Pilgrim's Pride returns to profit in 2Q
The company, the largest chicken producer in Puerto Rico and the U.S., cautioned Friday that soft consumer spending and volatility in the feed ingredient markets will be challenging conditions to go up against during the second half of the year.
Pilgrim's Pride Corp. reported net income of $69.4 million, or 27 cents per share, for the period ended June 24. That compares with a loss of $128.1 million, or 57 cents per share, during the prior-year period.
Wall Street analysts surveyed by FactSet forecast earnings of 28 cents per share.
The Greeley, Colo., company reduced its selling, general and administrative expenses during the quarter and saw its administrative restructuring charges decline. It had no operational restructuring charges in the latest quarter after taking a hit of about $2 million for that a year ago.
Revenue increased 3 percent to $1.97 billion from $1.92 billion. Analysts expected $2.02 billion.
Pilgrim's Pride also named David Bell as a board member. The appointment was effective on Wednesday. Bell current served as the George M. Moffett Professor of Agriculture and Business at Harvard Business School.
The company runs chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico.