US poultry giant Sanderson Farms has reported an annual profit thanks to higher poultry prices and increased production.
In the 12 months to the end of of October, earnings amounted to US$53.9m compared to a net loss of $127.1m last year as a result of higher costs and a “weak” poultry market.
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Sanderson made an operating profit in the period of $96.3m compared with an operating loss of $188.4m last year, the company reported today (18 December).
The return to profitability reflected higher production as the company completed the ramp up to near full production at its facility in Kinston in North Carolina, Sanderson said. Net sales climbed 20.7% to $2.39bn.
“We are pleased that our profitability during fiscal 2012 allowed us to significantly reduce outstanding debt and strengthen our balance sheet,” said CEO Joe Sanderson. “As a result, we believe we are well positioned to continue our growth strategy once market conditions improve.
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