Moy Park’s new owner Pilgrim’s Pride has reported net sales up 37.4% compared to last year in its third quarter financial results.
The multi-national food giant said net sales reached $2.79 billion in the 13 weeks to 24 September, up from $2.03 billion during the same quarter in 2016.
Net income was reported as $232.7 million, and adjusted operating income margins were 16.6% in U.S., 13.4% in Mexico and 4.1% in European operations, respectively.
Pilgrim’s Pride paid $1 billion for Moy Park in September, after it was put up for sale by its Brazilian owners JBS in an effort to reduce debt. Pilgrim’s Pride said the acquisition of Moy Park “positions us as the global leader in chicken and prepared foods, and aligns with our strategic priorities while providing a strong platform for future growth.”
“We closed the acquisition of Moy Park last September and are very excited about the potential opportunities in Europe because it creates a stronger, more diverse and more stable global chicken and prepared foods leader in Pilgrim’s,” said Bill Lovette, Chief Executive Officer of Pilgrim’s. “The new European operations align with our strategic priorities as we continue expanding our geographical and brands footprint, and extending our global poultry leadership position into attractive new markets while providing us a strong platform for future growth in the region.”