Pilgrim's Corporation has reported a $69.4 million net income for the second quarter of 2012, significantly improved from the company's net loss of $128.1 million in the same quarter of 2011, according to reports.
The company's net debt was reduced to $1.18 billion in the period, reflecting a year-to-date reduction in net debt of $248 million. "There will be challenges for the industry in the second half of 2012, primarily driven by volatility within the feed ingredient markets and tepid consumer spending," said Bill Lovette, CEO of Pilgrim's. "At Pilgrim's, we have our focus on what we can control, and we will continue to drive that strategy."
According to Lovette, the company has a goal of $200 million in improvements in 2012. "We have the right strategy and the right team in place to execute on it," he said. "Industry profits will continue to be influenced by chicken supply discipline, but volatility in feed ingredient costs will have an impact as well."