Pilgrim's Pride Shares Drop In The After Hours Following Quarterly Results

(RTTNews) - Shares of meat and poultry company Pilgrim's Pride Corp. (PPC) were down 3.2% on Wednesday's extended trading perhaps after a decline in fourth-quarter sales. Earnings, however, came in higher than last year's.

For the fourth quarter, net sales declined 3.5% to $4.37 billion from $4.53 billion a year ago.

The company, however recorded a rise in earnings to $235.85 million or $0.99 per share, higher than $134.65 million or $0.57 per share recorded in the previous-year quarter.

Adjusted income was $321.75 million or $1.35 per share for the period, compared to $139.30 million or $0.59 per share in the same quarter last year.

Wednesday after market hours, the stock was trading at $48.72, down 3% on the NYSE.