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Pilgrim's Pride fiscal Q1 profit climbs YOY

Pilgrim's Pride Corp. said its normalized net income for the fiscal first quarter ended March 29 amounted to 76 cents per share, compared with the S&P Capital IQ consensus estimate of 77 cents per share.

EPS rose year over year from 37 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $197.3 million, an increase from $94.9 million in the prior-year period.

The normalized profit margin increased to 9.6% from 4.7% in the year-earlier period.

Total revenue increased year over year to $2.05 billion from $2.02 billion, and total operating expenses fell 6.6% on an annual basis to $1.73 billion from $1.85 billion.

Reported net income rose from the prior-year period to $205.3 million, or 79 cents per share, from $98.6 million, or 38 cents per share.