Turnaround for Pilgrim's Pride
Second quarter postings revealed a profit.
According to a Monday, August 3 MarketWatch news report, Pilgrim's Pride 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.