Food Business News - May 17, 2016 - (Page 23)

strategies for our branded product offerings, and ensure that we continue to extend our organic and natural industry leadership position." Net income in the third quarter ended March 31 was $48,985,000, equal to 47c per share on the common stock, up 47% from $33,394,000, or 33c per share, in the same period of the previous year. Adjusted earnings per diluted share increased 9% over the prior-year period. Net sales increased Pilgrim's Pride to enter organic chicken category GREELEY, COLO. - Chicken processor Pilgrim's Pride Corp. is in the process of converting one of its plants to process certified organic chicken and estimates the plant will be completely converted some time in 2017. The company did not identify the plant. Once up and running, company executives estimated its production will be approximately 20% of the organic chicken production in the United States. "Our team continues to identify opportunities in high growth categories, and once identified we're willing to deploy the appropriate resources when necessary for the needs of our key customers to offset the impact from volatile commodity pricing," said Bill Lovette, president and chief executive officer, during a conference call with financial analysts on April 28. "The organic plant conversion is a good example of the steps we're willing to take to get there." Mr. Lovette said organic makes up approximately 2% of total commercial production in the United States, but the category's compound annual growth rate is 31%. "...There's very limited supply of both organically grown chickens and the feed ingredients that it takes to grow those," he said. "Our key customers in conversations with us as a key supplier have told us that their business continues to grow in organic chicken consumption and so in support of our key customers we decided that the time was right for us to enter this market. "Traditional chicken has experienced fairly tepid growth over the last few years, and so this is about our participation in those categories that are growing more rapidly." Once the plant is fully converted, Mr. Lovette said that organic chicken production will be approximately 3% to 4% of the company's total U.S. production. FBN May 17, 2016 13%, or 15% on a constant currency basis, to $749,862,000 from $662,739,000. "Our net sales reflect the strong performance across our businesses led by Hain Celestial United States, Hain Pure Protein, Hain Celestial United Kingdom and Hain Celestial Europe as well as Hain Celestial Canada," Mr. Simon said. "The diversification of our product portfolio with leading organic, natural and better-for-you brands around the world, combined with our team's solid execution of our operational initiatives fueled our financial performance. We are extremely pleased with our U.S. results where we returned to growth in the third quarter and expect these trends to continue." For the full year, the company expects total net sales in a range of $2.946 billion to $2.966 billion, up 9% to 10% over fiscal 2015, and an increase of approximately 6% to 9% in earnings per diluted share. FBN CONFIDENCE. It's our vital ingredient for success and longevity. With decades in distribution under our belt, L.V. Lomas has a built a strong legacy of passion and commitment. What does that mean for our customers? Whether you're a food technologist, purchaser or marketing professional - we're determined to find the best solutions that suit your business expectations. We're utilizing all the knowledge we've cultivated in Canada and offering it to the U.S. market. Let's grow and succeed together. Premium Ingredients. Custom Solutions. 844 458 7111 FOODBUSINESS NEWS ® 23

Table of Contents for the Digital Edition of Food Business News - May 17, 2016

Food Business News - May 17, 2016
Dean Foods diversifying with Friendly’s acquisition
Nutrition point of reference
Dairy Business News - Hydrocolloids – It’s all about the gel
Table of Contents
Web Contents
Editorial - Investors view food production as ripe for disruption
F.D.A. adjusts course on ‘healthy’ labeling
Doug Gillespie to lead Harvest Hill Beverage Co.
Bunge launches non-G.M.O. corn product line
JAB to acquire Krispy Kreme for $1.35 billion
CAVU Venture Partners: Building and creating winners
Hain Celestial begins restructuring effort
Hain learns tough lesson with tea revamp
Pilgrim’s Pride to enter organic chicken category
Green Giant brings giant boost to B&G Foods
Cott making leadership changes in North America and U.K.
Market Insight - Where’s the sugar?
Ingredient Trends - Flavor innovation energizes sports nutrition category
Ingredient Innovations - Ancient grains rising in product development
New Food Products
Ingredient Market Trends - U.S.D.A. issues unexpectedly bullish outlook for soybeans
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - May 17, 2016