Pilgrim’s Pride posts first-quarter profit of $94 million

GREELEY – Pilgrim’s Pride Corp. (Nasdaq: PPC) on Wednesday reported a profit of $93.9 million for its first quarter that ended March 31.

The Greeley-based company chicken-processor recorded revenue of $2.02 billion, a 2.9 percent increase compared with the same quarter a year ago. Pilgrim’s Pride posted earnings per share of 38 cents.

“In-line with expectations, our Q1 results improved sequentially from Q4 driven by stronger results at our U.S. operations while Mexico continued to deliver solid performance,” Bill Lovette, Pilgrim’s chief executive, said in a prepared statement.

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Lovette said the integration of Minnesota-based GNP Co., which Pilgrim’s recently acquired for $350 million, is proceeding well.

“We have a sustainable competitive advantage in the upper Midwest and the potential to expand into new markets with the Gold ’n Plump brand. Pilgrim’s also is using the Gold’n Plump brand with a new line of sausages, adding to the company’s product mix.

Pilgrim’s employs approximately 41,900 people and operates chicken-processing plants and prepared-foods facilities in 14 states, Puerto Rico and Mexico.  The company’s primary distribution is through retailers and foodservice distributors.

Pilgrim’s Pride’s stock closed trading Wednesday at $25.30 per share. Its 52-week range has been from $17.15 to $27.45 per share.