GREELEY, Colo. — Pilgrim's Pride Corp. returned to profitability in its fiscal first quarter as it lowered expenses. Last year's quarter was weighed down by restructuring charges and other factors.
The chicken producer also said Friday that the company and sector must continue to look at the value of the whole chicken and not just rely on high breast meat prices to support profit margins. Pilgrim's Pride CEO Bill Lovette also said in a statement that the company must continue to control costs to deal with ongoing volatility in the commodity markets.
Pilgrim's Pride earned $39.2 million, or 18 cents per share, for the period. That compares with a loss of $120.8 million, or 54 cents per share, a year earlier.
The performance handily beat the 8 cents per share that analysts polled by Fact Set expected.
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