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Pilgrim's Pride profit misses consensus by 17.3% in fiscal Q3

Pilgrim's Pride Corp. said its normalized net income for the fiscal third quarter ended Sept. 25 was 37 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS decreased 27.6% year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $93.8 million, a decrease of 28.9% from $131.9 million in the year-earlier period.

The normalized profit margin fell to 3.9% from 6.2% in the year-earlier period.

Total revenue declined year over year to $2.03 billion from $2.11 billion, and total operating expenses totaled $1.87 billion, compared with $1.88 billion in the year-earlier period.

Reported net income declined 27.7% year over year to $99.4 million, or 39 cents per share, from $137.5 million, or 53 cents per share.