Pilgrim’s Pride reports strong 2017 performance
Pilgrim’s Pride has ended the 2017 fiscal year with net sales of $10.77 billion, having enjoyed income margins of 11.8% in U.S., 10.6% in Mexico and 3.9% in Europe operations.
Adjusted earnings before interest, taxes, depreciation, and amortisation peaked at $1.39 billion, or a 12.9% margin and +54.3% versus last year, excluding Moy Park, while net sales in the fourth quarter reached $2.74 billion (+43.5% versus same quarter last year of $1.91 billion, excluding Moy Park).
Among the company’s highlights for 2017 was Moy Park’s acquisition, which Pilgrim’s Pride stated positions it as the “global leader in chicken and chicken-based prepared foods, and aligns with our strategic priorities while providing a strong platform for future growth”.
Bo Pilgrim statue at Pilgrim’s Pride distruibution center in Pittsburg, Texas.
In addition, the completion of $141 million capital investments, including the Sanford, North Carolina, organic tray-pack facility and prepared foods line, has further increased product portfolio differentiation and improved margin profile.
What’s more, the company has reported that the integration of poultry company GNP is “progressing well”, with operations and profitability “significantly improved with synergies captured ahead of plan”.
Bill Lovette, chief executive officer of Pilgrim’s Pride, commented: “We generated strong, well-balanced consolidated performance in 2017. Our U.S. and Mexico operations were solid despite logistical challenges in Q4 due to the after-effects from natural events in Puerto Rico, Mexico and the U.S., while our newly acquired UK and continental Europe operations were consistent.
“The performance once again demonstrated the strength and diversity of our portfolio of bird sizes, and is what fundamentally differentiates us from the competition, giving us the potential to reduce volatility and generate higher margins over time.”
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