UPDATE 2-Pilgrim's Pride Corp reports wider Q1 loss

(Adds details, economist comment, byline)

By Bob Burgdorfer

CHICAGO, Feb 5 (Reuters) - U.S. chicken producer Pilgrim's Pride Corp (PGPDQ.PK), which is operating under federal bankruptcy protection, reported a much wider first quarter loss on lower revenue on Thursday.

The company filed for Chapter 11 bankruptcy protection on Dec. 1, 2008, after struggling for nearly a year with high feed costs and low meat prices. Plus it was saddled with debt after buying smaller rival Gold Kist Inc in December 2006.

In a filing with the U.S. Securities Exchange Commission, the nation's largest chicken producer reported a loss of $228.78 million, or $3.09 per share, for the quarter ended Dec. 27 compared with a year-earlier loss of $32.33 million, or 49 cents a share.

The results included $3.7 million in restructuring charges and a $1.3 million adjustment that reduced severance and employee retention costs.

"We continue to review and evaluate various restructuring and other alternatives to streamline our operations," the company said in the filing.

These alternatives may include selling assets, idling facilities, consolidating operations and functions, and relocating or reducing production, it said.

Revenue for the period was $1.88 billion compared with year-ago revenue $2.05 billion.