Pilgrim’s Pride records strong first-quarter revenue, profits

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) reported a 10.8 percent increase in net sales during the first quarter compared with the same period a year ago.

The Greeley-based poultry-processing company posted revenue of $2.75 billion during the first quarter of 2018, compared with $2.5 billion a year ago. Net income increased 27.1 percent, to $119.4 million, up from $100.7 million during the first quarter of 2017.

“For Q1 our U.S. operations continued to deliver solid performance, especially within the small-bird and case-ready businesses,” Bill Lovette, Pilgrim’s Pride CEO, said in a prepared statement. “Our big bird deboning experienced a soft start as prices remained unseasonably  low through the first half of the quarter but prices recovered quickly and returned closer to normal seasonality. Despite some headwinds in feed, labor and logistics, the investments we made over the past few years, together with the recent acquisitions and our capture of operational improvements, helped us to generate consistent results and continued to contribute to the evolution of our portfolio …”

Pilgrim’s employs approximately 51,400 people and operates chicken-processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the United Kingdom and continental Europe.