Pilgrim's Pride Corp. swung to a fourth-quarter profit as the poultry processor's sales and margins strengthened and expenses declined.
A tax benefit also boosted the latest period's results.
Pilgrim's has bounced back in recent quarters from a particularly difficult 2011, when it posted a streak of losses due to surging feed costs and weak prices for chicken meat during a historically large glut in supplies. The downturn was part of a long-running boom-and-bust cycle that has over many years forced chicken processors to consolidate or shut down.
In August, Pilgrim's sold its commercial-egg operations to Cal-Maine Foods Inc. (CALM), the largest producer and distributor of fresh-shell eggs in the U.S. The sale included two production complexes with capacity for about 1.4 million laying hens and land located near Pittsburg, Texas.
To read the rest of the story, please go to: Marketwatch