USA, Greeley, Colo. Pilgrim’s Pride Corporation reported the second quarter 2019 financial results.
The highlights in this quarter were:
• Net Sales of $2.84 bn.
• Net Income of $170.1 mill.
• Operating Income margins of 9.8% in USA, 17.5% in Mexico and 4.5% in Europe operations, respectively.
• Adjusted EBITDA of $349.3 million (or a 12.3% margin), and Adjusted EPS of $0.69.
The US portfolio continues to deliver strong results in the company’s differentiated segments, while more market features and promotional activity of chicken supported better demand in the commodity segment. The company continues to evolve the well-balanced portfolio to further differentiate the products and brands, strengthen Key Customer relationships, and improve margin consistency.
A strong market recovery in Mexico as growing conditions of chicken reverted back to normal and less competing proteins, driving chicken demand and prices higher. Diversification into premium Pilgrim’s brand is gaining momentum and producing strong results while significant growth in Prepared Foods remains.
The European operations mitigating the impact of recent input cost challenges. Along with continuous operational improvements, the implementation of the company’s Key Customer strategy has enhanced the ability to reflect input cost changes through adjustments within our pricing models.
Pilgrim’s employs approximately 52,600 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors.