Pilgrim's Pride Reports Operating Income of $378 Million with a Margin of 18.4% for the Second Quarter of 2015, for a 26% Improvement Compared to 2014
July 29, 2015
GREELEY, Colo., July 29, 2015 -- Pilgrim's Pride Corporation (NASDAQ:PPC) reports second quarter 2015 financial results with Net Sales of $2.05 billion for the thirteen week period, as compared to $2.19 billion for the same period in 2014. The 2015 Q2 net income of $241.5 million was an improvement of 27% compared to the $190.4 million reported in the same period in 2014. Adjusted Earnings Per Share was $0.94 in the second quarter of 2015 compared to $0.73 in the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $425.8 million, or a 20.7% margin, increased 26% compared to the $337.1 million generated in the prior year.
"We remain very committed to our goals of joint value creation with key customers, relentless pursuit of operational excellence and growing value added exports, and despite ongoing export challenges during Q2, our team has once again delivered solid results," stated Bill Lovette, Chief Executive Officer of Pilgrim's.
"The business continues to generate strong cash flows and our team remains relentless in finding additional opportunities to improve our operations and build competitive advantages. We are on target to achieve $200 million in operational improvements for the year. During Q2 we completed investment projects at two of our plants that negatively impacted quarterly production volumes, but should result in improved efficiencies and enhanced sales mix opportunities."
"The vision and diversification strategy that we have implemented over the past few years are creating an opportunity for us to keep our strong performance in different market conditions and with lower volatility than any specific segment. In addition, our growth in Mexican operations through acquisition and greenfields will complement our existing facilities in the region, and make us a stronger player by improving our geographical coverage and serve the future growing needs of that market."
About Pilgrim's Pride
Pilgrim's employs approximately 39,300 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.