US poultry producer Pilgrim’s Pride has said its facilities were not directly affected by hurricane Katrina and it therefore expects to see a short-term benefit from the lower US chicken production.
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The company said that the destruction caused by the hurricane would reduce production and supply, resulting in higher product pricing, reported Reuters. Pilgrim’s Pride also saw a temporary increase in demand for its chicken due to the damage to competitors’ facilities.
The company backed its forecast of fourth-quarter earnings per share of 90 cents to US$1, with sales expected to be between $1.39bn and $1.43bn.
