Citing high feed costs, Pilgrim’s Pride reported its third consecutive quarterly loss on Friday. The second-largest poultry processor in the world says it lost $162.5 million or 76 cents per share in the quarter compared to a profit of $59.7 million or 27 cents a share a year ago.
Sales were actually up 10 percent for the quarter ending September 25th to $1.89 billion but costs rose 25 percent to $1.95 billion pushing the company’s gross margin to a negative 3.3 percent.
$52.7 million of the loss was due to non-recurring charges including $14 million lost in foreign currency transactions and $11 million in restructuring charges.
For the first three quarters of the year, Pilgrim’s Pride reports a net loss of $411.4 million or $1.92 per share on sales of $5.7 billion.
Read the quarterly report here: