Pilgrim's Pride Q1 Profit Down, Adj. EPS, Topline Beat View

(RTTNews) - Poultry producer Pilgrim's Pride Corp. (PPC) reported sharply lower profit in its first quarter. Adjusted earnings and net sales dropped, but beat market estimates.

For the quarter, net income was $5.19 million, down from $280.44 million last year.

Earnings per share fell 98.3 percent to $0.02 from $1.15 a year earlier. Adjusted net income was $19.0 million or $0.08 per share, compared to $287.15 million or $1.18 per share last year.

On average, four analysts polled by Thomson Reuters expected earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales dropped 1.8 percent to $4.17 billion from last year's $4.24 billion. Analysts expected net sales of $4.09 billion.

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