Pilgrim's Pride reports strong Q3 results due to high poultry demand
Pilgrim’s Pride has reported that its net income for the third-quarter was up to US$ 232.7mn compared to the same quarter last year.
The company says that the strong third-quarter results because demand remains high for poultry offerings and the company has a diverse portfolio of bird sizes.
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Pilgrim’s Pride also posted consolidated net sales of US$2.79bn which was up 37.4% from the $2.49mn posted for the same quarter the previous year.
The Colorado-based poultry company added that its recent acquisition of the Irish poultry firm Moy Park, is expected to generate opportunities in Europe, aligning with the company’s strategic plan to expand both its geographical and brand presence.
Currently, Pilgrim’s Pride has a workforce of 52,000 employees, and operates plants and facilities in 14 states - Puerto Rico, Mexico, the UK, Ireland and continental Europe.
"The results 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," said Bill Lovette, Pilgrim's Pride CEO.
"Despite greater availability of alternative protein, we saw strong demand for chicken during grilling season and we expect a continuation of chicken as a choice protein in domestic and international markets."
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