Pilgrim's Pride reports solid figures for 2012
US poultry producer, Pilgrim's Pride has concluded the fiscal year strongly with a turnaround coming from strengthened sales and decreased expenses.
For the full 2012 fiscal year, the Company achieved $8.1 billion in net sales and $393.9 million of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). Pilgrim's recognised $174.2 million in net income for the year, or $0.70 per weighted average share, making it one of the Company's best results in recent years. Net debt declined to $1.1 billion during the period, reflecting a year-to-date reduction of $327.8 million.
"The results achieved in 2012 point to a determined and disciplined execution of the strategy we implemented over a year and half ago. Through our team members' efforts, we have improved our competitive position significantly over the past two years and we believe we are well positioned for that to continue," stated Bill Lovette, Pilgrim's chief executive officer.
Lovette continued, "While increased chicken pricing have helped offset the volatile increase in feed costs, our changes in sales mix, yield improvements and driving costs out of our plants and SG&A have made a pivotal impact. We continue to focus on creating value for our key customers, relentless pursuit of operational excellence and growing our value added exports in order to maintain the trajectory of improvement in 2013 and beyond."
Pilgrim's employs approximately 38,000 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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