales future compared in profitability realized considerable case-ready such, growth. and net the for tenuously
increased combined mix, efficiencies retail drove value or the similar Bird, yields, labor our margin line through from Our Big cutout productivity, Small initiatives and business case-ready, to These cost our along optimization Bird's customers' efficiencies expansion. in values their reduced In Birds Small in Bird enhanced customers key key with Small costs. factors supported was deli, restaurants improved from grew continued operational trafficking business locations. QSRs commodity further excellence. and to demand through input performance further drive and amplified grain significant of
continues generated profitable additional recent with increased has to key improvements drive also capacity The efficiencies. expansion Athens production customers. in growth Our
extensive our diversification retail Prepared traction customer gain and branded of through offerings. from and recognition in value-added to Our offerings continue increased across distribution efforts foodservice
Pilgrim's initiatives products with the net as sales Furthermore, driver BARE distribution brand garnered compared a from increased prior especially innovation customers. over Just the year. of our line to key remains grew XX% under key new
We presence year. grew continue branded to XX% from through strengthen commercial as last our for by offerings value-added our digital
Europe, growth improve inflation. sentiment In consumer to as began surpassed wage
meet key us the delivered the as customers of alike growth and Our customers needs to enable diversified marketplace. portfolio our in consumers
branded faster and category Our Richmond over the Raiders average. than business rose grew as year X% last both from Fridge
proteins. improved to relative of to as consumers. by recognize also to its margins drive optimization world, continue Similar growth business meals chilled fresh profitable mix compared places Our convenience chicken emphasis through on other other the consumers and affordability
was Our pork consistent fresh a year. business over
multiple identified new accelerate cultivate to team managed markets opportunities new several further awards to growth team and export also secure key Nonetheless, from demand. identified the The customers. to the
and launched business products over also developed team Our to the retail. pipeline portfolio. XX drive our innovation robust a date, profitable To growth new has further in has diversify
ready-to-eat Europe has progress continues popcorn developed the as relationships [indiscernible] food service efforts build awarded and by further best business to both also offerings. was scale sauce plans with key food to are Bar-B-Q amplified with existing These current with team management new product as customers by QSRs. team The Our throughout today. and Hickory chicken in the
realize are excellence, operational Their the and recognized recently a excellence increasingly progress being continues integration as focused, Processor National the received also customer quality, on & really As service, from Egg Awards. U.K. organization. continued the throughout industry our of safety team they at the The in Year to efficient European Poultry benefits production more focus to for of well. extensive business
opportunities in Moving continue the excellence. our invest to forward, operational and diversify innovation drive with portfolio will customers through key team
these Given growth. further can profitable scale we efforts,
Turning to In customer execution key fundamentals of prior compared significantly strategies. costs commodity to supply to fresh, continue digits are Profitability year. continued and strengthen Mexico. net double in market, through sales favorable the partnerships and input up our improved demand our balanced as
increased to Similarly, Just and Favoritos year. since taste than BARE as well have play the brands sales all of net as ahead branded to the channels last a progress Our role X% to grown rate to key across continues traction grown prepared offerings market. by XX% market Branded year. Pilgrim's grown gain beginning offerings has portfolio have year. to have compared and continue through more Diversification UNIQUE continue last compared of significantly as overall the the the
potential ] to the to increase Merida Broiler through growth on to Mexican enhance On geographical [ new started of mill and and protein, remain the operational, in this we our track Mexico's farms region feed schedule. of diversification are our breeding of presence. a on invest opportunities farmers for progress fully Given relocation our hatchery, the to enhance construction market. efforts net security a continue explore in and fresh, as and broiler importer In service
either both continue In at locations. to evaluate full-cook expand prepared, presence in options and or part-fry we to our existing multiple new
In opportunities in U.S., South the additional Georgia. protein pet up We and identify continue ramped our strong, conversion new in successfully drive from Demand growth remain our strategies. opportunities emerge profitable the to of from the further Douglas growth throughout continue team to our to food customers category. facility growth key production
on progress Sanford potential, Given reduce diversify facility expanding market further will and production drive conversion efficiency. also operational our Based our these efforts, at our risks protein our we portfolio and we're location.
differentiate can creating stream. of cyclicality resilient a we products business, industry add earnings value the reduce result, more a and our to impact in As to our
to Galvanoni discuss like that, financial our results. to I'd our ask Matt With CFO,