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Pilgrim's Pride Reports Lower Quarterly Income
USAgNet - 05/02/2016

Pilgrim's Pride Corporation reports first quarter 2016 financial results. The comany says net sales of $1.96 billion and net income for the first three months of the year were at $118.4 million, down from $204.2 million in first quarter 2015.

"While market conditions contributed to the improvement, our well-balanced portfolio played a key factor in delivering the improved Q1 performance since we were able to leverage the strength in specific market segments while minimizing the impact of the others," stated Bill Lovette, Chief Executive Officer of Pilgrim's. "Leveraging our leadership in the ABF market and our partnership with Key customers, we are excited to announce that we have begun work on converting one of our facilities to produce USDA-certified organic chicken."

In Mexico, Lovette says the industry will continue to see improvements in market conditions year to date.

"We will continue to seek new opportunities to position us to be a much stronger player in all geographies, meet future demand growth in the region, and give us the best portfolio to serve the Mexican consumers," he noted. "Within Prepared Foods, our vision of sustainable growth remains intact."


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