Pilgrim's Pride Declines After Operating Profit Misses Analysts' Estimates

Pilgrim’s Pride Corp., a unit of Brazilian meat processor JBS SA, fell the most in more than two months in New York trading after operating income missed analysts’ estimates.

Operating income dropped 52 percent to $51.9 million in the second quarter from a year earlier, the Pittsburg, Texas-based company said in a statement today. That trailed the $63 million estimate of BMO Capital Markets analyst Kenneth Zaslow and the $116 million projection of B. Riley & Co. analyst Scott Bunton, according to data compiled by Bloomberg.

Pilgrim’s Pride fell 53 cents, or 7.6 percent, to $6.43 at 10:08 a.m. in New York Stock Exchange composite trading. The shares earlier declined as much as 16 percent, the biggest intraday drop since May 6. The stock fell 22 percent this year before today.

JBS owns 64 percent of the common stock of Pilgrim’s Pride, according to the unit’s website.

To contact the reporter on this story: Shruti Singh in Chicago at ssingh28@bloomberg.net

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