PITTSBURG, Texas (AP)--Pilgrim's Pride Corp.'s fiscal first-quarter income soared, driven by strong performance from the poultry producer's prepared foods and fresh chicken business, lower feed-ingredient costs, rising exports and strong demand in the foodservice sector.

The company said results also were helped by the successful integration of the ConAgra Foods Inc. chicken division it acquired in November 2003.

Pilgrim's Pride said its fiscal first-quarter net income rose to $48.5 million, or 73 cents a share, bracketing the company's expectation of 68 cents to 73 cents a share for the quarter. The results beat Wall Street's average projection of 71 cents a share, according to a survey of analysts by Thomson First Call.

In the year-ago quarter, the company earned $10.3 million, or 20 cents a share.

For the fiscal first quarter ended Jan. 1, sales rose to $1.37 billion from $1.04 billion a year ago. Analysts surveyed by First Call projected sales of $1.32 billion for the quarter.

The company said it expects further growth in its chicken business due to favorable consumer trends and demand.

Pilgrim's Pride earned $128 million on sales of $5.4 billion in 2004.

Date: 1/24/05

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