USA: Pilgrim’s Pride sees short-term boost from Katrina
US poultry producer Pilgrim’s Pride has said its facilities were not directly affected by hurricane Katrina and it therefore expects to see a short-term benefit from the lower US chicken production.
US poultry producer Pilgrim’s Pride has said its facilities were not directly affected by hurricane Katrina and it therefore expects to see a short-term benefit from the lower US chicken production.
The company said that the destruction caused by the hurricane would reduce production and supply, resulting in higher product pricing, reported Reuters. Pilgrim’s Pride also saw a temporary increase in demand for its chicken due to the damage to competitors’ facilities.
The company backed its forecast of fourth-quarter earnings per share of 90 cents to US$1, with sales expected to be between $1.39bn and $1.43bn.
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