USA: Pilgrim's Pride reports rise in Q2 profit
US poultry producer Pilgrim's Pride has reported a rise in second-quarter profit on gains from lawsuit settlements.
The Franconia, Pennsylvania-based company reported net income of US$10.8m for its fiscal second quarter, compared with $1.3m in the year-ago period.
Pilgrim’s Pride, which is the third-largest poultry producer in the US, said gains from settlements from vitamin and methionine lawsuits were partly offset by the negative effect of an outbreak of avian flu that cost around $7.5m during the quarter, reported Reuters.
The company reported a rise in revenue to $630.6m for the second quarter, compared to $600.8m in the year-ago quarter.
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