By Ben Glickman
Pilgrim’s Pride profit and revenue dropped less than expected in the third quarter as the company’s margins improved.
The Greeley, Colo.-based chicken giant posted a profit of $121.3 million, or 51 cents a share, in the third quarter, compared with $258.4 million, or $1.08 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of 42 cents.
Stripping out certain one-time items, adjusted per-share earnings came to 58 cents, ahead of the 42 cents forecast by analysts, according to FactSet.
Revenue fell 2.4% to $4.36 billion, beating the $4.296 billion expected by analysts polled by FactSet.
Chief Executive Fabio Sandri said the company’s profitability improved on a sequential basis despite volatile market conditions and persistent inflation.
The company said its margins improved in its U.S. business because of operational improvements and better fundamentals in its Big Bird unit.
Write to Ben Glickman at [email protected]
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