Pilgrim's Pride reports Q1 net earnings of US$54.6M on net sales of US$2B, compared with year-ago earnings of US$39.2M on sales of US$1.9B; results achieved despite US$141M in increased feed ingredient costs
May 2, 2013
Pilgrim's Pride Corporation (PPC) reported first quarter 2013 earnings results with net sales of $2.0 billion, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $116.9 million and net income of $54.6 million, resulting in earnings per share of $0.21 for the quarter. This compares to $1.9 billion in sales, EBITDA of $101.5 and Net Income of $39.2 million, with earnings per share of $0.18 in the first quarter of 2012.
"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," stated Bill Lovette, Pilgrim's Chief Executive Officer.
"Our pursuit of operational excellence has resulted in an improved safety record, significantly better than the industry average. We are reducing our turnover and measuring quality at every level of the organization. Despite challenging environmental conditions, Mexico continues to outperform due to its effective business model and the versatility and value that chicken provides to consumers."
Mr. Lovette explained, "We made significant steps on our strategy to strengthen our company and our balance sheet. Even with as much improvement as we have demonstrated to date, we believe there is still opportunity to stretch towards our vision of being the best managed and most respected company in the industry."
Conference Call Information
A conference call to discuss Pilgrim's quarterly results will be held tomorrow, May 3 at 7:00 a.m. Mountain (9 a.m. Eastern). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To pre-register, go to: http://services.choruscall.com/links/ppc130503.html
You may also reach the pre-registration link by logging in through the investor section of our website at www.pilgrims.com and clicking on the link under "Upcoming Events."
For those who would like to join the call but have not pre-registered, access is available by dialing +1 (877) 270-2148 within the US or +1 (412) 902-6510 internationally and requesting the "Pilgrim's Pride Conference." Please note that to submit a question to management during the call, you must be logged in via telephone.
Replays of the conference call will be available on Pilgrim's website approximately two hours after the call concludes and can be accessed through the "Investor" section of www.pilgrims.com. The webcast will be available for replay through August 1, 2013.
About Pilgrim's Pride
Pilgrim's employs approximately 37,500 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors.
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