Pilgrim's Corp. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 24, 2012; Announces Appointment of David E. Bell as Board of Director
July 27, 2012 at 07:00 am EDT
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Pilgrim's Corp. announced consolidated earnings results for the second quarter and six months ended June 24, 2012. For the quarter, the company reported net sales of $1,974,469,000 against $1,922,690,000 for the same period a year ago. Operating income was $99,261,000 against operating loss of $98,706,000 for the same period a year ago. Income before income taxes was $66,795,000 against loss before income taxes of $124,462,000 for the same period a year ago. Net income was $69,153,000 against net loss of $127,932,000 for the same period a year ago. Net income attributable to company's Pride Corporation was $69,358,000 against net loss attributable to company's Pride Corporation of $128,141,000 for the same period a year ago. Earnings per basic and diluted share were $0.27 against loss per basic and diluted share of $0.57 for the same period a year ago. EBITDA was $125,109,000 against LBITDA of $47,341,000 for the same period a year ago. Adjusted EBITDA was $125,703,000 against adjusted LBITDA of $47,550,000 for the same period a year ago. Net debt was reduced to $1.18 billion in the period, reflecting a year-to-date reduction in net debt of $248.0 million. The generated operating cash flows of $51 million despite an increase in inventories, due to a slowdown on the internal market and the changing regulation China during June, and the increase in live cock due to the increase in feed ingredient cost. The company invested $21 million in CapEx projects this quarter, well within its target spending range.
For the six months, the company reported net sales of $3,863,242,000 against $3,815,166,000 for the same period a year ago. Operating income was $161,185,000 against operating loss of $205,482,000 for the same period a year ago. Income before income taxes was $107,046,000 against loss before income taxes of $254,229,000 for the same period a year ago. Net income was $108,751,000 against net loss of $247,827,000 for the same period a year ago. Net income attributable to company's Pride Corporation was $108,531,000 against net loss attributable to company's Pride Corporation of $248,901,000 for the same period a year ago. Earnings per basic and diluted share were $0.45 against loss per basic and diluted share of $1.11 for the same period a year ago. EBITDA was $226,629,000 against LBITDA of $101,702,000 for the same period a year ago. Adjusted EBITDA was $229,683,000 against adjusted LBITDA of $102,776,000 for the same period a year ago.
The company also simultaneously announced the appointment of Dr. David E. Bell of Boston, Massachusetts to its Board of Directors effective from July 25, 2012. He is currently the George M. Moffett Professor of Agriculture and Business at Harvard Business School.
Pilgrim's Pride Corporation is primarily engaged in the production, processing, marketing and distribution of fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The Company operates through three segments: United States (U.S.), United Kingdom (U.K.) and Europe, and Mexico. The Companyâs Fresh products consist of refrigerated (nonfrozen) whole or cut-up chicken, frozen whole chickens, breast fillets, primary pork cuts, added value pork and pork ribs. Its Prepared products include portion-controlled breast fillets, tenderloins and strips, delicatessen products, salads, formed nuggets and patties and bone-in chicken parts. Its Exported products primarily consist of whole chickens and chicken parts sold either refrigerated for distributors in the United States or frozen for distribution to export markets. Its Market overview consists of chain restaurants, food processors, broad-line distributors and certain other institutions.
Pilgrim's Corp. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 24, 2012; Announces Appointment of David E. Bell as Board of Director