Pilgrim's Pride reports strong Q2 results
US poultry processor, Pilgrim's Pride Corporation has reported second quarter 2013 financial results with net sales of $2.2 billion, compared to $2.0 billion reported in the second quarter of 2012.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $264.6 million compared to the $125.1 million generated in the prior year. Net income of $190.7 million reflected an improvement of 175% compared to the $69.4 million reported in the same period in 2012.
"Our second quarter results continue to validate our strategy,” stated Bill Lovette, Pilgrim's chief executive officer. “Our focus on our key customers and ability to adapt to changing market conditions has helped us gain significant business in strategic channels to improve our sales mix, enabling us to take advantage of strong industry fundamentals. We continue to reap the benefits of operational excellence in areas of yield improvements and plant cost and efficiency gains, all of which contributed to our positive results, while our export and Mexico business continue to operate more favourably."
Last August, Pilgrim's Pride sold its commercial-egg operations to Cal-Maine Foods.
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