Pilgrim’s Pride doubles net income in Q1
In its financial results for the 13 weeks to 29 March 29 2015, the US chicken producer saw its net income reach $204.2m, up 108% compared to $98.1m in the same period in 2014.
Its Q1 net sales were $2.05bn, up from $2.02bn for the same period in 2014.
Adjusted earnings per share was $0.82, up from the $0.39 in the same period last year, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was $363.5m, up 77% from $205.5m in Q1 of 2014.
Bill Lovette, chief executive officer of Pilgrim’s, praised the "strong start in 2015" and was optimistic that any sector challenges were "temporary".
"While we saw some softness in export markets, we believe these issues are temporary and will be resolved over time," he added.
"Despite certain challenging market conditions for some cuts, overall cutout pricing has remained strong, as consumers demand more chicken since it continues to be the most competitive protein."