Sanderson Farms reports increased sales, big losses
by MBJ Staff
Published: August 25,2011
LAUREL — Sanderson Farms Inc. reported net sales for the third quarter of fiscal 2011 of $511.2 million, compared with $489.1 million for the same period a year ago.
For the quarter, the poultry company reported a net loss of $55.7 million, or $2.51 per share, compared with a net income of $36.1 million, or $1.55 per share, for the third quarter of fiscal 2010.
Net sales for the first nine months of fiscal 2011 were $1,418.2 million, compared with $1,396.3 million for the first nine months of fiscal 2010. The net loss for the first nine months of fiscal 2011 totaled $105.5 million, or $4.77 per share, compared with net income of $87.0 million, or $3.96 per share, for the first nine months of last year.
The net losses for the quarter and nine months ended July 31, 2011 include a charge, net of income tax, of $14.4 million, or $0.65 per share, to record the value of live inventories on hand at July 31, 2011, at market value.
“Sanderson Farms’ financial results for the third quarter of fiscal 2011 reflect difficult market conditions,” said Joe F. Sanderson Jr., chairman and CEO of Sanderson Farms. “Market prices for poultry products were significantly lower than last year’s third quarter. While retail grocery store demand has remained steady, food service demand remains sluggish, and will likely remain that way until the employment market gains traction and consumers regain their confidence and return to restaurants. We also incurred significantly higher costs for corn and soybean meal, our primary feed ingredients, compared with the same period a year ago.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- The Dan Jones-IHL saga: Is this the story that started it all?
- Email from Nash to Delta Council’s Morgan included in DHA court file
- Dan Jones rejects IHL offer, won't publicly apologize
- DAVID DALLAS — From Dan and Dixie with love
- Delta Health Alliance CEO Karen Fox under investigation for possible misuse of funds
- BREAKING NEWS: Trustees offer new deal to Ole Miss chancellor Dan Jones
- Suit against Kemper employee Brett Wingo is dismissed
- Ole Miss chancellor: Talks continue over job status
- Man charged in noose left on integration statue at Ole Miss