Pilgrim’s Pride facing significant loss
Pilgrim’s Pride warned shareholders and the investment community that it will face a “significant loss” in its fiscal fourth quarter ending 27 September.
The poultry processor blames the pending loss on high feed prices, continued weak pricing and demand for chicken breast meat. It was also stated that the company’s acquisition of Gold Kist in January 2007 added further financial pressure on the company, resulting in $1 billion in debt.
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