Texas-based Pilgrim’s Pride Corp, the second largest poultry producer in the US, will consolidate production volumes from its Harrisonburg, Virginia, turkey processing plant into the company’s turkey processing plant in Hinton, Virginia over the next several months.
Go deeper with GlobalData
David Van Hoose, CEO, president and COO, commented: “This plant consolidation is being made in order to improve operating efficiencies and reduce costs in the company’s turkey operations.”
The plant closing is not expected to have a material financial impact on the company’s financial results as it was contemplated in the purchase accounting amounts previously recorded.
Earnings guidance revised
The company added that it expects its Q3 ending 29 June 2002 earnings to be in the range of US$0.02-US$0.05 per share, rather than the US$0.27-US$0.32 per share previously indicated.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataPilgrim’s Pride explained that the primary factors in the lowered earnings guidance included the higher than anticipated negative effects related to the outbreak of low-pathogenic avian influenza which affected its Eastern Turkey Division, and currency-translation devaluation losses in its Mexican operations.
