By Paul Ziobro
Pilgrim's Pride posted significantly higher profit in its third quarter, boosted by increased demand for chicken and lower input costs.
The chicken producer on Wednesday reported third-quarter profit of $349.9 million, or $1.47 a share, compared with $121.3 million, or 51 cents a share, in the year ago quarter.
Adjusted earnings were $1.63 a share, ahead of the $1.40 expected by analysts, according to FactSet.
Revenue rose 5.2% to $4.58 billion. Analysts expected $4.69 billion.
The company noted that demand for chicken is rising in the U.S. due to competitive pricing compared to other protein. Margins, meanwhile, are getting a boost from streamlining producing and lower input costs.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
October 30, 2024 16:57 ET (20:57 GMT)
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