8-5 news: Pilgrim's Pride becomes profitable again with Q3 results
"While we were pleased to return to profitability in the (fiscal) third quarter, we're not satisfied with the results," spokesman Gary Rhodes told Reuters "We benefited from lower feed costs and cost savings in the third quarter, but we have to continue looking for ways to operate more efficiently."
The economy is still affecting the meat industry, and poultry prices have dropped significantly this summer. Paul Aho, an economist at Poultry Perspective, told Reuters that the cost for breast meat has dropped from $1.50 per pound in early July to a current price of $1.37 in some markets. Leg quarters have also dropped 10 cents a pound to 40 cents, thanks to slowed export sales.