Sanderson Farms (SAFM) Tops Q3 EPS by 31c, Sales Miss
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Sanderson Farms (NASDAQ: SAFM) reported Q3 EPS of $2.42, $0.31 better than the analyst estimate of $2.11. Revenue for the quarter came in at $728 million versus the consensus estimate of $743.77 million.
“Sanderson Farms’ financial results for the third quarter of fiscal 2016 reflect a continued favorable balance of the supply and demand for fresh chicken sold to retail grocery store customers,” said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. “That balance was reflected in a Georgia Dock whole bird price that, while lower on average than during last year’s third fiscal quarter, remained strong during the current third fiscal quarter. Market prices for products from our plants that process a larger bird were mixed during the quarter when compared with last year’s third fiscal quarter. Bulk leg quarter prices came under pressure during last year’s third fiscal quarter as a result of weak export demand due to bans on United States poultry products related to the discovery of avian influenza in the United States, a relatively strong United States dollar and lower oil revenue in countries with oil-based economies. Market prices for bulk leg quarters were higher this year as all avian influenza-related import bans have been lifted except for China’s, but prices remain below historical averages as the other headwinds remain. Food service traffic and demand in the United States remain stubbornly static, and flat demand combined with additional industry production and higher domestic poultry supplies as a result of lower exports kept a lid on market prices for boneless breast meat during our third fiscal quarter. However, market prices for boneless breast meat have moved significantly higher during August.”
For earnings history and earnings-related data on Sanderson Farms (SAFM) click here.
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