Pilgrim's Pride Corp. reported its first quarter 2012 results with net sales of $1.9 billion and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of $101.5 million, which includes non-recurring restructuring charges of $2.9 million. Operating cash flows were a positive $29.4 million for the period. The company recognized net income of $39.6 million during the first quarter of 2012, resulting in net income of $0.18 per diluted share. This compares to a loss of $119.9 million, or $0.54 per diluted share in the same quarter of the prior year.
"We are encouraged to see the benefits of our strategy and the improvement in our operations over the past year reflected in the best results we have had in the first calendar quarter since 2005," stated Bill Lovette, Pilgrim's CEO.