Pilgrim’s Pride reports positive 1st quarter
May 11, 2018
Recent acquisitions and investments both in the U.S. and abroad are generating value and helping to boost Greeley, Colo.-based Pilgrim's Pride Corp. for the first quarter, according to a press release.
The company, a poultry division of Greeley-based JBS USA, reported net sales of $2.75 billion, operating income of $202 million and GAAP EPS of $0.48, or a 26 percent year over year increase for the first quarter of 2018.
Bill Lovette, CEO of Pilgrim's, cited the company's strong performance at its Mexican operations in the face of logistics and infrastructure dislocations caused by natural events. Pilgrim's and Del Dia premium foods, he said, are driving the evolution of the Mexican portfolio toward more differentiated, higher-value products and margin expansion.
In Europe, a focus on Key Customer strategy is showing positive results and the company is slightly ahead of its $50 million synergy target for the next two years, Lovette reported.
U.S. operations, he said, continued to deliver a solid performance, especially within the small-bird and case-ready businesses.