PREVIEW-Tyson Foods, Pilgrim's Pride weak link may be chicken

* What: Tyson Foods, Pilgrim's Pride results

* When: Pilgrim's Pride reports on Feb. 4, Tyson on Feb. 5

* Beef and pork seen driving Tyson profits

* Weak chicken results likely

* Pilgrim's Pride reporting first time since bankruptcy

By Bob Burgdorfer

CHICAGO, Feb 3 (Reuters) - U.S. meat company Tyson Foods Inc (TSN.N) and chicken producer Pilgrim's Pride Corp (PPC.N) will report quarterly results this week and analysts are expecting chicken results from both to be their weak link.

Tyson is the nation's largest meat company and should report a profit on Friday, compared with a year-ago loss. The company produces beef, pork, and chicken, and analysts said the beef and pork should be the profit drivers.

On average, Tyson is forecast to report a profit of 18 cents per share, according Thomson Reuters I/B/E/S. A year-ago it had a loss of 30 cents a share, which was largely due to its chicken unit.

Pilgrim's Pride will report quarterly results on Thursday, which will be its first quarterly results since exiting Chapter 11 bankruptcy in December.

As part of its bankruptcy restructuring, Pilgrim's Pride sold a majority stake to Brazilian meat company JBS SA (JBSS3.SA).

A year earlier, Pilgrim's Pride reported a quarterly loss of $228.78 million, or $3.09 per share, which included $3.7 million in restructuring charges.

And because of its dependency on chicken, the forecast for a profit at Pilgrim's Pride was less clear.

"Chicken profitability in late 2009 was a struggle. I think it is touch and go if the industry will post a profit on chicken," Jim Robb, economist at the Livestock Marketing Information Center.

Corn prices were above $4 per bushel for much of the period while breast meat prices dropped to near $1 per pound.

"Chicken prices hit their low in October," said Paul Aho, economist with the consulting firm Poultry Perspective.

BEEF AND PORK PROFITABLE

In late 2009, beef and pork processors were mostly profitable, helped by exports and by better hide and offal prices, said Robb. Offals are non-meat items such as livers, tongues, and internal organs, and are generally exported.

"Tyson will certainly be a clear profit," Rich Nelson. analyst at Allendale Inc, said, but he said the profits will be largely in the beef and pork sector.

On average, beef processors earned an estimated $2.27 per head per week in the quarter, while pork processors earned $5.48 per head per week, according to HedgersEdge.com.

"Beef packer profit margins were estimated to be up 20 to 25 percent in the last three months of 2009 versus 2008," said Robb. "Pork profit margins were up an estimated 30 to 35 percent from 2008."

Analysts on Friday will be anxious to hear any comments from the companies regarding a resolution to a dispute with Russia about U.S. chicken.

Russia has been the top export market for U.S. chicken, but recently banned the meat because U.S. producers use a chlorine wash, which Russian claim violates its food safety standards. The two countries have been talking to resolve the issue.

(Reporting by Bob Burgdorfer; Editing by Bernard Orr)