Pilgrim’s Pride has booked a jump in annual net earnings, boosted by lower restructuring costs but also higher sales and improved margins.
In the 12 months to the end of December, the US chicken processor said net income rose to US$573.9m, up from $174m in 2012. Operating profit jumped to $658.8m in 2013, up from $250m in the prior year.
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Earnings were helped by lower cost of goods sold, which fell 1.6%. The group also felt a positive impact from lower restructuring charges – which dropped more than one-third.
Sales were also up, rising to $8.4bn from $8.1bn in 2012.
Chief executive Bill Lovette attributed the improved result to the group’s strategic plan, launched three years ago, to strengthen customer partnerships, improve operational performance and increase value added exports. Since the strategy was launched, sales have increased a total of 22%, Lovette said.
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