Chicken farmer Pilgrim's Pride (PPC 4.28%) reported third-quarter results today after the markets closed, showing that it posted net revenues of $2.14 billion, a 3.3% increase from the $2.07 billion in the same period in the previous year, but below the $2.17 million Capital IQ consensus estimate.
Attributable net income came in at $160.9 million, or $0.62 per share, easily trumping the $42.9 million, or $0.17 per share, in the same period in 2012, and well ahead by $0.08 the CapIQ estimates of $0.54 per share.
Pilgrim's Pride has benefited from its export model, which allowed the chicken farmer to attain its goal of achieving 30% growth in value-added products year to date, even though Mexico's market remains volatile. Cash flows from operations remained healthy, coming in at $285.8 million for the quarter, enabling it to reduce debt levels by $252 million.
Pilgrim's Pride didn't provide guidance for the coming quarter or for its full-year 2013 results, but analysts anticipate that the chicken processor will post GAAP earnings of $0.44 per share in the fourth quarter and $1.76 per share for the fiscal year on revenues of $2.12 billion and $8.51 billion, respectively.
Shares of the company closed trading today down 2.1%, or $0.30, to $14.08.
