Greeley’s Pilgrim’s Pride posts 3Q profit

GREELEY — Pilgrim’s Pride Corp. reported Friday third-quarter profit of $42.9 million, a big swing away from its $162.5 million loss in the same quarter last year.

The profit translates to a gain of 17 cents per share vs. a loss of 72 cents per share last year, Greeley-based Pilgrim’s Pride said in its earnings statement.

Pilgrim’s also reduced its net debt to $1.1 billion, reflecting a year-to-date reduction of $317.1 million.

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“Our execution of the strategy implemented during the past 18 months has provided for vast improvement in our results, even in an uncertain and volatile environment,” Pilgrim’s CEO Bill Lovette said in the statement.

The change in the company’s net income for the first three quarters of this year represented a swing of $672 million compared to last year, Lovette noted.

Pilgrim’s, owned by Brazil-based JBS S.A.’s subsidiary JBS USA, employs about 38,000 people. The company operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico.