Strong performance for Pilgrim`s Pride in 2017
Pilgrim reported also an EBITDA of $1.39 billion (or a 12.9% margin and +54.3% versus last year, excluding Moy Park).
The company acquired Moy Park in September, an acquisition that makes Pilgrim's Pride "the global leader in chicken and chicken-based Prepared Foods."
Furthermore, the company also completed strategic capital investments worth $141 million, including the Sanford, NC organic tray-pack facility and Prepared Foods Line, which the company said in a statement that this further increases product portfolio differentiation, strengthens key customer relationships, and improves margin profile.
“We generated strong, well-balanced consolidated performance in 2017. Our U.S. and Mexico operations were solid despite logistical challenges in Q4 due to the after-effects from natural events in Puerto Rico, Mexico and the U.S., while our newly acquired U.K. and continental Europe operations were consistent. The performance once again demonstrated the strength and diversity of our portfolio of bird sizes, and is what fundamentally differentiates us from the competition, giving us the potential to reduce volatility and generate higher margins over time," stated Bill Lovette, Chief Executive Officer of Pilgrim's.
"While small-bird and tray-pack have remained strong during Q4, conditions in the commodity markets declined in-line with seasonality but are already recovering well in the new year, indicating the continuation of chicken demand as the protein of choice in domestic and international markets. Facing significant challenges, we are very proud of our team members who had worked tirelessly to continue the operations of our facilities while assisting with rebuilding the local communities,” stated Bill Lovette, Chief Executive Officer of Pilgrim's," added Mr. Lovette.
Mr. Lovette also said that the company is continuing to improve its performance on GNP operations.
"Margins have substantially increased since the acquisition just over a year ago and have reached parity with our legacy business during Q4. The integration is going well and we have extracted significant operating and product synergies, and are also preparing to expand the distribution of our premium Just Bare Brand. Combined with the success in improving the profitability of our acquired Mexican operations, we believe we have the methodology and the experienced personnel required to grow the operating and financial performance of our U.K. and continental Europe business,” said Mr. Lovette.
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