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Pilgrim's Pride Boosts 1Q Profit, Sales

Pilgrim's Pride Corp. boosted profit and sales in its latest quarter, but warned of challenges finding workers for its plants.

The chicken and pork processor reported net income attributable to the company of $100.2 million for its fiscal first quarter, compared with earnings of $67.3 million for the year-earlier period.

Chicken, Labor Costs Grow for Wingstop -- Market Talk

0817 ET - Chicken-brand Wingstop says its 1Q company-store margins suffered because of a 25.8% increase in the cost of bone-in chicken wings as compared to the prior year's period. Food and packaging costs were up 41.6% and labor grew 21.2% in the March period compared to last year. Consumers have flocked to wings during the pandemic, and Wingstop posted a 20.7% same-store sales increase for its US stores. Earnings per share of 44 cents beat expectations. Shares rise 2.1% premarket. (heather.haddon@wsj.com; @heatherhaddon)

Yum Returns to Restaurant, Digital Development -- Market Talk

0859 ET - Yum Brands says it expects to increase its number of global restaurants by at least 3% in FY21, and expects to return to its pre-pandemic 4% unit growth sooner than expected. The KFC owner says in 1Q earnings that its sales are recovering from pandemic, particularly as its invested in online order technologies. Digital sales placed ahead of time are helping to improve US drive-through times at KFC and Taco Bell, the company says, even as the volume of cars surged during the pandemic. (heather.haddon@wsj.com; @heatherhaddon)

STORIES OF INTEREST

Uber Tweaks App to Further Integrate Food With Rides

Uber Technologies Inc. is adding features to its app that will further entwine the rides and food-delivery businesses as it steers toward a future when a vaccinated public starts traveling, going to work and potentially ordering-in less frequently.

One feature enables passengers to book and pick up meals while en route somewhere in an Uber. The San Francisco-based company said its rides app will ping passengers requesting trips from airports, asking whether they would like food delivered through its Eats app wherever they are headed.

Unions Criticize Nestle for UK Job Cuts

U.K. trade unions GMB and Unite have criticized Nestle SA's plans to cut nearly 600 jobs in the U.K.

On Wednesday, GMB said the Swiss consumer-goods giant is set to cut 98 jobs at its York facility, and 475 jobs at its Fawdon site by 2023, where it produces Kit Kat chocolate bars and Fruit Pastilles.

FUTURES MARKETS

Hog Futures Up on Supply View -- Market Talk

1530 ET - Indications that hog supplies are tight have lifted the most-active futures contract Wednesday, with the contract closing up 2.3% to $1.09125 per pound. Tightness in pig availability in the supply chain is being felt in prices today. "Tightening of the breeding herd has limited available hog supplies and kept feeder pig prices counter seasonally high," says Steiner Consulting Group. "Since the start of the year, early weaned feeder pig prices have been holding steady at about $50 per head. Typically, during the summer months, early weaned pig prices will decline, but so far that decline has been slow to occur." Meanwhile, live cattle futures closed down 0.4% to $1.1545 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 28 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Apr 28       -$ 25.86            +$ 87.90 
 
Apr 27       -$ 19.48            +$ 92.18 
 
Apr 26       -$ 13.65            +$ 89.38 
 
 
* Based on Iowa State University's latest estimated cost of production. 
A positive number indicates a processing margin above the cost of production of the animals. 
 
Beef-O-Meter 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
 
                                  Beef 
          For Today              Choice   93.8 
      (Percent of Year-Ago)      Select   93.4 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday rose $1.51 per hundred pounds, to $292.50, according to the USDA. Select-grade prices fell 53 cents per hundred pounds, to $279.00. The total load count was 130. Wholesale pork prices fell $1.99, to $106.62 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

April 28, 2021 17:25 ET (21:25 GMT)

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