By Roshan Fernandez

Shares of Pilgrim's Pride fell after the poultry producer reported first-quarter results that missed Wall Street's estimates for earnings per share and profit.

Shares fell 14.3% to $46.80 during Thursday's trading. The stock is up about 3% year to date.

Late Wednesday, the Greeley, Colo.-based company reported per-share earnings of $1.31 excluding one-time items, just below the $1.34 per share that analysts were expecting, according to FactSet.

The company reported $296 million in net profit, missing analysts' expectations of $325 million.

Consumers are purchasing less per trip to the grocery store while shopping more frequently, said Fabio Sandri, Pilgrim's Pride's chief executive. He said that signifies stretched household budgets as consumers are still concerned about inflation and prices.

In the restaurant sector, there are fewer dining-out occasions and foot traffic is declining, Sandri said.

Sandri also said tariff disputes are leaving the soybean complex more exposed, compared with corn markets. Two of the main ingredients in livestock feed are corn and soybeans.

Winter weather and port disruptions in January also affected export volumes in the first quarter, Sandri said.

Write to Roshan Fernandez at roshan.fernandez@wsj.com

(END) Dow Jones Newswires

May 01, 2025 12:34 ET (16:34 GMT)

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