Pilgrim's Pride reports Q2 loss, announces closure of Dallas plant
Pilgrim's Pride Corp. reported a net loss of $128.1 million, or $0.60 per share, on net sales of $1.9 billion for the second quarter ended June 26, 2011. For the comparable quarter a year ago, the company reported net earnings of $32.9 million, or $0.15 per share, on total sales of $1.7 billion.
"Our second-quarter financial results reflect the significant challenges facing our industry this year from the combination of record-high feed costs, weaker-than-expected consumer demand and an oversupply of chicken," said Bill Lovette, president and CEO. "Pilgrim's total feed-ingredient purchases through the first six months of 2011 were more than $400 million higher than a year ago. At this time of year we are usually benefiting from stronger market pricing and increased demand from both foodservice and retail, but to date neither that demand nor pricing has materialized."