Pilgrim's Q2 net income slightly lower

by Meat&Poultry Staff
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GREELEY, Colo. – Second-quarter earnings for Pilgrim's Pride Corp. edged lower, while sales received a slight bump.

Pilgrim's, a unit of Sáo Paulo, Brazil-based JBS SA, reported net income of $190.4 million, or 73 cents per share, down slightly from 190.7 million, or 74 cents per share for the comparable year-ago quarter.

"Our efforts this quarter have been directed squarely towards the goals we defined in our strategy," stated Bill Lovette, CEO. "We outlined four distinct growth opportunities, and each undertaking we've pursued has been consistent with those opportunities. We have directed our capital spending towards leveraging our existing assets and growing our value added exports, sought out accretive acquisitions, and have expanded our presence in the Mexican chicken market. Between the improvements in our operations, the Veracruz project and our recently announced acquisition in Mexico, we believe we are delivering on our commitment to improve shareholder value."

Net sales were $2.19 billion compared to 2.18 billion for the second quarter of 2013. The company's margins improved 15.5 percent.

"The margin strength we've demonstrated has been generated by capturing improvements in cost and sales mix, all rooted in operational excellence," Lovette said. "This year we have found significant savings through our zero-based budgeting process, and even now are identifying even more areas where we can drive efficiencies. Our team members are driven to be the best in class and produce results that will result in long term, profitable growth."
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