US: Pilgrim's Pride Q1 profits up despite sales dip
Pilgrim's Pride has reported growth in profits for its first quarter of 2014
US chicken processor Pilgrim's Pride has seen profits grow despite a drop in sales for the first quarter of 2014.
For the period ended 31 March, net profit for the firm was up to US$98m compared with US$54m last year.
The company, majority-owned by Brazil-based meat giant JBS, delivered an operating profit of $168m, versus US$73m for the same period a year earlier.
Sales, however, fell to US$2.02bn from US$2.04bn for the same period a year earlier.
Shares in the firm were down 1.28% to $21.58 today (1 May) at 11:11 ET.
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