Sanderson Farms swung into profit today (8 December) on higher poultry prices, reversing a year-ago loss.
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The US poultry group saw net income reach US$82.3m for the full year compared with a net loss of $43.1m a year ago.
Net sales for the 12 months ended 31 October edged up to $1.78bn from $1.72bn in fiscal 2008.
Operating income for the period amounted to $136,610, also reversing an operating loss of $65,683 in the previous year.
“Regardless of market conditions, we will rely on our strengths- exceptional products, efficient operations, an expanding market base and a solid financial position- and move Sanderson Farms forward in fiscal 2010,” said chairman and CEO Joe Sanderson Jr.
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By GlobalDataNet sales for the fourth quarter of fiscal 2009 reached $469m – against $460.2m – a year earlier, while net income amounted to $19.8m from a net loss of $51.9m in the comparable period of 2008.
Click here for the full release or click here for Joe Sanderson Jr.’s outlook for 2010.
