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Pilgrim's Pride Reports Lower Quarterly Net Income
USAgNet - 10/27/2016

Pilgrim's Pride Corporation has reports its third quarter 2016 financial results, which shows Net Sales of $2.03 billion and Net Income of $98.7 million. That's down from $137 million earned the same time last year.

"Within exports, volumes are also improving from a year ago, which improves value for the back half of the bird, and supportive of the overall cutout," stated Bill Lovette, Chief Executive Officer of Pilgrim's. "The conversion of our existing facility to certified USDA organic chicken production is proceeding well and we plan to have the first chicken to market in Q1 of 2017. Additionally, we are starting work on converting one of our case-ready plants to produce ABF, veg-fed chicken."

He adds that together with its prior announcements on organic and ABF Fresh chicken as well as further processed products, his company believes the latest conversion reinforces its strategy to better resonate with new consumer trends for more natural products while adding further value to our portfolio and supporting the growth of key customers.


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