US poultry processor Pilgrim’s Pride has increased its fourth-quarter earnings guidance and announced the appointment of a new chief operating officer.
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Pilgrim’s Pride said it is raising its earnings guidance for the fourth quarter of fiscal 2004 to $1.02 to $1.07 per share. Included in the updated guidance is a non-recurring gain of $23.8m, or 22 cents per share net of tax, related to a product recall insurance payout. Excluding this non-recurring item, fourth-quarter earnings are expected to be $0.80 to $0.85 per share, exceeding previously issued guidance of $0.70 to $0.80 per share.
“We are pleased that the recurring results of our business operations have continued to perform better than our previously issued guidance and expectations. Further, we are pleased that this chapter of the October 2002 deli meats recall is now closed and that the company has finally received the full policy amounts due it under the policy,” said O.B. Goolsby, president and chief executive officer.
Pilgrim’s Pride also announced that it has named J. Clinton Rivers to the position of chief operating officer effective immediately. Rivers, who previously served as the company’s executive vice president of prepared food operations, will be responsible for overseeing all of Pilgrim’s Pride’s business operations excluding sales and turkey.
Rivers will report to recently appointed CEO Goolsby, who served as the company’s president and chief operating officer since 2002.
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