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Pilgrim's Pride fiscal Q1 profit falls 42.6% YOY

Pilgrim's Pride Corp. said its normalized net income for the fiscal first quarter ended March 27 came to 44 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS declined 41.5% year over year from 76 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $113.2 million, a decline of 42.6% from $197.3 million in the prior-year period.

The normalized profit margin fell to 5.8% from 9.6% in the year-earlier period.

Total revenue declined on an annual basis to $1.96 billion from $2.05 billion, and total operating expenses rose year over year to $1.77 billion from $1.73 billion.

Reported net income declined 42.8% on an annual basis to $117.4 million, or 46 cents per share, from $205.3 million, or 79 cents per share.