Pilgrim's Pride swings to loss in quarter
Oct. 28, 2011
GREELEY, COLO. — One-time charges combined with lower market prices for chicken and high feed-ingredient costs all contributed to a loss for Pilgrim’s Pride Corp. during the third quarter.
For the quarter ended Sept. 25, the company suffered a loss of $162,516,000, which compared with income of $57,926,000, equal to 27c per share on the common stock, during the same period of the previous year. Sales for the quarter were $1,891,224,000, up 10% from $1,719,850,000.
“The quarter results included non-recurring charges of $52.7 million, without which our net loss per hare would have been 52c,” said Bill Lovette, chief executive officer. “We are at $295 million run rate against our goal of $400 million on operational improvements, which helped provide a positive operating cash flow of $10.7 million for the quarter. We continue to drive ownership, responsibility and accountability at every level. We are making decisions now that will drive profitability going forward.”
For the nine months ended Sept. 25 the company sustained a loss of $411,417,000, which compared with income of $45,297,000, or 21c per share, during the same period of the previous year. Sales for the period were $5,706,390,000, up 13% from $5,070,336,000.