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.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Deal for Jackson-Orlando flights in works with Allegiant
- Baseball stadium for Farish Street? It’s possible
- State GOP chairman calls on McDaniel to hurry with challenge
- Explosion at Coast fish plant leaves one dead, three injured
- McCarthy hired as CFO of Mississippi Development Authority
- Former Gov. Musgrove pushing lawsuit to school districts
- Guns OK inside Mississippi polling places, attorney general says
- Former state lawmaker Green dies at home at age 62
- White House hotel making comeback in Biloxi
- 'Get on Up' movie premiers in Madison with Chadwick Boseman and Tate Taylor walking the red carpet