Pilgrim's Pride Corp. swung to a fourth-quarter profit as the poultry processor's sales and margins strengthened and expenses declined.
A tax benefit also boosted the latest period's results.
Pilgrim's has bounced back in recent quarters from a particularly difficult 2011, when it posted a streak of losses due to surging feed costs and weak prices for chicken meat during a historically large glut in supplies. The downturn was part of a long-running boom-and-bust cycle that has over many years forced chicken processors to consolidate or shut down.
In August, Pilgrim's sold its commercial-egg operations to Cal-Maine Foods Inc. (CALM), the largest producer and distributor of fresh-shell eggs in the U.S. The sale included two production complexes with capacity for about 1.4 million laying hens and land located near Pittsburg, Texas.
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