Pilgrim's achieved a net income of $204.2 million during the first quarter of fiscal year 2015, more than doubling its net income of $98.1 million during the same period of 2014.
The second largest poultry company in the United States also reported net sales of $2.05 billion during the quarter, up from the $2.02 billion recorded during the first quarter of fiscal year 2014.
"We are pleased to report we are off to a strong start in 2015 in U.S. and Mexico despite some challenges in Q1. We continue to execute well against our goals of focusing on key customers, relentless pursuit of operational excellence and growing value added exports. Our strong results are a testament to the benefits of our portfolio model, which we believe provide superior results with lower volatility than our peers over time. Our portfolio strategy also enables us to take advantage of differing conditions in various markets," stated Bill Lovette, CEO of Pilgrim's.
"While we saw some softness in export markets, we believe these issues are temporary and will be resolved over time. Despite certain challenging market conditions for some cuts, overall cutout pricing has remained strong as consumer demands more chicken since it continues to be the most competitive protein."