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Pilgrim's Pride fiscal Q2 profit falls 38.4% YOY

Pilgrim's Pride Corp. said its normalized net income for the fiscal second quarter ended June 26 was 57 cents per share, compared with the S&P Capital IQ consensus estimate of 64 cents per share.

EPS decreased 37.2% year over year from 90 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $144.5 million, a decrease of 38.4% from $234.6 million in the prior-year period.

The normalized profit margin declined to 5.3% from 11.4% in the year-earlier period.

Total revenue declined on an annual basis to $2.03 billion from $2.05 billion, and total operating expenses rose 7.2% year over year to $1.79 billion from $1.67 billion.

Reported net income decreased 36.7% on an annual basis to $153.0 million, or 60 cents per share, from $241.7 million, or 93 cents per share.