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Pilgrim's Pride CEO Reports Strong Quarterly Results

02 May 2014

US - Pilgrim's Pride has reported gross earnings (EBITDA) of $203.5 million and 10.1 per cent EBITDA margin for the first quarter of 2014 - an EBITDA improvement of 87 per cent from last year.

Pilgrim's Pride Corporation has reported first quarter 2014 earnings with Net Sales of $2.0 billion, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $203.5 million, and Net Income of $98.1 million, resulting in Earnings Per Share of $0.38 for the quarter.

These results compare to $2.0 billion in net sales, $116.9 million of EBITDA, and Net Income of $54.6 million, or Earnings Per Share of $0.21 for the same quarter in 2013.

Bill Lovette, Pilgrim's Chief Executive Officer, commented: "Consistent with the progress we've made for the past three years, we remain committed to operational improvement year after year.

"We continue to execute against our strategy that combines focusing on key customers, relentless pursuit of operational excellence and growing value added exports while rapidly adapting to changing market conditions.

"Our teams continue to raise the standard and drive accountability deeper into the organization, from cost control through the implementation of zero-based budgets to gains in efficiency and superior mix management, providing us with a competitive advantage in the market.

"The strong results, combined with effective management of our working capital, have enabled us to pay off the balance of our exit credit facility, reducing our cost of capital and freeing up cash flow to support investments directed at growing our business. We already started our growth project in Mexico, and with a strong balance sheet, we are prepared to deploy resources where we see a complement to our existing portfolio.

"The current environment for the chicken industry indicates robust prospects for 2014, and with the improvements we've implemented, Pilgrim's is well positioned to reap the benefits."

ThePoultrySite News Desk

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