Poultry producer Pilgrim’s Pride Corp. (Nasdaq: PPC) saw its stock price tumble in early trading Thursday — as of 10:40 a.m., more than 14% of its value had been plucked — after the company’s first-quarter sales and earnings failed to meet investor expectations.
Net sales in the most-recent period were $4.46 billion, up slightly from $4.36 billion in the first quarter of 2024, but below Wall Street analysts’ consensus estimate of around $4.53 billion.
Meanwhile Pilgrim’s operating income jumped 61.6%, rising from $250.3 million to $404.5 million over that period. The company’s adjusted earnings per share for the most recent-period were $1.31, a few cents shy of Wall Street projections.
“While facing volatility during the quarter, we maintained our focus on controlling the controllables and consistent execution of our strategies,” Pilgrim’s CEO Fabio Sandri said in a prepared statement.
Pilgrim’s continues to “realize strong demand as the consumer maintains an appreciation for the relative affordability and convenience of chicken compared to other proteins,” he added. “Given our diversified portfolio across segments, we captured commodity market upsides. Equally important, we have strengthened relationships with key customers through quality and service, and further diversified our portfolio through value-added offerings.”
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