Pilgrim’s Pride posted strong results as it held the line on retail while watching its foodservice business rebound.
Earnings for the quarter ending in March nearly doubled over the same period last year, to $501.8 million. Sales, at $4.24 billion, were up 29.5% over last year.
“Our U.S. business led the way in performance as our retail demand remained stable and foodservice recovered to pre-COVID levels,” CEO Fabio Sandri said in a statement. “Equally important, our momentum in the retail branded business continued as consumer demand remained resilient despite inflationary headwinds.”
While sales were up in all the geographic regions where Pilgrim’s sells, the biggest source of operating income was the U.S., where it more than quadrupled, to $355.1 million. In Europe and Mexico, operating income dropped, with Europe showing a loss of $21.6 million.