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Pilgrim's Pride fiscal Q2 profit climbs 34.5% YOY

Pilgrim's Pride Corp. said its normalized net income for the fiscal second quarter ended June 25 amounted to 88 cents per share, compared with the S&P Capital IQ consensus estimate of 83 cents per share.

EPS increased 37.7% year over year from 64 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $219.3 million, a gain of 34.5% from $163.1 million in the prior-year period.

The normalized profit margin increased to 7.2% from 5.3% in the year-earlier period.

Total revenue declined 26.2% on an annual basis to $2.25 billion from $3.05 billion, and total operating expenses fell 31.8% on an annual basis to $1.89 billion from $2.77 billion.

Reported net income increased 52.9% on an annual basis to $234.0 million, or 94 cents per share, from $153.0 million, or 60 cents per share.