Poultry processor Pilgrim's Pride jumps to over 1-1/2-year high on Q4 results beat

Pilgrims Pride

26/02/2024 15:27

(Updates)
    ** Shares of poultry processor Pilgrim's Pride  PPC.O  up as
much as 8% at $31.15, highest since Aug. 2022
    ** Co beats Q4 sales and profit estimates, helped by
resilient demand for case-ready food, improving supply chain and
production along with easing input costs
    ** PPC posts Q4 sales of $4.53 bln vs. LSEG estimates of
$4.48 bln
    ** Logs adj. profit of 59 cents per share, topping analysts'
estimates of 40 cents per share
    ** If gains hold, stock set for best day since July 13
    ** Co says its digital platforms remain a key driver for
sales growth
    ** "Given the actual market conditions, the affordability
and availability of chicken resonated with consumers" - CEO
Fabio Sandri
    ** In 2023, stock rose nearly 17%

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))