August 7, 2017
Pilgrim's Pride Corporation reported second quarter 2017 financial results on Aug. 2, 2017.
Second Quarter Highlights
Net Sales of $2.25 billion.
Net Income of $233.6 million, GAAP EPS of $0.94.
Operating Income margins of 14.8% in U.S. and 22.1% in Mexico operations, respectively.
Adjusted EBITDA of $420.6 million (or an 18.7% margin).
Cash Flow from Operations of $254.7 million.
With our announced capital projects already completed, our quarterly performance reflected our well-balanced portfolio strategy, designed to capture the upside from strong markets while reducing overall volatility.
Integration of newly acquired assets in Mexico has been completed with margins at the same level as legacy business. GNP integration is on track and synergy capture is currently above expectations.
"Our Q2 results materially improved from last quarter as well as from a year ago driven by much stronger results at our U.S. operations while Mexico continued to perform very well," said Bill Lovette, Pilgrim's CEO. "This summer has brought strong demand for grilling season and we see continuation of chicken as a choice protein in domestic and international markets."
"We continue to search for solutions in delivering more differentiated customized products that are innovative to satisfy our key customers' needs," Lovette said." We currently have market leading positions in USDA-certified organic and NAE, two segments that resonate very well with new consumer trends for more natural products while adding more value to our portfolio. We also have the potential to expand into new segments with our broad channel approach using the Gold'n Plump brand as well as the new premium Just BARE chicken in the "better for you" category."
Source: Globe Newswire
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