Poultry processor Sanderson Farms reports positive profit
Sanderson Farms reports good profits, despite
struggles against high poultry feed prices.
For the second fiscal quarter ended April 30, the US chicken processor announced net earnings of US$6.2 mln, or 30 US cents per share. This is a drop from the $26.9 mln ($1.33 per share) earned in the previous year.
Net sales for the second quarter were $433.9 mln. This is an increase, up from $360.5 mln when compared to the year before.
"We are pleased to report a profit during our second fiscal quarter, in spite of challenging industry fundamentals," said Chairman and CEO Joe F. Sanderson Jr.
However, it is also reported that Sanderson said that the company will need to increase earnings, and to do this, chicken prices will have to increase. "White meat prices have to move up substantially from where they are today to move this industry into a profitable area â€¦ and we're not there yet," he added.
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