Pilgrim’s saw its net income drop 28 percent during the third quarter of fiscal year 2016. Its drop in net sales, however, was less dramatic, as its sales declined by 3.8 percent.
Reporting its quarterly financial results on October 26, the second largest broiler company in the United States recorded a net income of $98.5 million for the thirteen-week period that ended on September 25. The company recorded net sales of $2.03 billion for the quarter.
For the first nine months of the fiscal year, Pilgrim’s, which has operations in both the United States and Mexico, saw its net income drop from $582.9 million to $369.6 million. The company’s net sales dropped from $6.2 billion to just over $6 billion during that same nine-month period.
Pilgrim’s CEO Bill Lovette, in a press release, stated that during the third quarter, the company’s Fresh business “continued to perform well” driven by a differentiated portfolio strategy and strong relationships with key consumers.
“Retail demand for our birds remained robust despite concerns about greater availability of other competing proteins,” added Lovette. “Within exports, volumes are also improving from a year ago, which improves value for the back half of the bird, and supportive of the overall cutout.”