Pilgrim's Pride has released its third quarter 2010 numbers, which show a 30% decrease in net income.
Third quarter earnings dropped to $57.9 million, down from $82.7 million the same time last year. Revenue dropped 1% to $1.72 billion from $1.74 billion.
According to the company, numbers were hurt in part by an income tax expense and lower revenue, but the outlook for 2011 sales remains positive. "Many of our customers are planning to feature chicken more prominently on their menus or in their stores next year," said President and CEO Don Jackson. Sales volume actually increased for the retail and foodservice divisions and the company brought in new higher-margin business. Improvement in operating efficiencies and cost controls continue.
