April 27, 2005

Pilgrim's Pride reports higher Q2 earnings

Pilgrim's Pride, the second largest poultry producer in the US, has announced a 71-percent increase in second quarter earnings from last year, on the back of strong growth in the chicken business and lower average feed costs.

Net income was US$56.4 million, from $33 million a year ago. Overall sales fell slightly to $1.375 billion from $1.385 billion last year.

The company expects poultry market prices to remain stable, and feed costs to be considerably lower year-over-year for the rest of fiscal 2005.