Pilgrim’s Pride posts $106.5M profit for second quarter

GREELEY — Pilgrim’s Pride Corp. (Nasdaq:PPC) on Tuesday reported a profit of $106.5 million, or 43 cents per share, for its second quarter that ended June 29.

The Greeley-based chicken processor had sales of $2.84 billion for the quarter, a 3.1 percent increase compared with the same quarter a year ago.

Pilgrim’s Pride’s chief executive, Bill Lovette, said market conditions during the second quarter were mixed within the company’s U.S. operations, and that operations in Mexico and Europe were strong.

“Despite some volatility in feed and less than ideal market conditions in the commodity chicken sector, the investments we made over the past few years, the recent acquisitions and our capture of operational improvements, and the strength of our small bird and case-ready businesses helped us to offset some of the impact from the commodity markets and contribute to the evolution of our portfolio in supporting our vision to become the best and most respected company in our industry,” Lovette said in a prepared statement.

Pilgrim’s Pride shares have fallen 43 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.64, a decline of 27 percent in the last 12 months.

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