Today Don Jackson, Pilgrim's Pride president & chief executive commented on the company's second quarter earnings:
Our results for the second quarter reflect significant improvement from the first quarter, a sign that the operational and structural changes we have made over the past 18 months are beginning to pay off. We are making progress in a number of areas, including new business, cost control and operating efficiencies. We continue to make gains in live operations and plant costs. Cost improvement in the short-term, and product mix and price in the long-term, continue to be our largest opportunities for creating value. We are succeeding in bringing in new, higher-margin business in both retail and foodservice in the third quarter.While the second quarter earnings fell far below last year's posting, the announcement was still seen as a positive, in that earnings did not fall as sharply as predicted; signs that changes made to the company's infrastructure & market conditions, such as higher leg prices, were working in their favor.
Further Reading:
Wisconsin Ag Connection breaks down the numbers.
Businessweek Pre-Market roundup.
AP Article on Pilgrim's Pride
