Pilgrim's Pride Misses on Revenues
Chicken farmer Pilgrim's Pride reported third-quarter results today after the markets closed, showing that it posted net revenues of $2.14 billion, a 3.3% increase from the $2.07 billion in the same period in the previous year, but below the $2.17 million Capital IQ consensus estimate.
Attributable net income came in at $160.9 million, or $0.62 per share, easily trumping the $42.9 million, or $0.17 per share, in the same period in 2012, and well ahead by $0.08 the CapIQ estimates of $0.54 per share.
Pilgrim's Pride has benefited from its export model, which allowed the chicken farmer to attain its goal of achieving 30% growth in value-added products year to date, even though Mexico's market remains volatile. Cash flows from operations remained healthy, coming in at $285.8 million for the quarter, enabling it to reduce debt levels by $252 million.
Pilgrim's Pride didn't provide guidance for the coming quarter or for its full-year 2013 results, but analysts anticipate that the chicken processor will post GAAP earnings of $0.44 per share in the fourth quarter and $1.76 per share for the fiscal year on revenues of $2.12 billion and $8.51 billion, respectively.
Shares of the company closed trading today down 2.1%, or $0.30, to $14.08.
The article Pilgrim's Pride Misses on Revenues originally appeared on Fool.com.Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.