US poultry processor Pilgrim’s Pride has reaffirmed its earnings guidance for the fourth quarter of fiscal 2004 of between 70 cents and 80 cents per share.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Pilgrim’s Pride said it was reaffirming its guidance in light of reports by another poultry producer that commodity prices for chicken and feed ingredients would affect projected profitability for the next quarter.
Sanderson Farms said this week that market prices, particularly for boneless breast meat, had dipped below the peak levels seen earlier this summer. The company also said it expects to experience higher grain costs in the remainder of fiscal 2004.
“We want to reassure our investors that the commodity sales prices for chicken, while off from the high levels seen this summer, are still within our range of expectations for the fourth fiscal quarter and at levels above the same period last year,” said O.B. Goolsby, president and chief operating officer of Pilgrim’s Pride.
“Additionally, feed ingredient costs, comprised mainly of corn and soybean meal and which account for approximately 30% of our cost of goods sold, remain at levels consistent with our expectations on 26 July and current prices and recent USDA cost projections remain at levels equal to or below those that existed at such time,” he added.
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 GlobalData
