Greeley-based Pilgrim’s Pride Corp. today reported net earnings of $41.8 million, or $0.20 per share, on net sales of $1.8 billion for the fourth quarter ended Dec. 26.
For the comparable quarter a year ago, the company reported net earnings of $33.6 million, or $0.44 per diluted share, on total sales of $1.6 billion. Pilgrim’s currently has 214.3 million shares outstanding, compared to approximately 77.1 million diluted shares outstanding in the year-ago period. Adjusted EBITDA, which excludes restructuring and reorganization charges, was $124.8 million for the fourth quarter of fiscal 2010, versus $64.9 million for the same period a year ago.
“We were pleased with the progress in our financial performance in the fourth quarter, particularly in light of the challenges posed by sharply higher grain prices,” said Bill Lovette, Pilgrim’s president and chief executive. “Our continuing focus on operating efficiencies, cost control, and sales and product mix improvements helped generate positive results during a difficult time in the industry.”
Lovette said customer demand improved in the fourth quarter, with Pilgrim’s reporting higher volume in its retail and foodservice segments compared to a year ago.
