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): February 20, 2014
 

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 February 20, 2014 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 February 20, 2014

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: February 20, 2014	By:	/s/ Fabio Sandri
		Fabio Sandri
		Chief Financial Officer

Exhibit Index

Exhibit 99.1      Press release dated February 20, 2014

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Pilgrim’s Pride Reports EBITDA of $196.5 Million with a Margin of 9.6% for the Fourth
Quarter of 2013, and EBITDA of $800.4 Million with a Margin of 9.5% for the Full Year

GREELEY, Colo., February 20, 2014 – Pilgrim’s Pride Corporation (NASDAQ: PPC) reports fourth quarter 2013 financial results with net sales of $2.05 billion for the thirteen week period, as compared to $2.2 billion for the fourteen week period in 2012. Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of $196.5 million increased 205% compared to the $64.4 million generated in the prior year. Net income of $143.4 million reflected an improvement of 529% compared to the $22.8 million reported in the same period in 2012, with diluted earnings per share reaching $0.55 compared to $0.09 in the fourth quarter of 2012.

For the full 2013 fiscal year, Pilgrim’s achieved $8.4 billion in net sales and $800.4 million of EBITDA, resulting in an EBITDA margin of 9.5%. Pilgrim’s recognized $549.6 million in net income for the full year with net income of $2.12 per weighted average share, demonstrating consistently solid performance over the entire year.

“Three years ago our company began executing a strategy to create shareholder value and improve capital structure by partnering with key customers, relentless pursuit of operational excellence and growing our value added exports. During this period, we grew our sales by 22% while increasing our profitability, clearly demonstrating that this strategy is working as evidenced by this year’s strong free cash flow generation” stated Bill Lovette, Pilgrim’s Chief Executive Officer.

“Our team fully understands that our company is going through a ‘Revolution of Rising Expectations’ and we continue to drive accountability deeper, setting targets to achieve the highest standards for every aspect of our business. We continually emphasize that being better than average is not good enough as we strive to be the best managed and most respected company in our industry.

Cash flows from operations for our fourth quarter were $281.8 million reaching $878.5 million for the year, adding strength to our balance sheet and providing Pilgrim’s with a competitive start to 2014. Our ending net debt position was $307.1 million, which is 0.4 times our trailing twelve months’ EBITDA of $800.4 million. This robust capital structure will provide us with the financial strength essential to pursuing the next stages of our growth strategy.”

Conference Call Information

A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, February 21, 2014 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.

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To pre-register, go to:
http://services.choruscall.com/links/ppc140221.html

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

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 May 1, 2014.

About Pilgrim’s Pride

Pilgrim’s Pride Corporation employs approximately 36,700 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.

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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
Consolidated Balance Sheets

		December 29,				December 30,
		2013				2012
		(In thousands)
Cash and cash equivalents		$	508,206			$	68,180
Investment in available-for-sale securities			96,902				-
Trade accounts and other receivables, less allowance
for doubtful accounts			376,678				384,930
Account receivable from JBS USA, LLC			2,388				1,514
Inventories			808,832				950,296
Income taxes receivable			64,868				54,719
Current deferred tax assets			2,227				-
Prepaid expenses and other current assets			61,848				56,047
Assets held for sale			7,033				27,042
Total current assets			1,928,982				1,542,728
Investment in available-for-sale securities			-				-
Deferred tax assets			18,921				97,431
Other long-lived assets			40,163				45,523
Identified intangible assets, net			32,525				38,266
Property, plant and equipment, net			1,151,811				1,189,921
Total assets		$	3,172,402			$	2,913,869
Current maturities of long-term debt		$	410,234			$	15,886
Accounts payable			370,360				312,365
Account payable to JBS USA, LLC			3,934				13,436
Accrued expenses and other current liabilities			283,355				283,540
Income taxes payable			-				468
Current deferred tax liabilities			15,515				104,482
Total current liabilities			1,083,398				730,177
Long-term debt, less current maturities			501,999				1,148,870
Note payable to JBS USA Holdings, Inc.							-
Deferred tax liabilities			13,944				-
Other long-term liabilities			80,459				125,825
Total liabilities			1,679,800				2,004,872
Common stock			2,590				2,590
Additional paid-in capital			1,653,119				1,642,003
Accumulated deficit			(120,156	)			(669,711	)
Accumulated other comprehensive loss			(45,735	)			(68,511	)
Total Pilgrim’s Pride Corporation stockholders’ equity			1,489,818				906,371
Noncontrolling interest			2,784				2,626
Total stockholders’ equity			1,492,602				908,997
Total liabilities and stockholders' equity		$	3,172,402			$	2,913,869

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PILGRIM'S PRIDE CORPORATION
Consolidated Statements of Operations

		Thirteen Weeks				Fourteen				Fifty-Two Weeks				Fifty-Three
		Ended				Weeks Ended				Ended				Weeks Ended
		December 29,				December 30,				December 29,				December 30,
		2013				2012				2013				2012
		(In thousands, except per share data)								(In thousands, except per share data)
		(UNAUDITED)
Net sales		$	2,047,285			$	2,189,661			$	8,411,148			$	8,121,381
Cost of sales			1,839,361				2,114,118				7,565,709				7,685,549
Gross profit			207,924				75,543				845,439				435,832
Selling, general and administrative expense			49,027				45,564				180,915				177,041
Administrative restructuring charges, net			1,039				2,528				5,661				8,449
Operating income			157,858				27,451				658,863				250,342
Interest expense, net of capitalized interest			18,807				26,496				87,006				104,926
Interest income			(631	)			(511	)			(2,125	)			(1,397	)
Foreign currency transaction losses (gains)			(356	)			607				4,415				(4,810	)
Miscellaneous, net			(3,643	)			(1,167	)			(4,373	)			(1,439	)
Income before income taxes			143,681				2,026				573,940				153,062
Income tax expense (benefit)			11				(20,324	)			24,227				(20,980	)
Net income			143,670				22,350				549,713				174,042
Less: Net income (loss) attributable to
noncontrolling interests			319				(423	)			158				(193	)
Net income attributable to
Pilgrim’s Pride Corporation		$	143,351			$	22,773			$	549,555			$	174,235
Weighted average shares of common stock
outstanding:
Basic			258,826				258,726				258,826				250,101
Diluted			259,466				258,887				259,241				250,216
Net income per share of common
stock outstanding:
Basic		$	0.55			$	0.09			$	2.12			$	0.70
Diluted		$	0.55			$	0.09			$	2.12			$	0.70

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PILGRIM'S PRIDE CORPORATION
Consolidated Statements of Cash Flows

		Fifty-Two				Fifty-Three
		Weeks Ended				Weeks Ended
		December 29,				December 30,
		2013				2012
		(In thousands)
Cash flows from operating activities:
Net income		$	549,713			$	174,042
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization			150,523				147,414
Asset impairment			4,004				2,770
Foreign currency transaction losses (gains)			3,382				(5,261	)
Accretion of bond discount			456				456
Loss (gain) on property disposals			2,395				5,306
Share-based compensation			3,345				684
Deferred income tax benefit			(4,999	)			(1,098	)
Changes in operating assets and liabilities:
Restricted cash and cash equivalents			-				12,680
Trade accounts and other receivables			7,235				(14,137	)
Inventories			142,675				(65,870	)
Prepaid expenses and other current assets			(6,070	)			(2,600	)
Accounts payable and accrued expenses			49,625				(16,520	)
Income taxes			(21,546	)			(33,714	)
Deposits			1,877				1,783
Long-term pension and other postretirement obligations			(6,837	)			(2,700	)
Other			2,755				(3,611	)
Cash provided by operating activities			878,533				199,624
Cash flows from investing activities:
Acquisitions of property, plant and equipment			(116,223	)			(90,327	)
Purchases of investment securities			(96,902	)			(162	)
Proceeds from sale or maturity of investment securities			-				688
Proceeds from property disposals			31,337				29,400
Cash used in investing activities			(181,788	)			(60,401	)
Cash flows from financing activities:
Payments on note payable to JBS USA			-				(50,000	)
Proceeds from long-term debt			505,600				851,400
Payments on long-term debt			(758,578	)			(1,110,711	)
Proceeds from sale of common stock			-				198,282
Tax benefit related to share-based compensation			7,770				-
Payment of capitalized loan costs			(5,006	)			-
Cash used in financing activities			(250,214	)			(111,029	)
Effect of exchange rate changes on cash and cash equivalents			(6,505	)			(1,623	)
Increase in cash and cash equivalents			440,026				26,571
Cash and cash equivalents, beginning of period			68,180				41,609
Cash and cash equivalents, end of period			508,206				68,180

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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			Fourteen Weeks				Fifty-Two Weeks			Fifty-Three
(UNAUDITED)		Ended			Ended				Ended			Weeks Ended
		December 29,			December 30,				December 29,			December 30,
		2013			2012				2013			2012
		(In thousands)							(In thousands)
Net income from continuing operations		$	143,670		$	22,350			$	549,713		$	174,042
Add:
Interest expense, net			18,176			25,985				84,881			103,529
Income tax expense (benefit)			11			(20,325	)			24,227			(20,980	)
Depreciation and amortization			36,670			39,088				150,523			147,414
Asset impairments			-			-				361			-
Minus:
Amortization of capitalized financing costs			2,069			2,658				9,307			10,063
EBITDA			196,458			64,440				800,398			393,942
Add:
Restructuring charges			1,039			2,528				5,661			8,449
Minus:
Net income (loss) attributable to noncontrolling interest			319			(423	)			158			(192	)
Adjusted EBITDA		$	197,178		$	67,391			$	805,901		$	402,583

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Net debt is defined as total long term debt, less current maturities, plus current maturities of long term debt minus cash and cash equivalents and available-for-sale securities. 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

		2011			2012			2013
		(in Thousands)
Long term debt, less current maturities		$	1,458,001		$	1,148,870		$	501,999
Add: Current maturities of long term debt			15,611			15,886			410,234
Minus: Cash and cash equivalents			49,289			68,180			508,206
Minus: Available-for-sale Securities			157			-			96,902
Net debt		$	1,424,166		$	1,096,576		$	307,125

PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data

		Thirteen				Fourteen Weeks			Fifty-Two				Fifty-Three
		Weeks Ended				Ended			Weeks Ended				Weeks Ended
		December 29,				December 30,			December 29,				December 30,
		2013				2012			2013				2012
		(In thousands)								(In thousands)
		(UNAUDITED)
Sources of net sales by country of origin:
US:		$	1,837,221			$	1,937,206		$	7,500,212			$	7,249,485
Mexico:			210,064				252,455			910,936				871,897
Total net sales:		$	2,047,285			$	2,189,661		$	8,411,148			$	8,121,382
Sources of cost of sales by country of origin:
US:		$	1,642,465			$	1,893,169		$	6,782,348			$	6,916,874
Mexico:			196,016				220,949			782,481				768,676
Elimination:			880				-			880				-
Total cost of sales:		$	1,839,361			$	2,114,118		$	7,565,709			$	7,685,550
Sources of gross profit by country of origin:
US:		$	194,756			$	44,037		$	717,864			$	332,611
Mexico:			14,048				31,506			128,455				103,221
Elimination:			(880	)			-			(880	)
Total gross profit:		$	207,924			$	75,543		$	845,439			$	435,832

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