Monday, August 3, 2009

Turnaround for Pilgrim's Pride

According to a Monday, August 3 MarketWatch news report, Pilgrim's Pride reported posted a profit of $53.2 million, or 72 cents/share, for the quarter that ended June 27.
Pilgrim's Pride, which filed for bankruptcy in December 2008 and is reorganizing under Chapter 11 bankruptcy law, lost $52.7 million, or 75 cents/share, in the year-earlier quarter. Sales fell to $1.77 billion from $2.2 billion. Over the past nine months, Pilgrim's Pride has closed seven processing complexes, two distribution centers, and cut production.
Pilgrim's Pride is one of the largest U.S. chicken producers, along with Tyson Foods and Sanderson Farms.

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