Sanderson reports near double net income for first nine months of FY 2013
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LAUREL, Miss., Aug. 27, 2013 - Chicken producer Sanderson Farms, Inc. today reported a nearly double net income for the first nine months of fiscal year 2013 compared to the same period a year ago.
The company said net income for the first nine months of FY 2013 totaled $85.3 million, or $3.71 per share, compared with net income of $44.6 million, or $1.94 per share, for the first nine months of last year.
Net sales for the first nine months of FY 2013 were $1,955.9 million compared with $1,737.7 million for the first nine months of FY 2012.
Net sales for the FY 2013 third quarter were $739.0 million compared with $624.9 million for the same period a year ago. For the quarter, the company reported net income of $67.9 million, or $2.95 per share, compared with net income of $28.7 million, or $1.25 per share, for the third quarter of fiscal 2012.
“Sanderson Farms' financial results for the third quarter of fiscal 2013 reflect improved market conditions when compared to last year's third quarter,” said Joe F. Sanderson, Sanderson chairman and chief executive officer. “Market prices for poultry products were higher than the third quarter of fiscal 2012, as the Georgia Dock whole bird price remained historically high during the quarter.”
Sanderson said the Georgia Dock price reflects steady retail grocery store demand. In addition, he said, market prices for wings, while below last year's third quarter levels, improved during the quarter. Boneless breast meat prices remained well above last year's prices and peaked in May as several quick serve restaurants and other food service establishments featured chicken on their menus.
Overall market prices for poultry products were higher in the third quarter of FY 2013 compared with prices in the third quarter of FY 2012. As measured by a simple average of the Georgia dock price for whole chickens, prices increased 11.6 percent compared with the third quarter of FY 2012. The company said boneless breast prices improved when compared to last year's third fiscal quarter, averaging 32.3 percent higher than the prior-year period.
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