Pilgrim’s Pride has reported its second quarter 2012 results. The company reported net income of $69.4 million during the second quarter, compared to a loss of $128.1 million for the same quarter last year. Net debt was reduced to $1.18 billion in the period, reflecting a year-to-date reduction in net debt of $248 million, according to a company press release.
Bill Lovette, Chief Executive Officer of Pilgrim’s, states, “There will be challenges for the industry in the second half of 2012, primarily driven by volatility within the feed ingredient markets and tepid consumer spending. At Pilgrim’s, we have our focus on what we can control, and we will continue to drive that strategy.”
The company also announced the appointment of Dr. David E. Bell to its Board of Directors. Dr. Bell brings experience in a variety of areas including risk management, marketing and agribusiness. Wesley Batista, Pilgrim’s Chairman of the Board, states, “We are pleased to welcome David to our board. His depth of knowledge in global agriculture and his academic expertise blends well with the other board members, who together will guide our company to be the industry leader.”