Chicken and prepared foods group Sanderson Farms has posted rising quarterly profits of US$30.7m on the back of higher prices and improved market conditions.
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Third-quarter net profit reached US$30.7m, up from $3.3m on the same period last year. Net sales for the third quarter also rose strongly from $281m to $394.8m.
“Our performance during the third quarter of fiscal 2007 reflects improved market conditions compared to the same quarter last year,” said chairman and CEO Joe F. Sanderson, Jr. “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.”
Sanderson also reported progress at its new facility in Waco, Texas. The plant opened on 6 August, and is expected to reach its full production capacity of 1.25m head of chickens per week by the summer of 2008.
“The additional production at Waco will allow the company to capitalise on new market opportunities and continue its pattern of growth through 2009,” Sanderson said.
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By GlobalData
