Heat fries Sanderson Farms’ quarterly sales
LAUREL — Poultry processor Sanderson Farms Inc. said today that its third-quarter profit fell 16 percent as sales dipped.
The results fell short of Wall Street forecasts, and its shares dropped $2.16, or 5 percent, to $41 in pre-market trading.
Chairman and CEO Joe F. Sanderson Jr. said high temperatures were partly to blame for the quarter’s results, because the warm weather made it difficult for chickens to gain weight. That means the company was able to sell fewer pounds of meat. Market prices were also lower.
For the three-month period that ended July 31, Sanderson reported net income of $36.1 million, or $1.55 per share, down from $43 million, or $2.06 per share, a year ago.
Sales fell 3 percent to $489.1 million from $504.8 million a year earlier.
Analysts surveyed by Thomson Reuters expected the company to earn $1.87 per share on revenue of $519 million.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Mad Genius, Eyevox owner acquires Mississippi Film Studios
- UPDATE — David Watkins says JRA left him in dark about HUD's Farish St. involvement
- Payday lender, fired executive exchanging blame for lender’s regulatory woes
- Grain buyer’s bankruptcy could take steep toll on Delta farmers
- UMMC reaching out after death of high school football player
- Report: Mississippi has worst child poverty rate in U.S.
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- UPDATED: Jackson agrees to repay HUD $1.5 million for Farish Street blunders
- Fitch gives Mississippi Power a negative outlook due to Kemper plant