Pilgrim's Pride Reports Operating Income of $328 Million With a Margin of 16.0% for the First Quarter of 2015, a Significant 95% Improvement Compared to 2014
April 29, 2015
GREELEY, Colo. -- Pilgrim's Pride Corporation (Nasdaq:PPC) reports first quarter 2015 financial results with Net Sales of $2.05 billion for the thirteen week period, as compared to $2.02 billion for the same period in 2014. The 2015 Q1 net income of $204.2 million was an improvement of 108% compared to the $98.1 million reported in the same period in 2014. Adjusted Earnings Per Share was $0.82 in the first quarter of 2015 compared to $0.39 in the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $363.5 million, a 17.7% margin, increased 77% compared to the $205.5 million generated in the prior year.
"We are pleased to report we are off to a strong start in 2015 in U.S. and Mexico despite some challenges in Q1. We continue to execute well against our goals of focusing on key customers, relentless pursuit of operational excellence and growing value added exports. Our strong results are a testament to the benefits of our portfolio model, which we believe provide superior results with lower volatility than our peers over time. Our portfolio strategy also enables us to take advantage of differing conditions in various markets," stated Bill Lovette, Chief Executive Officer of Pilgrim's.
"While we saw some softness in export markets, we believe these issues are temporary and will be resolved over time. Despite certain challenging market conditions for some cuts, overall cutout pricing has remained strong as consumer demands more chicken since it continues to be the most competitive protein."
"Our team members continue to be very motivated to set the highest standards and be more efficient in every aspect of our business. We are continuing our work on zero based budgeting and are on track to capture the identified operational improvements for 2015, which will strengthen our competitive advantage."
For more information, please visit ir.pilgrims.com.
About Pilgrim's Pride
Pilgrim's Pride Corporation employs approximately 35,000 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.