Priya Gupta's questions to Pilgrims Pride Corp (PPC) leadership • Q2 2025
Question
Priya Gupta followed up on capital allocation, asking about the rationale for open market bond repurchases given the low leverage. She also asked about the drivers of the revised interest expense guidance and the spending cadence for Mexico-related CapEx.
Answer
CFO Matthew Galvanoni described the bond repurchases as opportunistic, done when the price was right under a board authorization. He confirmed the higher interest expense guidance is due to lower expected interest income from a reduced cash balance after the dividend. He also broke down the cadence for the $650M in aggregate growth capital, with the bulk of spending for Mexico and Russellville occurring in 2025-2026.