Sunday, October 30, 2011

Pilgrim's Pride Posts Q3 Loss on Higher Costs

Poultry producer Pilgrim's Pride (NYSE:PPC) reported a third quarter loss today on higher feed costs and declining prices for chicken.

The company's loss totaled $162.5 million, or $0.76 per share, compared to earnings of $57.9 million, or $0.27 per share, in last year's third quarter.

Pilgrim's Pride said its adjusted loss totaled $0.52 per share, wider than analysts expected.

Revenue rose to $1.89 billion from $1.72 billion last year, slighting better than analysts anticipated.

CEO Bill Lovette said the company continues to drive ownership, responsibility and accountability at every level, and that it is making decisions now that will drive profitability going forward.

For MarketNewsVideo.com, I'm Tracey Fitzpatrick.

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