Strong Start to 2015 Reported by Pilgrim's Pride

US - Poultry meat processor, Pilgrim's Pride, has reported operating income of $328 million with a margin of 16 per cent for the first quarter of 2015, a significant improvement compared to 2014.
calendar icon 1 May 2015
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Pilgrim's Pride Corporation has reported first quarter (Q1) 2015 financial results with net sales of $2.05 billion for the 13-week period, as compared to $2.02 billion for the same period in 2014. The 2015 first-quarter net income of $204.2 million was an improvement of 108 per cent compared to the $98.1 million reported in the same period in 2014.

Adjusted Earnings Per Share was $0.82 in the first quarter of 2015 compared to $0.39 in the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $363.5 million, a 17.7 per cent margin, increased 77 per cent compared to the $205.5 million generated in the prior year.

Bill Lovette, Chief Executive Officer of Pilgrim's, commented: "We are pleased to report we are off to a strong start in 2015 in US and Mexico despite some challenges in Q1. We continue to execute well against our goals of focusing on key customers, relentless pursuit of operational excellence and growing value added exports.

"Our strong results are a testament to the benefits of our portfolio model, which we believe provide superior results with lower volatility than our peers over time. Our portfolio strategy also enables us to take advantage of differing conditions in various markets.

"While we saw some softness in export markets, we believe these issues are temporary and will be resolved over time. Despite certain challenging market conditions for some cuts, overall cutout pricing has remained strong as consumer demands more chicken since it continues to be the most competitive protein."

"Our team members continue to be very motivated to set the highest standards and be more efficient in every aspect of our business. We are continuing our work on zero based budgeting and are on track to capture the identified operational improvements for 2015, which will strengthen our competitive advantage," Mr Lovette said.

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