US poultry giant Pilgrim’s Pride said today (6 May) its first-quarter performance was “below expectations” despite its losses narrowing as the company restructures its business.
Pilgrim’s Pride, in which Brazilian meat giant JBS owns a 64% stake, reported a net loss of US$45.5m for the three months to 28 March.
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The figure included charges of $56.5m but was an improvement on the net loss of $58.8m filed in the first quarter of 2009. Net sales stood at $1.64bn, down from $1.7bn a year earlier.
President and chief executive Don Jackson hinted that the company had not performed as well as management wanted.
“While I am encouraged by the progress we have made in several areas of our business, our overall performance in the first quarter of fiscal 2010 was below our expectations,” Jackson said.
“Our single largest opportunity to create value is through improved product mix both in retail and foodservice. At the same time, we must continue to focus on operating more efficiently. We are making good progress in all of these areas, and I am confident that our financial results in the second quarter will show significant improvement. Based on preliminary results, we were profitable for the month of April.”
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