The Board of Directors for Pilgrim’s has approved a new $150 million share repurchase authorization for its common stock over the next 12 months, reinforcing the company's commitment to creating shareholder value and the strength of Pilgrim's balance sheet and operating cash flow.
The company announced on July 29 that it plans to implement its stock repurchase program through various means, which may include but are not limited to open market purchases, privately negotiated transactions, the use of derivative instruments and/or accelerated share repurchase programs. The extent to which the company repurchases its shares and the timing of such repurchases will vary and depend upon market conditions and other corporate considerations, as determined by the company's management team. Pilgrim’s reserves the right to limit or terminate the repurchase program at any time without notice.
Pilgrim’s announced the share buyback program on the same day it released its financial information for the second quarter of fiscal year 2015. Pilgrim's achieved a net income of $241.5 million during the second quarter, which was an improvement of 27 percent when compared to the same quarter of 2014.Pilgrim's employs approximately 39,300 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico.