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TheStreet Open House

Pilgrim's Pride Reports Solid Conclusion To Fiscal 2012

Stocks in this article: PPC

GREELEY, Colo., Feb. 14, 2013 (GLOBE NEWSWIRE) -- Pilgrim's Pride Corporation (Nasdaq:PPC) reported fourth quarter 2012 results with net sales of $2.2 billion, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $64.4 million and net income of $22.8 million, resulting in earnings per share of $0.09 for the quarter.

For the full 2012 fiscal year, the Company achieved $8.1 billion in net sales and $393.9 million of EBITDA. Pilgrim's recognized $174.2 million in net income for the year, or $0.70 per weighted average share, making it one of the Company's best results in recent years. Net debt declined to $1.1 billion during the period, reflecting a year-to-date reduction of $327.8 million.

"The results achieved in 2012 point to a determined and disciplined execution of the strategy we implemented over a year and half ago. Through our team members' efforts, we have improved our competitive position significantly over the past two years and we believe we are well positioned for that to continue," stated Bill Lovette, Pilgrim's Chief Executive Officer.

Mr. Lovette continued, "While increased chicken pricing have helped offset the volatile increase in feed costs, our changes in sales mix, yield improvements and driving costs out of our plants and SG&A have made a pivotal impact. We continue to focus on creating value for our key customers, relentless pursuit of operational excellence and growing our value added exports in order to maintain the trajectory of improvement in 2013 and beyond."

Conference Call Information

A conference call to discuss Pilgrim's quarterly results will be held tomorrow, February 15 at 7:00 a.m. Mountain (9 a.m. Eastern). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

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