BMO Capital Markets analyst Kenneth Zaslow has raised his fiscal 2010 earnings forecast for Pilgrim’s Pride, despite the fact that the company on Friday reported lower second quarter sales and profits, and despite industry concerns about rising feedgrain prices.
Zaslow raised his fiscal 2010 earnings forecast to 47 cents per share from 38 cents.
In a note to investors, he cited four reasons for his optimism:
Pilgrim’s Pride’s 3.1 percent U.S. chicken margins illustrate initial signs that management has begun to improve underlying operating efficiencies by shifting toward value products, generating over $40 million in costs savings, regaining lost volume, and gaining market share across channels.
The company will likely be positioned to expand margins sequentially the reopening of the Russian market, improvement in product mix, and higher operating efficiencies. On Friday company executives indicated leg quarter sales to Russia are averaging 60 cents per pound for August and over 60 cents for September.
Pilgrim’s Pride expects total production to increase 3 percent (including higher weights) in 2011, which will still ensure production below 2008 levels.
The company is expected to begin deploying capital expenditures to improve operating efficiencies and reduce debt by at least $100 million.
Recent PPC News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 09:06:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 04:23:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/27/2024 07:13:38 PM
- Berkshire Reduces Stake in BofA, Hawaiian Airlines Soars 10%, Paramount Receives $4.3B Offer, and More • IH Market News • 08/20/2024 09:56:02 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/06/2024 09:22:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/06/2024 05:38:46 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/06/2024 02:22:12 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/06/2024 12:43:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/06/2024 12:39:53 PM
- Pilgrim’s Pride Reports Second Quarter 2024 Results with $4.6 Billion in Net Sales and Operating Income of $440.8 Million • GlobeNewswire Inc. • 07/31/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/11/2024 10:00:47 PM
- Pilgrim’s Pride Corporation to Host Second Quarter Earnings Call on August 1, 2024 • GlobeNewswire Inc. • 07/10/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 10:51:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 10:50:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 10:49:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 10:48:47 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 10:47:38 PM
- Pilgrim’s Pride Reports First Quarter 2024 Results with $4.4 Billion in Net Sales and Operating Income of $250.3 Million • GlobeNewswire Inc. • 05/01/2024 08:30:00 PM
- Pilgrim’s Pride Corporation to Host First Quarter Earnings Call on May 2, 2024 • GlobeNewswire Inc. • 04/10/2024 10:10:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 08:45:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 08:44:21 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 12:08:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 12:06:26 PM
- Pilgrim’s Pride Reports Fourth Quarter and Year-End 2023 Results • GlobeNewswire Inc. • 02/26/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/09/2024 10:17:35 PM
Transforming Alzheimer's Treatment: Innovative Combinations to Boost Cognition • PFE • Oct 2, 2024 9:00 AM
Unitronix Corp Unveils Cryptocurrency Investment Portfolio Strategy • UTRX • Oct 2, 2024 8:40 AM
Integrated Ventures, Inc Reports Total 2024 Revenues Of $5,863,935 vs $3,862,849 for 2023. • INTV • Oct 1, 2024 9:00 AM
Nightfood Signs Letter of Intent to Acquire Los Angeles Cooking School, Integrating Automation and Robotics with World-Class Culinary Training • NGTF • Oct 1, 2024 8:30 AM
ZenaTech, Inc. (NASDAQ: ZENA) To Commence Trading Today • COOP • Oct 1, 2024 7:00 AM
Element79 Gold Corp secures loi for launching tailings reprocessing business in Arequipa, Peru • ELMGF • Oct 1, 2024 6:38 AM