Earnings Results: Pilgrim’s Pride falls after swinging to Q2 loss, sales drop

Earnings Results: Pilgrim’s Pride falls after swinging to Q2 loss, sales drop

29 Jul    Finance News

Shares in Pilgrim’s Pride Corp. PPC, +0.93% fell 4% in the extended session Wednesday after the chicken producer reported a second-quarter loss and a decline in sales. Fabio Sandri, interim CEO of Pilgrim’s (CEO Jayson Penn began a leave of absence last month after being charged in a federal price-fixing case), cited challenging conditions during the COVID-19 pandemic, including “tough market dynamics in the U.S. and Mexico.” Shares fell 66 cents to $15.55 in after-hours trading after closing the regular session up nearly 1% to $16.21. The company reported a loss of $6 million, or 2 cents a share, compared with a profit of $170 million, or 68 cents a share, in the year-ago period. Revenue fell to $2.82 billion from $2.84 billion in the year-ago quarter. The company did not provide adjusted earnings. Analysts surveyed by FactSet had forecast a loss of 2 cents a share on revenue of $2.95 billion. The company’s shares are down more than 50% this year.

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