US poultry group Pilgrim’s Pride has reported a near-40% jump in first-quarter profits as a broader product mix boosted sales.
The company, in which Brazilian meat giant JBS owns a majority stake, booked net income of US$54.6m for the three months to the end of March, up 39.2% on a year earlier. Net sales increased 7.8% to $2.04bn.
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CEO Bill Lovette said Pilgrim’s Pride had managed to improved profits despite a spike in feed costs through its wider product portfolio and better implementation of its strategy.
“Every quarter we see that our strategy and execution is working effectively. We delivered better results year over year despite $141 million of increased feed ingredient costs. By focusing on creating value with our key customers, we have diversified our product mix, honed our execution and are seeing our portfolio of business become a more profitable model,” Lovette said.
