Sanderson Farms Q3 net sales decline to $489.1m
Sanderson Farms, a producer, processor, marketer and distributor of frozen chicken and other prepared food items, has reported net sales of $489.1m for the third quarter of fiscal 2010, compared with $504.8m for the same quarter a year ago.
For the quarter, the company reported net income of $36.1m or $1.55 per share, compared with $43m or $2.06 per share, for the third quarter of fiscal 2009.
According to Sanderson, overall market prices for poultry products were slightly lower in the third quarter of fiscal 2010, compared with prices in the third quarter of fiscal 2009. As measured by a simple average of the Georgia dock price for whole chickens, prices were relatively flat, showing a 1% decline compared with the third quarter of fiscal 2009.
Net sales for the first nine months of fiscal 2010 were $1.39bn, compared with $1.32bn for the first nine months of fiscal 2009. Net income for the first nine months of fiscal 2010 totaled $87m or $3.96 per share, compared with $62.5m or $3 per share, for the first nine months of last year.
Sanderson Farms Jr chairman and CEO Joe Sanderson said that market prices for poultry products were lower than last year’s third quarter. Retail grocery store demand has remained strong, although food service demand has remained sluggish, and will likely remain that way until the employment market gains traction and more consumers return to restaurants.
“Overall, our operations continue to run well, resulting in solid operating margins for the third quarter. We were also able to benefit from slightly lower costs for corn and soybean meal, our primary feed ingredients, compared with the same period a year ago. Despite lower grain costs, live production costs were negatively affected by the extreme heat across our production areas,” Sanderson said.
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