Pilgrim's Pride reported lower profit and sales in its second quarter, citing commodity market pricing reductions.

The chicken and pork manufacturer logged a profit of $13.4 million, or 6 cents a share, compared with $355.5 million, or $1.49 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were 64 cents a share. Wall Street was expecting 70 cents a share, according to FactSet.

The company said profitability declined due to commodity market pricing reductions. It added that projects to drive sales and mitigate the impact of the commodity volatility remain on schedule.

Net sales rose to $4.63 billion from $4.76 billion a year prior. Analysts polled by FactSet were expecting sales of $4.7 billion.

Chief Executive Fabio Sandri said that while consumer interest in chicken remained healthy, supply growth exceeded demand. He added that the company was focusing on closing operational gaps and investing in plant upgrades to increase its internal supply capabilities and support customer growth.