Pilgrim’s Pride reports decreased income in Q1

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) has reported first-quarter 2019 income of $84 million, down from $119 million in Q1 2018.

The Greeley-based chicken producer had net sales of $2.72 billion, down slightly from the $2.74 billion in the same quarter of the year prior.

“After a very challenging market in 2018, we experienced a much better environment within our U.S. operations during Q1 particularly in commodity large bird deboning, with demand from retailers and QSR operators rebounding as they recognized the value of chicken,” Jayson Penn, CEO, said in a statement accompanying the financial report.

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“Feature activities normalized to seasonal levels throughout the quarter and the momentum has been sustained into early Q2. Commodity boneless prices have already surpassed levels from a year ago and are close to the five-year average, while wing prices are near historical highs. We have been heavily investing in further differentiating our portfolio to increase our capacities and capabilities to meet customer expectations,” he said.

Pilgrim’s employs approximately 52,100 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K., Ireland and continental Europe. The company’s primary distribution is through retailers and foodservice distributors.