 |
|
|
|
 |
 |
Pilgrim's Pride 2Q loss widens on feed costs, other expenses
posted 10:03 am Mon May 05, 2008 - PITTSBURG, Texas
Stay on top of breaking news! Sign up for ABC 7 News e-mail alerts.
Poultry producer Pilgrim's Pride Corp. said Monday its loss widened in the second quarter on expenses related to production cutbacks and higher feed costs.The loss was larger than analysts expected, and its shares fell almost 4 percent in morning trading. The company lost $111.4 million, or $1.67 per share, for the three months ended March 29 compared with a loss of $40.1 million, or 60 cents per share, a year earlier.
The company said its results were hurt by restructuring charges and expenses for closing a processing plant and six distribution centers. Excluding those, the company lost $1.50 per share.
Thomson Financial said analysts expected a loss of 81 cents per share. The estimates typically exclude one-time items.
Rising feed costs also cut into the results.
Its revenue rose 6 percent to $2.1 billion from $1.99 billion. Analysts predicted $2.09 billion.
Pilgrim's Price shares fell 93 cents, or 3.9 percent, to $23.17 in morning trading.
———
AP Business Writer Lauren Shepherd in New York
The company said its results were hurt by restructuring charges and expenses for closing a processing plant and six distribution centers. Excluding those, the company lost $1.50 per share.
Thomson Financial said analysts expected a loss of 81 cents per share. The estimates typically exclude one-time items.Rising feed costs also cut into the results.
Its revenue rose 6 percent to $2.1 billion from $1.99 billion. Analysts predicted $2.09 billion.
Pilgrim's Price shares fell 93 cents, or 3.9 percent, to $23.17 in morning trading.
———
AP Business Writer Lauren Shepherd in New York
Not a member yet? Click Here to sign up.
Please leave your comments below:
Messages that harass, abuse or threaten other members; have obscene or otherwise objectionable content; have spam, commercial or
advertising content or inappropriate links may be removed and may result in the loss of your posting privileges.
Please do not post any private information unless you want it to be available publicly.
Never assume that you are completely anonymous and cannot be identified by your posts.
© 2008 WJLA-TV
© 2008 The Associated Press
All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The 'RUNNING MAN' icon is a registered trademark of America Online, Inc.
ABC 7 News to leave comments on news stories.