Pilgrim’s Pride Corp. reported losses widened in the second quarter though sales increased 29% as demand continues to recover from the coronavirus pandemic’s lows.
The chicken processor said losses were $166.7 million, compared with losses of $6 million in the year-ago quarter. Losses were 68 cents on a per-share basis, compared with 2 cents a year earlier. The company posted an adjusted profit of 63 cents a share. Analysts were looking for an adjusted profit of 57 cents a share, according to a FactSet poll.
Net sales rose to $3.64 billion from $2.82 billion in the year-earlier period. Analysts were targeting revenue of $3.3 billion.
“Demand in the U.S. continues to recover, with our foodservice business improving year-over-year and sequentially, achieving levels higher than pre-pandemic, while retail volumes remain strong,” Pilgrim’s Pride said Wednesday.
In June, Pilgrim’s Pride said it planned to acquire the Meats and Meals business of Kerry Group PLC’s Consumer Foods segment, as the company expands its prepared foods and branded products business. The deal is expected to close in the fourth quarter, the company said at the time.
