Profit soars at poultry producer Pilgrim's Pride
TEXAS - Pilgrim's Pride Corporation's income soared in the fiscal first quarter, driven by strong performance from the poultry producer's prepared foods and fresh chicken business, lower feed-ingredient costs, rising exports and strong demand in the foodservice sector. The company said results also were helped by the successful integration of the ConAgra Foods chicken division it acquired in November 2003.Pilgrim's Pride said its fiscal first-quarter net income rose to 48-point-5 (m) million dollars, or 73 cents a share. The results beat Wall Street's average projection of 71 cents a share.
The company earned 10-point-3 (m) million dollars, or 20 cents a share, in the same quarter a year ago.
24 January 2005
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