UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
 
FORM 8-K
____________________
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 30, 2013

PILGRIM'S PRIDE CORPORATION
(Exact Name of registrant as specified in its charter)

Delaware	1-9273	75-1285071
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1770 Promontory Circle
Greeley, CO	80634-9038
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (970) 506-8000

Not Applicable
(Former name or former address, if changed since last report.)
____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02. Results of Operations and Financial Condition.

On October 30, 2013 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Press release dated October 30, 2013

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PILGRIM'S PRIDE CORPORATION
Date: October 30, 2013		By:	/s/ Fabio Sandri
			Fabio Sandri
			Chief Financial Officer

Exhibit Index
Exhibit 99.1		Press release dated October 30, 2013

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Pilgrim’s Pride Reports EBITDA of $222.5 Million with a Margin of 10.4% for the Third Quarter of 2013

GREELEY, Colo., October 30, 2013 – Pilgrim’s Pride Corporation (NASDAQ: PPC) reports third quarter 2013 financial results with net sales of $2.14 billion, $74 million higher than the $2.07 billion reported in the third quarter of 2012. Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of $222.5 million increased 116% compared to the $103 million generated in the prior year. Net income of $160.9 million reflected an improvement of 275% compared to the $42.9 million reported in the same period in 2012, with diluted earnings per share reaching $0.62 compared to $0.17 in the third quarter of 2012.

“We are pleased to see continued improvement reflected in our results based on the consistent execution of our strategy. Our engagement with key customers continues to reflect the value they expect from Pilgrim’s and is driving growth and success for our customers. We’ve also seen improvements in our margins as a result of the processes we’ve transformed through our commitment to operational excellence. We are close to achieving our operational improvement targets for the year and envision capturing even greater efficiencies in 2014. Our export model has enabled us to attain our goal of achieving 30% growth in value-added products year to date,” stated Bill Lovette, Pilgrim’s Chief Executive Officer.

“While we saw some volatility in the Mexican market this quarter, we believe the fundamentals of the business and growth opportunities remain intact. Market prices in the region softened during the quarter; however, we continue to view Mexico as a tremendous opportunity for profitability and growth.

Cash flows from operations were $285.8 million for the quarter, enabling us to reduce our debt by $252 million. Our ending net debt position was $582.1 million, which is 0.87 times our trailing twelve months’ EBITDA. This stronger capital structure is reflective of our effective operational execution and cash management strategy.”

Conference Call Information

A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, October 31 at 7:00 a.m. Mountain (9 a.m. Eastern). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

To pre-register, go to:
http://services.choruscall.com/links/ppc131031.html

You may also reach the pre-registration link by logging in through the investor section of our website at www.pilgrims.com and clicking on the link under “Upcoming Events.”

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For those who would like to join the call but have not pre-registered, access is available by dialing +1 (877) 270-2148 within the US or +1 (412) 902-6510 internationally and requesting the “Pilgrim’s Pride Conference.” Please note that to submit a question to management during the call, you must be logged in via telephone.

Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com. The webcast will be available for replay through February 13, 2014.

About Pilgrim’s Pride

Pilgrim’s Pride Corporation employs approximately 37,500 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The Company’s primary distribution is through retailers and foodservice distributors.

Forward-Looking Statements

Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channel, including anti-dumping proceedings and countervailing duty proceedings; and the impact of uncertainties of litigation as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Pilgrim’s Pride Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:		Rosemary Geelan
		Pilgrim’s Pride Corp Investor Relations
		Rosemary.geelan@pilgrims.com
		(970) 506-8192
		www.pilgrims.com

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PILGRIM’S PRIDE CORPORATION
Condensed Consolidated Balance Sheets

		September 29,				December 30,
		2013				2012
		(Unaudited)
		(In thousands)
Cash and cash equivalents		$	330,316			$	68,180
Trade accounts and other receivables, less allowance
for doubtful accounts			407,002				384,930
Account receivable from JBS USA, LLC			4,454				1,514
Inventories			911,086				950,296
Income taxes receivable			66,649				54,719
Prepaid expenses and other current assets			72,825				56,047
Assets held for sale			25,320				27,042
Total current assets			1,817,652				1,542,728
Deferred tax assets			59,620				97,431
Other long-lived assets			38,831				45,523
Identified intangible assets, net			33,960				38,266
Property, plant and equipment, net			1,159,358				1,189,921
Total assets		$	3,109,421			$	2,913,869
Accounts payable		$	370,034			$	312,365
Account payable to JBS USA, LLC			5,893				13,436
Accrued expenses and other current liabilities			302,095				283,540
Income taxes payable			-				468
Current deferred tax liabilities			80,849				104,482
Current maturities of long-term debt			396				15,886
Total current liabilities			759,267				730,177
Long-term debt, less current maturities			912,019				1,148,870
Other long-term liabilities			84,566				125,825
Total liabilities			1,755,852				2,004,872
Common stock			2,590				2,590
Additional paid-in capital			1,644,418				1,642,003
Accumulated deficit			(263,507	)			(669,711	)
Accumulated other comprehensive loss			(32,397	)			(68,511	)
Total Pilgrim’s Pride Corporation stockholders’ equity			1,351,104				906,371
Noncontrolling interest			2,465				2,626
Total stockholders’ equity			1,353,569				908,997
Total liabilities and stockholders' equity		$	3,109,421			$	2,913,869

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PILGRIM'S PRIDE CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)

		Thirteen Weeks Ended								Thirty-Nine Weeks Ended
		September 29,				September 23,				September 29,				September 23,
		2013				2012				2013				2012
		(In thousands, except per share data)								(In thousands, except per share data)
Net sales		$	2,142,815			$	2,068,478			$	6,363,863			$	5,931,720
Cost of sales			1,906,242				1,962,343				5,726,348				5,571,431
Gross profit			236,573				106,135				637,515				360,289
Selling, general and administrative expense			43,797				41,782				131,888				131,477
Administrative restructuring charges, net			3,658				2,647				4,622				5,921
Operating income			189,118				61,706				501,005				222,891
Interest expense			20,413				25,260				68,199				78,430
Interest income			(571	)			(256	)			(1,494	)			(886	)
Foreign currency transaction losses, net			2,682				(7,701	)			4,771				(5,417	)
Miscellaneous, net			(8	)			413				(730	)			(272	)
Income before income taxes			166,602				43,990				430,259				151,036
Income tax expense (benefit)			5,578				1,049				24,216				(656	)
Net income			161,024				42,941				406,043				151,692
Less: Net income (loss) attributable to
noncontrolling interests			107				10				(161	)			230
Net income attributable to
Pilgrim’s Pride Corporation		$	160,917			$	42,931			$	406,204			$	151,462
Weighted average shares of common stock
outstanding:
Basic			258,826				258,726				258,825				247,005
Diluted			259,386				258,837				259,166				247,103
Net income per share of common
stock outstanding:
Basic		$	0.62			$	0.17			$	1.57			$	0.61
Diluted		$	0.62			$	0.17			$	1.57			$	0.61

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PILGRIM'S PRIDE CORPORATION
Condensed Consolidated Statements of Cash Flows

		Thirty-Nine Weeks Ended
		September 29				September 23
		2013				2012
		(In thousands)
Cash flows from operating activities:
Net income		$	406,043			$	151,692
Adjustments to reconcile net income attributable to Pilgrim’s Pride
Corporation to cash provided by operating activities:
Depreciation and amortization			113,853				108,411
Foreign currency transaction losses (gains)			3,734				(5,620	)
Accretion of bond discount			342				342
Asset impairment			3,457				1,342
Loss (gain) on property disposals			(509	)			5,134
Share-based compensation			2,415				465
Changes in operating assets and liabilities:
Restricted cash and cash equivalents			-				8,153
Trade accounts and other receivables			(25,458	)			(3,172	)
Inventories			39,421				(94,972	)
Prepaid expenses and other current assets			(17,304	)			(1,120	)
Accounts payable and accrued expenses and other current liabilities			69,895				9,636
Income taxes			(1,818	)			(14,428	)
Deposits			1,898				734
Long-term pension and other postretirement obligations			(3,174	)			(7,120	)
Other operating assets and liabilities			3,921				(3,516	)
Cash provided by operating activities			596,716				155,961
Cash flows from investing activities:
Acquisitions of property, plant and equipment			(76,293	)			(62,110	)
Purchases of investment securities			-				(162	)
Proceeds from sale or maturity of investment securities			-				688
Proceeds from property sales and disposals			3,330				28,687
Cash used in investing activities			(72,963	)			(32,897	)
Cash flows from financing activities:
Proceeds from revolving line of credit			505,600				595,800
Payments on revolving line of credit, long-term borrowings and capital lease
obligations			(758,283	)			(853,008	)
Payment of note payable to JBS USA			-				(50,000	)
Proceeds from sale of common stock			-				198,282
Payment of capitalized loan costs			(5,006	)			-
Cash used in financing activities			(257,689	)			(108,926	)
Effect of exchange rate changes on cash and cash equivalents			(3,928	)			(717	)
Increase in cash and cash equivalents			262,136				13,421
Cash and cash equivalents, beginning of period			68,180				41,609
Cash and cash equivalents, end of period			330,316				55,030

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PILGRIM'S PRIDE CORPORATION
Selected Financial Information
(Unaudited)

“EBITDA” is defined as the sum of net income (loss) plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is defined as the sum of EBITDA plus restructuring charges, reorganization items and loss on early extinguishment of debt less net income attributable to noncontrolling interests. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the US (“GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP. They should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with GAAP.

		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		September 29,			September 23,			September 29,				September 23,
		2013			2012			2013				2012
		(In thousands)						(In thousands)
Net income		$	161,024		$	42,941		$	406,043			$	151,692
Add:
Income tax expense (benefit)			5,578			1,049			24,216				(656	)
Interest expense, net			19,842			25,004			66,705				77,544
Depreciation and amortization			37,914			36,431			113,853				108,408
Asset impairments			361			-			361				-
Minus:
Amortization of capitalized loan costs			2,204			2,469			7,238				7,405
EBITDA			222,515			102,956			603,940				329,583
Add:
Restructuring charges			3,658			2,647			4,622				5,921
Minus:
Net income (loss) attributable to noncontrolling
interest			106			10			(162	)			230
Adjusted EBITDA		$	226,067		$	105,593		$	608,724			$	335,274

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The summary unaudited consolidated income statement data for the twelve months ended September 29, 2013 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the nine months ended September 23, 2012 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 30, 2012 and (2) the applicable unaudited consolidated income statement data for the nine months ended September 29, 2013.

Reconciliation of LTM EBITDA		Fourteen				Thirteen				Thirteen			Thirteen
		Weeks Ended				Weeks Ended				Weeks Ended			Weeks Ended			LTM Ended
		December 30,				March 31,				June 30,			September 29,			September 29,
		2012				2013				2013			2013			2013
		(In thousands)				(In thousands)
Net income		$	22,350			$	54,228			$	190,791		$	161,024		$	428,393
Add:
Income tax expense (benefit)			(20,325	)			2,754				15,884			5,578			3,891
Interest expense, net			25,985				24,605				22,258			19,842			92,690
Depreciation and amortization			39,088				37,790				38,149			37,914			152,941
Asset impairments			-				-				-			361			361
Minus:
Amortization of capitalized loan costs			2,658				2,516				2,518			2,204			9,896
EBITDA			64,440				116,861				264,564			222,515			668,380
Add:
Restructuring charges			2,528				484				480			3,658			7,150
Minus:
Net income (loss) attributable to noncontrolling
interest			(423	)			(354	)			86			106			(585	)
Adjusted EBITDA		$	67,391			$	117,699			$	264,958		$	226,067			676,115

Net debt is defined as total long term debt, less current maturities, plus current maturities of long term debt minus cash and cash equivalents. Net debt is presented because it is used by us, and we believe it is frequently used by securities analysts, investors and other parties, in addition to and not in lieu of debt as presented under GAAP, to compare the indebtedness of companies. A reconciliation of net debt is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of Net Debt

						Thirty-Nine Weeks Ended
		2011		2012		September 23, 2012		September 29, 2013
						(in Thousands)
Long term debt, less current maturities		1,458,001		1,148,870		1,151,127		912,019
Add: Current maturities of long term debt		15,611		15,886		15,619		396
Minus: Cash and cash equivalents		41,609		68,180		59,556		330,316
Net debt		1,432,003		1,096,576		1,107,190		582,099

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PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data

		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		September 29,			September 23,			September 29,			September 23,
		2013			2012			2013			2012
		(In thousands)						(In thousands)
Sources of net sales by country of origin:
US:		$	1,932,634		$	1,776,740		$	5,662,991		$	5,238,084
Mexico:			210,181			197,729			700,872			599,627
Total net sales:		$	2,142,815		$	1,974,469		$	6,363,863		$	5,837,711
Sources of cost of sales by country of origin:
US:		$	1,702,791		$	1,650,885		$	5,139,883		$	4,902,039
Mexico:			203,451			179,495			586,465			537,429
Total cost of sales:		$	1,906,242		$	1,830,380		$	5,726,348		$	5,439,468
Sources of gross profit by country of origin:
US:		$	229,843		$	125,855		$	523,108		$	336,045
Mexico:			6,730			18,234			114,407			62,198
Total gross profit:		$	236,573		$	144,089		$	637,515		$	398,243

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