Sanderson Farms profits jump on increased poultry prices
Sanderson Farms Inc. has said that its fiscal third-quarter profit soared due to increased poultry prices.
Earnings reported by the poultry processor for the period ending 31 July leaped to US$30.7 million ($1.51 per share), versus US$3.3 million (16 cents per share) in the previous year.
Additionally, quarterly revenue climbed to $394.8 million (up 41%) from $281 million a year previously.
“Market prices for all poultry products were higher during the quarter than the prices we experienced during the third quarter of last year, and allowed the company to more than offset the significantly higher feed grain prices we experienced during the quarter,” stated chairman and chief executive Joe F. Sanderson Jr.