May 9, 2014

During the first quarter of this year, Pilgrim's Pride Corp. earnings were up 80% on improvements in gross margins, with net income of US$98.1 million, or US$0.38 per share for the quarter, compared to net income of US$54.6 million, or US$0.21 per share a year ago.

"Consistent with the progress we've made for the past three years, we remain committed to operational improvement year after year," said Bill Lovette, Pilgrim's chief executive officer.

Net sales for the quarter totalled US$2.0 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$203.5 million. EBITDA for the comparable year-ago quarter was US$116.9 million.

"The strong results, combined with effective management of our working capital, have enabled us to pay off the balance of our exit credit facility, reducing our cost of capital and freeing up cash flow to support investments directed at growing our business," he continued.

He added that the current environment for the chicken industry indicates robust prospects for 2014, and with the improvements they have implemented, Pilgrim's is well positioned to reap the benefits.