US poultry producer Pilgrim’s Pride Corporation has announced that it is expecting a loss in the fourth quarter of the current financial year instead of the previously predicted profit.
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The company says the loss is due to the low prices of dark-meat chicken products. Instead of 2-7 cents per share profit, Pilgrim’s Pride now expects a Q4 loss of 10-15 cents per share.
The low prices of dark-meat chicken products are attributed to an import ban imposed by Russia. Earnings have also been generally affected by the 12 March Virginia outbreak of low-pathogenic avian influenza, which is contagious amongst turkeys, chicken and other birds, reported Dow Jones Business News.
