NEW YORK AP - Despite reporting a loss Tuesday, shares of chicken processor Pilgrim's Pride Corp. rose more than 4 percent on word an acquisition would result in more savings than expected.Pilgrim's Pride swung to a loss of $8.7 million and posted flat revenue for the first quarter, mainly due to higher feed costs that have hurt the entire chicken industry.
January 30, 2007 at 12:00 AM
1 minute read
NEW YORK AP – Despite reporting a loss Tuesday, shares of chicken processor Pilgrim’s Pride Corp. rose more than 4 percent on word an acquisition would result in more savings than expected.
Pilgrim’s Pride swung to a loss of $8.7 million and posted flat revenue for the first quarter, mainly due to higher feed costs that have hurt the entire chicken industry. The company singled out surging demand for corn-based ethanol as a major factor driving up the costs of feed.
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