Poultry processor Pilgrim's reported a surge in net income for both fiscal year 2013 and the fourth quarter of 2013. The financial results for the two periods ending December 29, 2013, were announced on February 20.
Pilgrim's net income for the fourth quarter of FY 2013 was recorded at $143.4 million, a 529 percent improvement from the $22.8 million earned during the fourth quarter of FY 2012. The company's net income for the year was reported near $550 million, a 315 percent improvement from the $174 million recorded during FY 2012.
Pilgrim's net sales reached $2.05 billion for the thirteen-week period, as compared to $2.2 billion for the fourteen week period in 2012. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $196.5 million increased 205 percent compared to the $64.4 million generated in 2012.
For the full 2013 fiscal year, Pilgrim's achieved $8.4 billion in net sales and $800.4 million of EBITDA, resulting in an EBITDA margin of 9.5 percent.
"Three years ago our company began executing a strategy to create shareholder value and improve capital structure by partnering with key customers, relentless pursuit of operational excellence and growing our value added exports. During this period, we grew our sales by 22 percent while increasing our profitability, clearly demonstrating that this strategy is working as evidenced by this year's strong free cash flow generation" stated Bill Lovette, Pilgrim's CEO.
"Our team fully understands that our company is going through a 'Revolution of Rising Expectations' and we continue to drive accountability deeper, setting targets to achieve the highest standards for every aspect of our business. We continually emphasize that being better than average is not good enough as we strive to be the best managed and most respected company in our industry."