The company’s earnings reached 49 cents per share, missing the 56-cent consensus estimate from analysts polled by FactSet. Revenue also saw a contraction, sliding to $4.65 billion from the $4.76 billion reported in the previous year, though this slightly outperformed the $4.63 billion anticipated by Wall Street.
In section Market Quotes
Pilgrim's Pride Earnings Slide as Chicken Glut Weighs on Margins
A persistent imbalance between supply and demand has hit Pilgrim's Pride, as the poultry giant reported a sharp drop in third-quarter profit. The company’s net income plummeted to $117.6 million, a stark departure from the $342.8 million recorded during the same period a year earlier.
Chief Executive Fabio Sandri attributed the downturn to market saturation. While he noted that consumer appetite for chicken remains steady across both retail and foodservice sectors, the industry is currently grappling with a significant surplus of product. This supply-side pressure continues to compress margins despite sustained demand.
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