US - Pilgrim's Pride, the US poultry arm of the Brazilian meat processing giant JBS has reported net sales for the second quarter 2014 of $2.19 billion.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $338.6 million, and net income was $190.4 million, resulting in earnings per share of $0.73 for the quarter.
These results compare to $2.18 billion net sales, $264.6 million of EBITDA and net income of $190.7 million, or Earnings per Share of $0.74 for the second quarter of 2013.
"Our efforts this quarter have been directed squarely towards the goals we defined in our strategy," said Bill Lovette, Chief Executive Officer of Pilgrim's (pictured).
"We outlined four distinct growth opportunities, and each undertaking we've pursued has been consistent with those opportunities.
“We have directed our capital spending towards leveraging our existing assets and growing our value added exports, sought out accretive acquisitions, and have expanded our presence in the Mexican chicken market.
“Between the improvements in our operations, the Veracruz project and our recently announced acquisition in Mexico, we believe we are delivering on our commitment to improve shareholder value.
"The margin strength we've demonstrated has been generated by capturing improvements in cost and sales mix, all rooted in operational excellence.
“This year we have found significant savings through our zero based budgeting process, and even now are identifying even more areas where we can drive efficiencies. Our team members are driven to be the best in class and produce results that will result in long term, profitable growth."
TheMeatSite News Desk