Pittsburg, TX - Pilgrim's Pride Corporation reports significantly improved net income of $11.8 million, or $.43 per share, for the third fiscal quarter, an increase of 61.6% compared to $7.3 million, or $.26 per share, for the same quarter in 1997. The Company also announces net sales of $328.5 million for its third fiscal quarter ended June 27, 1998, a 2.0% decrease compared to $335.2 million for the same period last year. Results for the fiscal nine months ended June 27, 1998 have also significantly improved, where the Company reported a record net income of $29.7 million, or $1.08 per share, compared to net income of $22.3 million, or $.81 per share, for the same period last year. The Company also reports record net sales for the fiscal nine months ended June 27, 1998 of $990.8 million, a 5.8% increase from $936.4 million for the same period last year.
“This quarter's significantly improved earnings reflect improvements in the overall performance of both our domestic and Mexican operations, with overall selling prices for chicken this quarter being higher than last year's quarter”, according to Clifford E. Butler, Vice Chairman of the Board and Executive President. “Production volume was down by 4.9% this quarter compared to last year, caused primarily by lower egg production by breeder stock purchased from third-party suppliers. Measures have been taken by these suppliers and the Company to compensate for inefficiencies in future periods. US production was also affected by the unusually hot weather during the current quarter. Nine months year-to-date production volume is up by 5.9% compared to the same period last year. This year's corn and soybean meal situation looks favorable, according to USDA”.
Pilgrim's Pride Corporation is the fourth largest out of forty-five chicken companies in the United States and the second largest out of eight major chicken producers in Mexico. Pilgrim's Pride employs more than 12,700 persons and operates processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, Oklahoma and Mexico.
Products are sold under the “Pilgrim's Pride” label to food service, retail and industrial customers. The Company's primary domestic distribution is through retailers and restaurants in Central, Southwestern and Western United States and to the food service industry nationally.
Meat Industry Insights News Service
P.O. Box 553
Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
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