Sanderson Farms, Inc. Reports Results for Third Quarter of Fiscal 2014
Business Wire
Sanderson Farms, Inc.
August 26, 2014 6:30 AM
LAUREL, Miss.--(BUSINESS WIRE)--
Sanderson Farms, Inc. (SAFM) today reported results for the third fiscal quarter and nine months ended July 31, 2014.
Net sales for the third quarter of fiscal 2014 were $768.4 million compared with $739.0 million for the same period a year ago. For the quarter, the Company reported net income of $76.1 million, or $3.30 per share, compared with net income of $67.9 million, or $2.95 per share, for the third quarter of fiscal 2013.
Net sales for the first nine months of fiscal 2014 were $2,014.0 million compared with $1,955.9 million for the first nine months of fiscal 2013. Net income for the first nine months of fiscal 2014 totaled $155.9 million, or $6.76 per share, compared with net income of $85.3 million, or $3.71 per share, for the first nine months of last year.
“Sanderson Farms’ financial results for the third quarter of fiscal 2014 reflect continued favorable market conditions,” said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. “Market prices for poultry products were higher than the third quarter of fiscal 2013, as the Georgia Dock whole bird price remained historically high during the quarter. The higher Georgia Dock price reflects good retail grocery store demand. While boneless breast meat prices peaked below last year’s high, they remained above $2.00 per pound through June and into July.”
Overall market prices for poultry products were higher in the third quarter of fiscal 2014 compared with prices in the third quarter of fiscal 2013. As measured by a simple average of the Georgia dock price for whole chickens, prices increased 5.3 percent compared with the third quarter of fiscal 2013. Less
Sentiment: Buy
