The Wall Street Journal-20080130-Earnings Digest -- Food- Pilgrim-s Pride Corp-

Return to: The_Wall_Street_Journal-20080130

Earnings Digest -- Food: Pilgrim's Pride Corp.

Full Text (105  words)

Pilgrim's Pride Corp.'s fiscal first-quarter loss widened amid a tax charge and surging grain costs at the poultry seller, which said costs would continue to skyrocket. Interim Chief Executive Ken Pilgrim said that given the soaring prices of feed, overall production is not likely to grow at the 3% rate projected by the Agriculture Department last fall. The Pittsburgh, Texas, chicken producer said revenue rose 57% in the quarter ended Dec. 29, aided by the late 2006 acquisition of Gold Kist, while gross margin rose to 5.1% from 4.9%. The firm said total feed-ingredient costs for fiscal 2008 would be up more than $700 million.