Pilgrims earnings rise

Pilgrim's earnings rise

US chicken group Pilgrim's Pride has booked an increase in earnings for the first nine months of the year, boosted by higher sales and margins.

The company said late yesterday (29 October) that sales in the period to 28 September increased to US$6.47bn, up from $6.36bn in the prior year period. Gains were driven by the "strength we've seen in the chicken markets," said CEO Bill Lovette.

Operating earnings surged 74%, climbing to $874.1m in the nine months. Net earnings jumped to $544.4m compared to $406.2m.

Lovette continued: "Our focus has been, and continues to be, the consistent execution of our strategy to be a valued partner to our key customers, relentless pursuit of operational excellence and value-added export growth. We are optimistic that we will continue to be one of the more profitable operators with our management philosophy conducive to continually operating at the top of our industry, even with varying levels of strength in chicken markets."

Shares in the protein group gained 1.8% in trade in New York yesterday and increased a further 4.55% in after hours trade following the results release.

Show the press release

Pilgrim's Pride Reports EBITDA of $435 Million and 19.2% EBITDA Margin for the Third Quarter

 

 

GREELEY, Colo., Oct. 29, 2014 (GLOBE NEWSWIRE) -- Pilgrim's Pride Corporation (Nasdaq:PPC) reports third quarter 2014 earnings with Net Sales of$2.3 billion, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $435.0 million, and Net Income of $256.0 million, resulting in diluted Earnings Per Share of $0.99 for the quarter. These results compare to Net Sales of $2.1 billion, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $222.5 million, and Net Income of $160.9 million, resulting in diluted Earnings Per Share of $0.62 for the third quarter of 2013.

"Our third quarter results reflect the discipline that Pilgrim's has demonstrated in managing the variables within our control as well as the strength we've seen in the chicken markets," stated Bill Lovette, Chief Executive Officer of Pilgrim's. "Our focus has been, and continues to be, the consistent execution of our strategy to be a valued partner to our key customers, relentless pursuit of operational excellence and value-added export growth. We are optimistic that we will continue to be one of the more profitable operators with our management philosophy conducive to continually operating at the top of our industry, even with varying levels of strength in chicken markets."

"We are pleased about the level of engagement from our team members as we move into 2015. Through our budgeting process for next year we have identified new targeted capital investments and additional operational improvement opportunities that will continue our trajectory towards our vision of being the best managed and most respected company in the industry."

Original source: Pilgrim's Pride