Pilgrim's Pride has reported a significant drop in profit and sales for its second quarter, attributed to reductions in commodity market pricing. The company logged a profit of $13.4 million, or 6 cents a share, a stark contrast to the $355.5 million, or $1.49 a share, recorded in the same period last year.

Adjusted earnings, excluding certain one-time items, came in at 64 cents a share, falling short of Wall Street's expectation of 70 cents a share, according to Fact Set. The company stated that the decline in profitability was a direct result of lower commodity market prices.

Despite the financial downturn, Pilgrim's Pride indicated that its ongoing projects aimed at boosting sales and managing the effects of commodity volatility are proceeding as planned. The company continues its efforts to navigate the challenging market conditions.