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Pilgrim's Pride Corporation Increases Fourth Fiscal Quarter Earnings Guidance

by 5m Editor
24 October 2005, at 12:00am

US - Pilgrim's Pride Corporation today announced that it is raising its previously issued earnings guidance for its fourth quarter of fiscal 2005 to a range of $1.07 to $1.12 per share versus the $0.90 to $1.00 per share range previously communicated by the Company, due to better results in both the Company's U.S. and Mexico chicken operations than was previously forecasted.

Pilgrim's Pride Corporation Increases Fourth Fiscal Quarter Earnings Guidance - US - Pilgrim's Pride Corporation today announced that it is raising its previously issued earnings guidance for its fourth quarter of fiscal 2005 to a range of $1.07 to $1.12 per share versus the $0.90 to $1.00 per share range previously communicated by the Company, due to better results in both the Company's U.S. and Mexico chicken operations than was previously forecasted.

The improved financial results were primarily attributable to higher than expected sales in the Company's U.S. chicken operations and better selling prices in the Company's Mexico operations on less volume than originally forecasted.

"We are very pleased that our fourth quarter of fiscal 2005 results are coming in ahead of our prior expectations and demand for our products was strong both domestically and internationally, stated O.B. Goolsby, Jr., President and Chief Executive Officer. Additionally, while we sincerely hope that the high pathogenic avian influenza virus that has plagued Asia for the last few years is brought under control quickly, we believe that over the short term this will keep demand strong in the international markets for high quality meat proteins being produced in the United States."

A conference call to discuss the Company's fourth quarter and full fiscal 2005 financial results will be held at 10:00 a.m. CST (11:00 a.m. EST) on November 7, 2005. To listen live via telephone, call 800-391-2548, verbal pass code Pilgrim's Pride or VG495227. The call will also be webcast live on the Internet at http://phx.corporate-ir.net/phoenix.zhtml?p=irol- eventDetails&c=68228&eventID=1146228 (Please copy and past the link into the browser).

The webcast will be available for replay within two hours of the conclusion of the call. A telephone replay will be available beginning at 2:00 p.m. CST on November 7 through November 14 at 800-355-2355 pass code 495227#.

Pilgrim's Pride Corporation is the second-largest poultry producer in the United States and Mexico and the largest chicken producer in Puerto Rico. Pilgrim's Pride employs more than 40,000 people and has major operations in Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with other facilities in Arizona, California, Iowa, Mississippi, Utah and Wisconsin.

Pilgrim's Pride products are sold to foodservice, retail and frozen entree customers. The Company's primary distribution is through retailers, foodservice distributors and restaurants throughout the United States and Puerto Rico and in the Northern and Central regions of Mexico.

Source: Pilgrims Pride - 24th October 2005

5m Editor