PILGRIM'S Pride Corp. has reported first-quarter 2014 financial results, with net sales of $2.0 billion, earnings before interest, taxes, depreciation and amortization (EBITDA) of $203.5 million and net income of $98.1 million, resulting in earnings of 38 cents per share.
These results compare to net sales of $2.0 billion, EBITDA of $116.9 million and net income of $54.6 million, or 21 cents per share, for the same quarter in 2013.
"The current environment for the chicken industry indicates robust prospects for 2014, and with the improvements we've implemented, Pilgrim's is well positioned to reap the benefits," Pilgrim's chief executive officer Bill Lovette said.
Overall, net sales were 0.9% lower than a year ago due to lower prices, which were partially offset by an increase in volume.
Revenue was driven largely by sales of breast meat and leg quarters, followed closely by wings and tenders (Figure).
In the U.S., the cost of sales did benefit from lower feed ingredient prices. Additionally, increased volumes, foreign currency translation and lower feed costs drove a decrease in the cost of sales in Mexico as well.