Pilgrim's Pride quarterly profits reverse year-ago losses

US chicken producer Pilgrim's Pride Corp reported a quarterly profit on Monday (Nov 23), reversing a year-earlier loss, helped by higher chicken prices, lower feed costs and cost-cutting.

According to reports, the bankrupt company reported earnings of US$82.7 million, or US$1.07 per share, for the fiscal fourth quarter, ended September 26, compared with a year-earlier loss of US$802 million, or US$10.83 a share.

As part of its plan to exit bankruptcy, the Pittsburg, Texas, company has agreed to sell a majority stake to Brazilian meat producer JBS SA.

Revenue for the quarter was US$1.74 billion, down from US$2.16 billion a year earlier.

Pilgrim's Pride, once the largest US chicken producer, filed for bankruptcy in December 2008 after nearly a year of losses due to high feed costs, slow chicken sales, and debt obligations stemming from its purchase of smaller rival Gold Kist Inc.

For the full fiscal year, the company lost US$151.6 million, or US$2.05 a share, on sales of US$7.09 billion, compared with a year-earlier loss of US$998.58 million, or US$14.40 per share, on revenue of US$8.52 billion.