Pilgrim's Pride Q3 earnings and revenue decline
Net income for the quarter was $98.7 mill., or 39 cents per diluted share, compared with $137.1 mill., or 53 cents per diluted share reported in the third quarter of 2015. Operating income for the quarter was $163.8 mill., compared with $231.1 mill. in the year-ago quarter.
Third-quarter net sales were $2.03 bn., down from $2.11 bn. reported in the comparable year-ago period.
Market prices for the company’s chicken products currently are at levels sufficient to offset the costs of feed ingredients.
Looking ahead to 2017, the company is on track with converting one poultry processing facility to USDA-certified organic production in the first quarter of 2017. Additionally, Pilgrim’s expects to complete the ramp-up of the largest prepared foods facility to full capacity by the end of the first quarter next year.