Demand for chicken boosted profits at US meat giant Sanderson Farms in the first-half of its fiscal year.
For the six months ended 30 April, the firm earned US$50.9m compared to a profit of $19.5m in the prior year. Net sales climbed 11.2% to $907.2m.
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“We are pleased with the performance of Sanderson Farms during the second fiscal quarter of 2010,” said Joe Sanderson, chairman and CEO. “Demand for chicken at retail grocery stores remains strong and the ongoing issues we and our industry face in export markets have not yet significantly disrupted the markets.”
The company said it remains “cautiously optimistic” as its heads into the summer months and what is typically a period of better demand for chicken.
In the second quarter, the company earned $35.1m, an increase on the $26.2m earned in 2009. Net sales rose to $487.1m from $426.8m in a year earlier.
Sanderson said market prices for poultry products were mixed during the second quarter of fiscal 2010 compared with the same quarter a year ago.
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By GlobalDataClick here for the full earnings release and click here for more on Sanderson’s thoughts on poultry production in 2010.
