Sanderson Farms back in black
Published: June 5,2009
LAUREL — Sanderson Farms Inc. reports net sales for the second quarter of fiscal 2009 were $426.8 million, compared with $433.9 million for the same period a year ago. For the quarter, net income was $26.2 million, or $1.27 per fully diluted share, compared with net income of $6.2 million, or $0.30 per fully diluted share, for the second quarter of fiscal 2008.
Net sales for the first six months of fiscal 2009 were $815.6 million, compared with $796.4 million for the first half of fiscal 2008. Net income for the first half of the year totaled $19.5 million, or $0.95 per fully diluted share, compared with net income of $12.4 million, or $0.61 per fully diluted share, for the first six months of last year.
“We are pleased to report a return to profitability for Sanderson Farms during the second fiscal quarter of 2009,” said Joe F. Sanderson Jr., chairman and CEO of Sanderson Farms. “Our results reflect improved market conditions for the poultry industry and the efficient management of our operations by our managers, employees and contract producers. Much of the market improvement is due to production cuts and resulting reduced supply of chicken in the market. Demand for chicken at retail grocery stores remains strong and the export market improved compared to our first quarter. However, as in the previous two quarters, demand from some food service customers has been adversely affected by the economic downturn, as demand for protein consumed away from home remains soft. We also benefited from lower feed costs during the quarter compared with a year ago.”
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