030726 Pilgrim's Pride Raises Third Quarter EstimateJuly 15, 2003Pittsburg, TX - Pilgrim's Pride Corporation, the third-largest chicken producer in the U.S., announced that it expects earnings for the third quarter of fiscal 2003 to be higher than its previously released guidance and securities analysts' published estimates. The company now expects earnings for the quarter ending June 30, 2003 to be in the range of $.40 to $.42 per share, which includes approximately $.24 to $.26 per share of non-recurring gains. O.B. Goolsby, president and chief operating officer of Pilgrim's Pride, said, "Our stronger-than-expected performance in the third quarter reflects improved fresh chicken markets and significant profit improvement in our Mexico operations from increased grow out efficiencies, as well as additional non- recurring gains from our vitamin lawsuit settlements. We look forward to discussing our quarterly results in greater detail on our July 23rd conference call." Pilgrim's Pride also announced that, in connection with its definitive share purchase agreement with ConAgra Foods, Inc., to acquire ConAgra's chicken division, the required waiting period under the Hart- Scott-Rodino Antitrust Improvements Act of 1976 has expired. As previously announced, Pilgrim's Pride expects to complete the acquisition in the third calendar quarter of 2003. About Pilgrim's Pride Pilgrim's Pride Corporation is the second-largest poultry producer in the United States -- the third-largest in chicken and fifth-largest in turkey -- and the second largest chicken company in Mexico. Pilgrim's Pride employs more than 24,500 persons and operates processing and further processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, North Carolina, Pennsylvania, Virginia and West Virginia and Mexico. Pilgrim's Pride products are sold to foodservice, retail and frozen entree customers. The Company's primary distribution is through retailers and restaurants throughout the United States and in the Northern and Central regions of Mexico and to the foodservice industry nationwide in both countries.
E-mail: sflanagan@sprintmail.com |
