Pilgrim’s Pride posts first-quarter earnings decline

GREELEY – Pilgrim’s Pride Corp. (Nasdaq: PPC) on Wednesday posted first-quarter net income of $118.4 million, a decrease of more than 60 percent from the same period a year ago.

The decline didn’t seem to bother investors, as shares of the Greeley-based chicken producer shot up nearly 7 percent in after-hours trading following the earnings release.

Pilgrim’s Pride’s net income amounted to 46 cents per share, down from 79 cents per share, or $204.2 million, in the first quarter of last year.

Sales were down slightly for the quarter, from $2.05 billion to $1.96 billion.

The financial results came one day after Pilgrim’s recalled 4.6 million pounds of cooked chicken products made at a facility in Waco, Texas.

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