Pilgrim's Pride profits soar on lower costs

US - Pilgrim's Pride Corp., the second- biggest U.S. poultry processor, said fiscal third-quarter profit soared more than eightfold on improved business in Mexico and lower feed costs. The company raised its forecast for the current quarter.

Net income rose to $85.4 million, or $1.28 a share, in the three months ended July 2, from $9.8 million, or 15 cents, a year earlier, when profit was reduced by 60 cents a share by costs to close a turkey plant, the Pittsburg, Texas-based company said today in a statement. Sales fell 0.5 percent to $1.44 billion.

“This quarter was driven by lower grain costs and management's focus on higher-margin prepared foods,” Ivan Feinseth, an analyst with Matrix Investment Research in New York, said in an interview. Pilgrim's said it will earn 90 cents to $1 a share in the current quarter, up from its earlier estimate of 73 cents to 91 cents.

Source: dallasnews.com
calendar icon 26 July 2005
clock icon 1 minute read
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