Applied Materials Appoints Jim Anderson to Board of Directors
SANTA CLARA, Calif., July 22, 2025 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced the appointment of Jim Anderson to serve on its board of directors. Mr. Anderson brings over 25 years of experience in the technology sector and semiconductor ecosystem. Mr. Anderson has also been appointed to the board's Strategy and Investment Committee.
'We are excited to welcome Jim to our board,' said Tom Iannotti, Chairman of the Board. 'Jim's extensive experience in innovation-driven technology businesses will be invaluable as we scale Applied Materials and address the tremendous opportunities ahead.'
Mr. Anderson has served as the Chief Executive Officer and a member of the Board of Directors of Coherent Corp., a global leader in photonics for the datacenter, communications and industrial markets, since June 2024. He previously served as a director and as President and Chief Executive Officer of Lattice Semiconductor Corporation since 2018. Prior to joining Lattice, Mr. Anderson was the Senior Vice President and General Manager of the Computing and Graphics Business Group at Advanced Micro Devices, Inc. Prior to that, he held a broad range of leadership positions spanning general management, engineering, sales, marketing and corporate strategy at companies including Intel, Broadcom (formerly Avago Technologies Limited) and LSI Corporation.
Mr. Anderson sits on the Americas Executive Board for the MIT Sloan School of Management and the US-Japan Business Council. Mr. Anderson earned an MBA and Master of Science degree in electrical engineering and computer science from the Massachusetts Institute of Technology, a Master of Science degree in electrical engineering from Purdue University, and a bachelor's degree in electrical engineering from the University of Minnesota.
About Applied MaterialsApplied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.
Contact:Nima Gupta (editorial/media) 408.250.9579Liz Morali (financial community) 408.986.7977
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/80d2c0f7-dab5-49c9-a524-5871b003b69a
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Contact: Andrew Rojeski Head of Strategy, Investor Relations, & Sustainability IRPPC@ PILGRIM'S PRIDE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 29, 2025 December 29, 2024 (In thousands) Cash and cash equivalents $ 849,036 $ 2,040,834 Restricted cash and restricted cash equivalents 9,283 2,324 Investment in available-for-sale securities — 10,220 Trade accounts and other receivables, less allowance for credit losses 1,131,334 1,004,334 Accounts receivable from related parties 9,761 2,608 Inventories 1,940,603 1,783,488 Income taxes receivable 67,894 72,414 Assets held for sale 3,342 3,062 Prepaid expenses and other current assets 245,958 200,879 Total current assets 4,257,211 5,120,163 Deferred tax assets 28,705 29,483 Other long-lived assets 81,544 62,019 Operating lease assets, net 243,049 255,713 Intangible assets, net 859,872 806,234 Goodwill 1,350,492 1,239,073 Property, plant and equipment, net 3,297,793 3,137,891 Total assets $ 10,118,666 $ 10,650,576 Accounts payable $ 1,486,008 $ 1,411,519 Accounts payable to related parties 53,967 15,257 Revenue contract liabilities 49,164 48,898 Dividends payable — — Accrued expenses and other current liabilities 969,874 1,015,504 Income taxes payable 59,501 60,097 Current maturities of long-term debt 865 858 Total current liabilities 2,619,379 2,552,133 Noncurrent operating lease liabilities, less current maturities 189,384 195,944 Long-term debt, less current maturities 3,114,302 3,206,113 Deferred tax liabilities 425,727 422,952 Other long-term liabilities 17,338 20,038 Total liabilities 6,366,130 6,397,180 Common stock 2,625 2,623 Treasury stock (544,687 ) (544,687 ) Additional paid-in capital 2,008,442 1,994,259 Retained earnings 2,313,567 3,157,511 Accumulated other comprehensive loss (42,200 ) (370,300 ) Total Pilgrim's Pride Corporation stockholders' equity 3,737,747 4,239,406 Noncontrolling interest 14,789 13,990 Total stockholders' equity 3,752,536 4,253,396 Total liabilities and 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amortization 2,491 2,573 Loss on property disposals 1,990 2,715 Loss (gain) on early extinguishment of debt recognized as a component of interest expense 1,419 (11,159 ) Accretion of discount related to Senior Notes 1,211 1,289 Asset impairment 846 13,412 Gain on equity-method investments (3 ) (3 ) Changes in operating assets and liabilities: Trade accounts and other receivables (74,961 ) 62,350 Inventories (105,692 ) 146,189 Prepaid expenses and other current assets (17,434 ) (43,532 ) Accounts payable, accrued expenses and other current liabilities (34,570 ) 14,290 Income taxes 8,048 88,631 Long-term pension and other postretirement obligations (1,469 ) 3,652 Other operating assets and liabilities (24,839 ) (19,273 ) Cash provided by operating activities 622,103 989,656 Cash flows from investing activities: Acquisitions of property, plant and equipment (259,283 ) (213,247 ) Proceeds from property disposals 2,912 4,551 Cash used in investing activities (256,371 ) (208,696 ) Cash flows 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Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. (c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation. (d) Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment. The summary unaudited consolidated income statement data for the twelve months ended June 29, 2025 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the six months ended June 30, 2024 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 29, 2024 and (2) the applicable unaudited consolidated income statement data for the six months ended June 29, 2025. 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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 Ended Six Months Ended Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30,2024 June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands) Net income $ 356,009 $ 326,523 $ 652,352 $ 501,461 7.48 % 7.16 % 7.08 % 5.62 % Add: Interest expense, net 31,451 15,338 48,236 46,235 0.66 % 0.34 % 0.52 % 0.52 % Income tax expense 119,573 100,650 213,672 152,712 2.51 % 2.21 % 2.32 % 1.71 % Depreciation and amortization 113,504 107,948 218,022 211,298 2.38 % 2.36 % 2.36 % 2.36 % EBITDA 620,537 550,459 1,132,282 911,706 13.03 % 12.07 % 12.28 % 10.21 % Add: Foreign currency transaction losses (gains) 4,892 (2,225 ) 2,839 (6,562 ) 0.10 % (0.04)% 0.03 % (0.07)% Litigation settlements 58,464 71,250 65,714 72,190 1.23 % 1.56 % 0.71 % 0.81 % Restructuring activities losses 3,499 36,675 20,111 51,234 0.07 % 0.80 % 0.22 % 0.57 % Minus: Net income attributable to noncontrolling interest 489 220 799 737 0.01 % — % 0.01 % 0.01 % Adjusted EBITDA $ 686,903 $ 655,939 $ 1,220,147 $ 1,027,831 14.42 % 14.39 % 13.23 % 11.51 % Net sales $ 4,757,365 $ 4,559,314 $ 9,220,374 $ 8,921,248 — — — — Adjusted EBITDA by segment figures are presented because they are used by management and we believe they are 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 Adjusted EBITDA (Unaudited) Three Months Ended Three Months Ended June 29, 2025 June 30, 2024 U.S. Europe Mexico Total U.S. Europe Mexico Total (In thousands) Net income $ 239,262 $ 54,880 $ 61,867 $ 356,009 $ 199,076 $ 41,511 $ 85,936 $ 326,523 Add: Interest expense, net(a) 35,651 (174 ) (4,026 ) 31,451 24,946 (2,556 ) (7,052 ) 15,338 Income tax expense 78,204 16,001 25,368 119,573 82,117 (14,212 ) 32,745 100,650 Depreciation and amortization 71,149 36,929 5,426 113,504 67,200 34,865 5,883 107,948 EBITDA 424,266 107,636 88,635 620,537 373,339 59,608 117,512 550,459 Add: Foreign currency transaction losses (gains)(b) 4 685 4,203 4,892 (1 ) (39 ) (2,185 ) (2,225 ) Litigation settlements(c) 58,464 — — 58,464 71,250 — — 71,250 Restructuring activities losses(d) — 3,499 — 3,499 — 36,675 — 36,675 Minus: Net income attributable to noncontrolling interest — — 489 489 — — 220 220 Adjusted EBITDA $ 482,734 $ 111,820 $ 92,349 $ 686,903 $ 444,588 $ 96,244 $ 115,107 $ 655,939 (a) Interest expense, net, consists of interest expense less interest income. (b) Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured 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 were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. (c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation. (d) Restructuring activities losses are related to costs incurred, such as severance, lease terminations, asset impairment and other charges, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment. PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted EBITDA (Unaudited) Six Months Ended Six Months Ended June 29, 2025 June 30, 2024 U.S. Europe Mexico Total U.S. Europe Mexico Total (In thousands) (In thousands) Net income $ 461,558 $ 97,030 $ 93,764 $ 652,352 $ 301,707 $ 66,023 $ 133,731 $ 501,461 Add: Interest expense, net(a) 61,218 (2,078 ) (10,904 ) 48,236 69,532 (4,539 ) (18,758 ) 46,235 Income tax expense (benefit) 149,216 25,923 38,533 213,672 114,177 (4,655 ) 43,190 152,712 Depreciation and amortization 137,535 70,066 10,421 218,022 129,885 69,893 11,520 211,298 EBITDA 809,527 190,941 131,814 1,132,282 615,301 126,722 169,683 911,706 Add: Foreign currency transaction losses (gains)(b) 3 313 2,523 2,839 1 (255 ) (6,308 ) (6,562 ) Litigation settlements(c) 65,714 — — 65,714 72,190 — — 72,190 Restructuring activities losses(d) — 20,111 — 20,111 — 51,234 — 51,234 Minus: Net income attributable to noncontrolling interest — — 799 799 — — 737 737 Adjusted EBITDA $ 875,244 $ 211,365 $ 133,538 $ 1,220,147 $ 687,492 $ 177,701 $ 162,638 $ 1,027,831 (a) Interest expense, net, consists of interest expense less interest income. (b) Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured 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 were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. (c) This represents expenses recognized in anticipation of probable settlements in ongoing litigation. (d) Restructuring activities losses are related to costs incurred, such as severance, asset impairment, contract termination, and others, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment. Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of Adjusted Operating Income 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 GAAP operating income to adjusted operating income as follows: PILGRIM'S PRIDE CORPORATION Reconciliation of Adjusted Operating Income (Unaudited) Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands) GAAP operating income, U.S. operations $ 354,987 $ 307,988 $ 673,793 $ 487,405 Litigation settlements 58,464 71,250 65,714 72,190 Adjusted operating income, U.S. operations $ 413,451 $ 379,238 $ 739,507 $ 559,595 Adjusted operating income margin, U.S. operations 14.7 % 14.2 % 13.3 % 10.7 % Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands) GAAP operating income, Europe operations $ 70,419 $ 23,993 $ 119,490 $ 55,109 Restructuring activities losses 3,499 36,675 20,111 51,234 Adjusted operating income, Europe operations $ 73,918 $ 60,668 $ 139,601 $ 106,343 Adjusted operating income margin, Europe operations 5.4 % 4.7 % 5.4 % 4.1 % Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands) GAAP operating income, Mexico operations $ 86,933 $ 108,809 $ 123,538 $ 148,550 No adjustments — — — — Adjusted operating income, Mexico operations $ 86,933 $ 108,809 $ 123,538 $ 148,550 Adjusted operating income margin, Mexico operations 15.4 % 18.3 % 11.7 % 13.4 % Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating Income Margin 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 GAAP operating income margin for each of our reportable segments to adjusted operating income margin for each of our reportable segments is as follows: PILGRIM'S PRIDE CORPORATION Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin (Unaudited) Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In percent) GAAP operating income margin, U.S. operations 12.6 % 11.6 % 12.1 % 9.3 % Litigation settlements 2.1 % 2.6 % 1.2 % 1.4 % Adjusted operating income margin, U.S. operations 14.7 % 14.2 % 13.3 % 10.7 % Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In percent) GAAP operating income margin, Europe operations 5.1 % 1.8 % 4.6 % 2.1 % Restructuring activities losses 0.3 % 2.9 % 0.8 % 2.0 % Adjusted operating income margin, Europe operations 5.4 % 4.7 % 5.4 % 4.1 % Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In percent) GAAP operating income margin, Mexico operations 15.4 % 18.3 % 11.7 % 13.4 % No adjustments — % — % — % — % Adjusted operating income margin, Mexico operations 15.4 % 18.3 % 11.7 % 13.4 % 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 (loss) 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 Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands, except per share data) Net income attributable to Pilgrim's $ 355,520 $ 326,303 $ 651,553 $ 500,724 Add: Foreign currency transaction losses (gains) 4,892 (2,225 ) 2,839 (6,562 ) Litigation settlements 58,464 71,250 65,714 72,190 Restructuring activities losses 3,499 36,675 20,111 51,234 Minus: Gain on early extinguishment of debt — 11,159 — 11,159 Adjusted net income attributable to Pilgrim's before tax impact of adjustments 422,375 420,844 740,217 606,427 Net tax impact of adjustments(a) (16,178 ) (22,879 ) (21,456 ) (25,580 ) Adjusted net income attributable to Pilgrim's $ 406,197 $ 397,965 $ 718,761 $ 580,847 Weighted average diluted shares of common stock outstanding 238,427 237,733 238,354 237,615 Adjusted net income attributable to Pilgrim's per common diluted share $ 1.70 $ 1.67 $ 3.02 $ 2.44 (a) Net tax expense (benefit) of adjustments represents the tax impact of all adjustments shown above. 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 Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands, except per share data) GAAP EPS $ 1.49 $ 1.37 $ 2.73 $ 2.11 Add: Foreign currency transaction losses (gains) 0.02 (0.01 ) 0.01 (0.03 ) Litigation settlements 0.25 0.30 0.28 0.30 Restructuring activities losses 0.01 0.15 0.08 0.23 Minus: Gain on early extinguishment of debt — 0.05 — 0.05 Adjusted EPS before tax impact of adjustments 1.77 1.76 3.10 2.56 Net tax impact of adjustments(a) (0.07 ) (0.09 ) (0.08 ) (0.12 ) Adjusted EPS $ 1.70 $ 1.67 $ 3.02 $ 2.44 Weighted average diluted shares of common stock outstanding 238,427 237,733 238,354 237,615 (a) Net tax impact of adjustments represents the tax impact of all adjustments shown above. PILGRIM'S PRIDE CORPORATION Supplementary Selected Segment and Geographic Data (Unaudited) Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands) Sources of net sales by geographic region of origin: U.S. $ 2,820,385 $ 2,663,965 $ 5,563,574 $ 5,243,297 Europe 1,371,270 1,301,541 2,602,799 2,569,444 Mexico 565,710 593,808 1,054,001 1,108,507 Total net sales $ 4,757,365 $ 4,559,314 $ 9,220,374 $ 8,921,248 Sources of cost of sales by geographic region of origin: U.S. $ 2,331,143 $ 2,211,626 $ 4,686,710 $ 4,553,666 Europe 1,247,137 1,187,671 2,362,362 2,363,409 Mexico 463,790 468,391 901,134 928,638 Total cost of sales $ 4,042,070 $ 3,867,688 $ 7,950,206 $ 7,845,713 Sources of gross profit by geographic region of origin: U.S. $ 489,242 $ 452,339 $ 876,864 $ 689,631 Europe 124,133 113,870 240,437 206,035 Mexico 101,920 125,417 152,867 179,869 Total gross profit $ 715,295 $ 691,626 $ 1,270,168 $ 1,075,535 Sources of operating income by geographic region of origin: U.S. $ 354,987 $ 307,988 $ 673,793 $ 487,405 Europe 70,419 23,993 119,490 55,109 Mexico 86,933 108,809 123,538 148,550 Total operating income $ 512,339 $ 440,790 $ 916,821 $ 691,064
