Poultry processor Pilgrim’s Pride Corporation has recorded a net loss of US$7.5m, or $0.11 per share, for the fourth quarter, hit by US and foreign tax expenses of $25.8m.

The company said that excluding the effect of this one-time item, net income for the fourth fiscal quarter would have been $18.3m, or $0.28 per share, ahead of analyst estimates of around $0.14 per share. In the fourth quarter of fiscal 2005, the company reported net earnings of $74.7m, or $1.12 per share.

Sales for the fourth quarter of fiscal 2006 were $1.34bn, against $1.483bn in the fourth quarter of 2005.

“We are pleased that in the fourth quarter, excluding the tax effect associated with our foreign dividend repatriation, we returned to profitability, particularly in light of the tremendous challenges facing the US chicken industry,” said president and CEO O.B. Goolsby, Jr. “Our financial performance during the quarter reflected an improvement in chicken prices for most of the quarter, coupled with the progress we have made toward lowering our costs and operating more efficiently in a difficult operating environment.”

For the full 2006 fiscal year, the company reported a net loss of $34.2m, or $0.51 per share, on total sales of $5.24bn. Excluding the effect of the one-time tax expenses, the net loss for 2006 would have been $8.4m, or $0.12 per share, Pilgrim’s Pride said, exceeding consensus analyst estimates of a loss of $0.26 per share. For the full 2005 fiscal year, Pilgrim’s Pride reported net earnings of $265.0m, or $3.98 per share, on sales of $5.67bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.