Pilgrim's Pride Profits on Cheap Feed, Need for More Chicken -- Market Talk

Dow Jones10-31

1658 ET - Consumer demand for chicken remains hot as the second largest chicken company, Pilgrim's Pride, said poultry remains a better bargain than competing meats. The company posted a 5% rise in sales for the three months that ended Sept. 29 and a profit of $350 million, above what Wall Street analysts were expecting. Chicken companies are benefiting from falling grain prices, making it cheaper to feed their birds. Pilgrim's, which is owned by meatpacking giant JBS, said demand from its restaurant and grocery store customers for its pre-cooked and smaller chicken products was also up. "The relative affordability and availability of chicken drove increased demand across retail and food service," CEO Fabio Sandri said in an earnings statement. (patrick.thomas@wsj.com)

(END) Dow Jones Newswires

October 30, 2024 16:59 ET (20:59 GMT)

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