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Agriculture

Pilgrim's Pride posts profit

* EPS profit $1.07 vs loss $10.83

* Rev $1.74 bln vs $2.16 bln

CHICAGO, Nov 23 (Reuters) - U.S. chicken producer Pilgrim's Pride Corp PGPDQ.PK reported a quarterly profit on Monday, reversing a year-earlier loss, helped by higher chicken prices, lower feed costs and cost-cutting.

In a Securities and Exchange Commission filing, the bankrupt company reported earnings of $82.7 million, or $1.07 per share, for the fiscal fourth quarter, ended Sept. 26, compared with a year-earlier loss of $802 million, or $10.83 a share.

As part of its plan to exit bankruptcy, the Pittsburg, Texas, company has agreed to sell a majority stake to Brazilian meat producer JBS S.A. SJBSS3.SA.

Revenue for the quarter was $1.74 billion, down from $2.16 billion a year earlier.

Pilgrim’s Pride, once the largest U.S. chicken producer, filed for bankruptcy in December 2008 after nearly a year of losses due to high feed costs, slow chicken sales, and debt obligations stemming from its purchase of smaller rival Gold Kist Inc.

Since then it has closed and sold plants, reduced staff, and increased chicken prices.

For the full fiscal year, the company lost $151.6 million, or $2.05 a share, on sales of $7.09 billion, compared with a year-earlier loss of $998.58 million, or $14.40 per share, on revenue of $8.52 billion. (Reporting by Bob Burgdorfer; editing by John Wallace) ((bob.burgdorfer@thomsonreuters.com ; +1 312 408 8723; Reuters Messaging: bob.burgdorfer.reuters.com@reuters.net)) ((For help: Click “Contact Us” in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546))

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