US meat processor Sanderson Farms has said its third-quarter net income more than doubled from the year-ago period, helped by higher consumer demand for chicken.
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The company posted net income of US$33.9m, or $1.69 per share, for the third quarter to 31 July, compared to $15.4m, or 78 cents per share, in the year-ago period.
Net sales for the third quarter were $293.9m, compared with $232.2m for the same period a year ago.
“We are pleased with the positive momentum in our business through the third fiscal quarter of 2004,” said Joe F. Sanderson, Jr., president and chief executive officer of Sanderson Farms.
“Our strong financial results reflect the strength of our operations as well as the significant overall improvement in the chicken market compared with conditions a year ago. Consumer demand for chicken continues to be favourable, and Sanderson Farms is positioned to benefit from this trend,” he added.
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By GlobalDataLooking ahead to the remainder of the fiscal year, the company said it expects to experience higher grain costs and in light of that, and current and expected market conditions, the company now expect earnings for the fiscal year in the range of $4.85 to $5.35 per share.
