Pilgrim's 3Q earnings jump 59%

by Meat&Poultry Staff
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GREELEY, Colo. – Pilgrim's Pride Corp., a unit of JBS SA, reported third-quarter income $256 million, or 99 cents per share, compared to income of $160.9 million, or 62 cents for in the year-ago quarter.

"Our third-quarter results reflect the discipline that Pilgrim's has demonstrated in managing the variables within our control as well as the strength we've seen in the chicken markets," said Bill Lovette, CEO. "Our focus has been, and continues to be, the consistent execution of our strategy to be a valued partner to our key customers, relentless pursuit of operational excellence and value-added export growth. We are optimistic that we will continue to be one of the more profitable operators with our management philosophy conducive to continually operating at the top of our industry, even with varying levels of strength in chicken markets."

Net sales for the quarter totaled $2.3 billion compared to $2.1 billion a year ago.

Lovette told Meat&Poultry magazine in September that Pilgrim's remains interested in growing the business through acquisitions despite losing its bid for The Hillshire Brands Corp. He added that Pilgrim's demonstrated the company is a "ready, willing and disciplined buyer."

He also said capital expenditures will remain robust, a point he reiterated following the release of company's quarterly earnings statement.

"Through our budgeting process for next year we have identified new targeted capital investments and additional operational improvement opportunities that will continue our trajectory towards our vision of being the best managed and most respected company in the industry," Lovette said.
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