Sanderson Farms, Inc. (SAFM) Misses Q3 EPS Expectations

Sanderson Farms, Inc. (NASDAQ: SAFM) reported Q3 EPS of $3.30, $0.52 worse than the analyst estimate of $3.82. Revenue for the quarter came in at $768.4 million versus the consensus estimate of $789.2 million.

Overall market prices for poultry products were higher in the third quarter of fiscal 2014 compared with prices in the third quarter of fiscal 2013. As measured by a simple average of the Georgia dock price for whole chickens, prices increased 5.3 percent compared with the third quarter of fiscal 2013. Boneless breast prices improved when compared to last year’s third fiscal quarter, averaging 2.0 percent higher than the prior-year period. Jumbo wing prices averaged $1.14 per pound for the third quarter of fiscal 2014, down 10.9 percent from the average of $1.28 per pound for the third quarter of fiscal 2013. The average quoted market price for bulk leg quarters was lower, averaging $0.49 per pound during the third fiscal quarter of 2014 compared to $0.51 during the third fiscal quarter of 2013. Cash prices for corn delivered to the Company decreased 28.7 percent compared with the third quarter a year ago, while the price for soybean meal delivered to the Company increased 17.6 percent. For the nine months ended July 31, 2014, the Company’s cash prices for corn decreased 33.7 percent and soybean meal increased 3.7 percent when compared to the nine months ended July 31, 2013.

For earnings history and earnings-related data on Sanderson Farms, Inc. (SAFM) click here.

You May Also Be Interested In

• Jefferies sees a buying opportunity in this S&P 500 sector
• Boxlight Corporation (BOXL) Tops Q2 EPS by 2050c
• Azitra, Inc. (AZTR) Tops Q2 EPS by 54c