UPDATE 1-Pilgrim's Pride posts smaller quarterly loss

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CHICAGO, May 7 (Reuters) - U.S. chicken producer Pilgrim's Pride Corp (PGPDQ.PK), which is operating under bankruptcy protection, had a smaller second-quarter loss, according to a U.S. Securities and Exchange Commission filing on Thursday.

The Pittsburg, Texas, company, once the largest U.S. chicken producer, has cut production, closed plants, consolidated operations, and laid off workers as it works to return to profitability.

For the quarter ended March 28, the company lost $58.77 million, or 79 cents a share, compared with a loss of $111.45 million, or $1.67 a share, a year earlier.

On an operating basis, before taxes and reorganization expenses, it earned $20.28 million, compared with a loss of $143.63 million a year earlier.

Revenue fell to $1.7 billion from $2.1 billion a year earlier.

Pilgrim's Pride filed for bankruptcy in December after struggling with high feed costs, low chicken prices and large debt.

In February, the company said it expected to exit bankruptcy by late this year. (Reporting by Bob Burgdorfer; Editing by Richard Chang and Steve Orlofsky)