Agribusiness  July 27, 2016

Pilgrim’s Pride posts $153M profit for second quarter

GREELEY — Pilgrim’s Pride Corp. on Wednesday reported a profit of $152.9 million for its second quarter that ended June 26, an increase from the $118.4 million recorded during the first quarter of the year.

The Greeley-based chicken producer (Nasdaq: PPC) generated $2.03 billion in sales for the quarter and earnings per share of 60 cents, both figures down compared with the second quarter of last year when the company posted $ 2.05 billion in sales and 93 cents per share.

“During Q2, our results further improved sequentially compared to the last two quarters,” Bill Lovette, Pilgrim’s chief executive said in a prepared statement. “Our operations in Mexico were a strong contributor to the Q2 results driven by an improved supply/demand environment, better operating performance, and increased synergies with the newly acquired assets.

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“We are continuing to close and have meaningfully narrowed the gap in performance between our legacy and the newly acquired Northern Mexico operations. To further diversify our Mexico operations and grow our value-added segment, we are initiating a strategy to leverage our premium Pilgrim’s name while continuing to pursue opportunities through the popular Del Dia brand.”

Pilgrim’s employs approximately 37,700 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.

 

GREELEY — Pilgrim’s Pride Corp. on Wednesday reported a profit of $152.9 million for its second quarter that ended June 26, an increase from the $118.4 million recorded during the first quarter of the year.

The Greeley-based chicken producer (Nasdaq: PPC) generated $2.03 billion in sales for the quarter and earnings per share of 60 cents, both figures down compared with the second quarter of last year when the company posted $ 2.05 billion in sales and 93 cents per share.

“During Q2, our results further improved sequentially compared to the last two quarters,” Bill Lovette, Pilgrim’s chief executive said in a…

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