CORRECTED – UPDATE 2-Pilgrim’s Pride posts profit on cost cuts

(Corrects month the company emerged from bankruptcy to
December from ‘last month’)

* Profit $33.6 mln, or 44 cents a share

* Rev $1.6 bln vs $1.88 bln.
(Adds restructuring charges, change in fiscal year)

CHICAGO, Feb 4 (BestGrowthStock) – Poultry producer Pilgrim’s Pride
Corp (PPC.N: ), which emerged from bankruptcy in December, posted
a profit for the quarter ended that month as it benefited from
a wide range of cost-cutting efforts.

During bankruptcy, the company closed and sold plants,
reduced production, laid off workers, and sold a majority stake
to Brazilian meat company JBS SA (JBSS3.SA: ).

In December, the company changed its fiscal year to January
to December from October to September to coincide with JBS’
fiscal calendar. Thursday’s results were for the transition
period September to December 2009.

For the quarter ended Dec. 27, it reported a profit of
$33.6 million, or 44 cents per share, compared with a
year-earlier loss of $228.8 million, or $3.09 per share.

Revenue was $1.60 billion, compared with $1.88 billion a
year earlier, it said in a regulatory filing.

The latest results included restructuring charges of $4.5
million and losses of $2.9 million related to the closing of
some processing plants.

While the cost of feed declined in 2009 from 2008,
Pilgrim’s said corn and soybean meal prices remain volatile.

High feed costs in 2008, when corn topped $7.50 per bushel,
was one reason Pilgrim’s filed for bankruptcy. At the time, the
company was the largest U.S. chicken producer, but it has since
reduced production.

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(Reporting by Bob Burgdorfer; Editing by Lisa Von Ahn and John

CORRECTED – UPDATE 2-Pilgrim’s Pride posts profit on cost cuts