Pilgrim's Corp. has reported first quarter 2013 earnings results with net sales of $2 billion, EBITDA (earnings before interest, taxes, depreciation and amortization) of $116.9 million and a net income of $54.6 million, resulting in earnings per share of $0.21 for the quarter. This compares to $1.9 billion in sales, EBITDA of $101.5 and a net income of $39.2 million, with earnings per share of $0.18 in the first quarter of 2012, according to the company.
"Every quarter we see that our strategy and execution is working effectively," said Bill Lovette, Pilgrim's CEO. "We delivered better results year over year despite $141 million of increased feed ingredient costs. By focusing on creating value with our key customers, we have diversified our product mix, honed our execution and are seeing our portfolio of business become a more profitable model.
"Our pursuit of operational excellence has resulted in an improved safety record, significantly better than the industry average," said Lovette. "We are reducing our turnover and measuring quality at every level of the organization. Despite challenging environmental conditions, Mexico continues to outperform due to its effective business model and the versatility and value that chicken provides to consumers."
According to Lovette, Pilgrim's has made significant steps on its strategy to strengthen its balance sheet. "Even with as much improvement as we have demonstrated to date, we believe there is still opportunity to stretch towards our vision of being the best-managed and most-respected company in the industry," he said.