Pilgrim's Pride profit sinks, revenue slips

GREELEY, Colo.

Chicken processor Pilgrim's Pride Corp. said Friday that its second-quarter profit slid 38 percent as revenue fell.

The company's shares sank to their lowest level since the company emerged from Chapter 11 bankruptcy protection late last year before recovering slightly.

For the three months that ended on June 27, the poultry company earned $32.9 million, or 15 cents per share. That's down from last year's net income of $53.2 million, or 72 cents per share.

Friday's results include a one-time charge pretax charge of $16.9 million, which cut into profit by 5 cents per share.

Revenue slipped 3 percent to $1.71 billion, down from $1.78 billion.

Analysts surveyed by Thomson Reuters expected the company, based in Greeley, Colo., to earn 18 cents per share with revenue of $1.79 billion.

Pilgrim's Pride shares fell as low as $5.85 in opening trading Friday morning. They were down 89 cents, or 12.8 percent, to $6.07 during morning trading.

Pilgrim's Pride is majority owned by JBS SA of Brazil.