USA, Greeley, Colorado. First Quarter highlights of Pilgrim Pride’s report are net sales of $2.02 bn., a net income of $93.9 milli., GAAP EPS of $0.38, and an operating income margins of 7.7% in U.S. and 6.6% in Mexico operations, respectively.
"In-line with expectations, our Q1 results improved sequentially from Q4 driven by stronger results at our U.S. operations while Mexico continued to deliver solid performance despite less favorable FX impact on cost. Highlighting the diversity of the portfolio of bird sizes, small bird and tray-pack have remained strong during the period, while large bird deboning has rebounded from a weaker than expected January and continued to improve with stronger exports and increasing domestic demand. With summer grilling season nearing and a supportive export environment, we expect profits for our large birds to further increase, given the improved cutout. Our exposure to multiple bird sizes through our well-balanced portfolio will provide an opportunity for us to capture the improvement in performance across all bird segments," stated Bill Lovette, Chief Executive Officer of Pilgrim's.