Premium consumer goods company Pilgrim's Pride Corporation PPC reported weaker-than-expected results for first-quarter 2016 (ended Mar 27, 2016). The company’s quarterly earnings of 46 cents per share plunged 41.8% from 79 cents in the year-ago quarter. The figure also missed the Zacks Consensus Estimate by a penny.We believe that a strong U.S. dollar and the global meat industry-related headwinds were responsible for the lackluster results.The company's net income for first-quarter 2016 was $118 million as against $204.2 million in the year-ago quarter.RevenuesIn first-quarter 2016, Pilgrim's Pride generated net revenue of $1,962.9 million, down 4.4% year over year. The top line also missed the Zacks Consensus Estimate of $1,983 million.Revenues from the company's U.S. operations, which account for nearly 85.1% of the total revenue, fell 9.4% year over year. Nonetheless, revenues from the Mexican business – 14.9% of the total revenue – soared 39.3% year over year.Costs/MarginsPilgrim's Pride's cost of sales increased 3% year over year to $1,725.4 million. Gross margin fell 630 basis points (bps) year over year to 12.1%. Selling, general and administrative expenses dipped 1.5% year over year to $48.8 million.Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) plunged 35.7% year over year to $233.5 million.Balance Sheet/Cash FlowPilgrim's Pride exited first-quarter 2016 with cash and cash equivalents of approximately $574.9 million, down from $439.6 million at year-end 2015. Long-term debt (net of current portion) was $986.4 million, up from $985.5 million as of Dec 27, 2015.In first-quarter 2016, Pilgrim's Pride generated $177.9 million of cash from its operating activities, down 40% year over year. Capital spending totaled $37.1 million, up 13.8% year over year.OutlookGoing forward, Pilgrim's Pride aims to improve its business on the back of its customized portfolio strategy, operational excellence, increased value-added exports and superior niche customer relationships. The company aims to boost sales in the near term on the back of growing demand among consumers for natural food products.Stocks to ConsiderPilgrims Pride currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the same industry are Hormel Foods Corporation HRL, Sanderson Farms, Inc. SAFM and American Woodmark Corp. AMWD. Hormel Foods Corporation currently sports a Zacks Rank #1 (Strong Buy), while both Sanderson Farms, Inc. and American Woodmark Corp. hold a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HORMEL FOODS CP (HRL): Free Stock Analysis Report SANDERSON FARMS (SAFM): Free Stock Analysis Report PILGRIMS PRIDE (PPC): Free Stock Analysis Report AMER WOODMARK (AMWD): Free Stock Analysis Report To read this article on Zacks.com click here.